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2023-263510FREE RECORDING REQUESTED PURSUANT TO GOV. CODE § 27383 Recording Requested By: City of Encinitas Development Services Department 505 S. Vulcan Avenue Encinitas, CA 92024 And When Recorded Mail To: City of Encinitas City Clerk's Office 505 S. Vulcan Avenue Encinitas, CA 92024 DOC# 2023-0263510 II II IIII II11111111111111111111111111111111111111111111111111111111 Sep 28, 2023 12:52 PM OFFICIAL RECORDS JORDAN Z. MARKS, SAN DIEGO COUNTY RECORDER FEES: $110.00 (SB2 Atkins: $75.00) SUBORDINATION AGREEMENT (208 Sunset Drive) PAGES: 8 THIS SUBORDINATION AGREEMENT ("Subordination Agreement") is dated as of the 21 day of Sit' i EQ 6L9, , 2023, by and among the City of Encinitas ("City"), Dirk van den Boom and Esther van den Boom, as Trustees of the van den Boom Family Trust dated January 6, 2015 (collectively, thy` Borrowd'r ), and First Republic Bank ("Lender"). RECITALS A. Borrower owns and is developing the real property generally located at 206- 208 Sunset Drive, in the City of Encinitas, County of San Diego, California, more particularly described in that certain Deed of Trust dated as of June 14, 2022, and recorded in the Office of the Recorder of the County of San Diego, State of California on June 30, 2022, as Instrument No. 2022-0270364 ("Lender Deed of Trust"). B. Concurrently with recordation of this Subordination Agreement, the Borrower is causing a Regulatory Agreement and Declaration of Covenants, Conditions and Restrictions for Affordable Housing Unit ("Regulatory Agreement") to be recorded against the Property in the Office of the Recorder of the County of San Diego, State of California. C. The City, Lender and Borrower all agree and desire to execute this Subordination Agreement to memorialize their understanding and agreement with regard to the respective priorities of each of the above -referenced documents. It is the intention of the parties that the Regulatory Agreement shall unconditionally continue to be and remain at all times a lien, claim and charge on the Property prior and superior to the Lender Deed of Trust. NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the parties hereto agree as follows: 1. Subordination to the Regulatory Agreement. The Lender Deed of Trust, together with all rights and privileges of Lender and Borrower thereunder, are hereby irrevocably and unconditionally made subordinate to and subject to the Regulatory Agreement and the Regulatory Agreement is and will remain at all times, a lien, claim and charge on the Property prior and superior to the Lender Deed of Trust and to all rights and privileges of Lender and Borrower thereunder; provided, however, that a violation of the Regulatory Agreement shall not defeat, render invalid or limit the Lender Deed of Trust. 2. Notices. The City, Lender and Borrower agree to give to each other copies of all notices of events of default under their respective documents. All notices given under this Subordination Agreement shall be in writing and sent to the party at its address appearing below (a) by certified or registered U.S. mail, return receipt requested, (b) overnight by a nationally recognized overnight courier such as UPS Overnight or Fed Ex, or (c) by personal delivery. All notices shall be effective upon receipt (or refusal to accept delivery). These addresses may be changed by any party by written notice to all other parties. If to City: City of Encinitas 505 S. Vulcan Ave. Encinitas, CA 92024 Attn: Housing If to Borrower: Dirk van den Boom and Esther van den Boom, Trustees van den Boom Family Trust dated January 6, 2015 133 2nd Street Encinitas, CA 92024 If to Lender: First Republic Bank 3. Whole Agreement; Binding Effect. This Subordination Agreement is the whole and only agreement with regard to the priority of the liens, claims and charges of the Regulatory Agreement and the Lender Deed of Trust. This Subordination Agreement is binding on and inures to the benefit of the legal representatives, heirs, successors and assigns of the parties. 4. Attorney's Fees. If any party to this Subordination Agreement brings an action to interpret or enforce its rights under this Subordination Agreement, the prevailing party will be entitled to recover its costs and reasonable attorney's fees as awarded in the action. 5. Governing Law. This Subordination Agreement is governed by, and shall ' be construed in accordance with, the laws of the State of California. 6. Counterparts. This Subordination Agreement may be executed in counterparts, and all counterparts constitute but one and the same document. 2 7. Signatures. All individuals signing this Subordination Agreement for a party which is a corporation, limited liability company, partnership or other legal entity, or signing under a power of attorney, or as a trustee, guardian, conservator, or in any other legal capacity, covenant to one another that they have the necessary capacity and authority to act for, sign and bind the respective entity or principal on whose behalf they are signing. IN WITNESS WHEREOF, the parties have executed this Subordination Agreement as of the date first set forth above and agree to be bound hereby. BORROWER: van den Boom Fam'I Trust dated January 6, 2015 B By: i van den Boom, stee Esther van den Boom, Trustees [SIGNATURES CONTINUED ON FOLLOWING PAGE] 3 L NDER- iye,+ ky,&, lac 6am(,)-- By: Print Name: h i In its: Dice dFeSideti-�- [SIGNATURES CONTINUED ON FOLLOWING PAGE] CITY OF ENCINITAS: By: �P mela Anti; City Manager- Approved/as to Form for By: TorqLjifi Prezi - si, Glity Attorney ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of San Diego On JP'le ill Zvl3 , 2023, before me, notary public, personally appeared D;i k van ciao •M a elcl ernes'i✓an de"I who proved to me on the basis of satisfactory, evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature4�,(,-,�, �4�rr2.�sk-� Notary Public - California San Olepo County Commission • 2426653 Comm. Expires Nov 17.2( ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of San Diego �Q On Vh , 12 }4'" , 2023, before me, V`►�'1 e(�I I- l �: 3i'• , notary public, personally appeared who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature (Seal) *my ARMED AL-MALIK JR Notary Public - California San Francisco CountyCommission # 2439498 Comm. Expires Feb 28, 2027 0 ALL-PURPOSE ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of �� O SS. On d� ' t� ' , before me, ��OJA Notary Public, DATE personally appeared who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. DEANA GA Notary Public - CaYlifornia I certify under PENALTY OF PERJURY under the W - San Diego County Commission M 2396124 laws of the State of California that the foregoing '� �a•"'� My Comm. Expires Mar 8, 2026 paragraph is true and correct. WIT ,E S my hand and official seal. PLACE NOTARY SEAL IN ABOVE SPACE NOTARY'S OPTIONAL INFORMATION � The information below is optional. However, it may prove valuable and could prevent fraudulent attachment of this form to an unauthorized document. CAPACITY CLAIMED BY SIGNER (PRINCIPAL) DESCRIPTION OF ATTACHED DOCUMENT INDIVIDUAL CORPORATE OFFICER PARTNER(S) ATTORNEY -IN -FACT GUARDIAN/CONSERVATOR SUBSCRIBING WITNESS OTHER: TITLE(S) SIGNER (PRINCIPAL) IS REPRESENTING: NAME OF PERSON(S) OR ENTITY(IES) TITLE OR TYPE OF DOCUMENT NUMBER OF PAGES ' DATE OF DOCUMENT OTHER RIGHT f THUMBPRINT c OF SIGNER o a 0 APA01/2015 NOTARY BONDS, SUPPLIES AND FORMS AT HTTP://WWW.VALLEY-SIERRA.COM ©2005-2017VALLEY-SIERRA INSURANCE