HomeMy WebLinkAboutMLK Square - Subordination - 2021 Fresno County Recorder
Paul Dictos, CPA
Escrow Nurn"r:gm, 2021 -0071156
RECORDING REQUESTED BY:
Recorded at the request of:
Chicago Title Company SPL, EAGLE ROCK
AND WHEN RECORDED MAIL DOCUMENT TO: 04/29/2021 02:38 59
Thomas P.Wild Esq, Titles: 1 Pages: 15
Wild&Kearney LLC Fees:$61.00
475 Wall Street CA S132 Fees:$0.00
Princeton NJ 08540 Taxes: $0.00
Total: $61.00
36302098
SPACE ABOVE FOR RECOROEWS USE ONLY
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Subordination Agreement ro : 2 I - Spy/y ( � -���
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Pursuant to Senate Bill 2-Building Homes and Jobs Act(GC Code Section 27388.1),effective
January 1,2018,a fee of seventy-five dollars($75.00)shall be paid at the time of recording of every real estate
instrument,paper,or notice required or permitted by law to be recorded,except those expressly exempted
from payment of recording fees,per each single transaction per parcel of real property.The fee imposed by
this section shall not exceed two hundred twenty-five dollars($225.00).
❑ Exempt from the The per GC 27388.1 (a)(2);This document is subject to Documentary Transfer Tax.
® Exempt from fee per GC 27308.1 (a)(2);recorded concurrently"in connection with"a transfer subject to the imposition of
documentary transfer tax(OTT).
❑ Exempt from fee per GC 27388.1 (a)(2);recorded concurrently"in connection with"a transfer of real property that is a
residential dwelling to an owner-occupier.
❑ Exempt from fee per GC 27388.1 (a)(1);fee ccp of$225.00 reached.
❑ Exempt from the fee per GC 27388.1 (a)(1);not related to real property.
® Exempt from fee per GC 27388.1 (a)(2);dor�ment is executed or recorded by the federal government in accordance
with the Uniform Federal Lien Registration Act(Title 7(commencing with section 2100)of Part 4 of the Code of
Civil Procedure).
MAIL TAX STATEMENTS TO THE RETURN ADDRESS NOTED ABOVE
THIS COVER SHEET ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
($3.00 Additional Recording Fee Applies)
DOC#2021-0071156 Page 2 of 15
Freddie Mac Loan Number: 508318378
Property Name: Martin Luther King Square
SUBORDINATION AGREEMENT-REGULATORY AGUEEMENT ONLY
GOVERNMENTAL ENTITY
(NO SUBORDINATE DEBT)
(Revised 1-29-2018)
THIS SUBORDINATION AGREEMENT FOR REGULATORY AGI, ,,EMENT
("Agreement")is effective as of the 29`h day of April,2021 by the CITY OF FRESNO, in its
capacity.as HOUSING SUCCESSOR to the Redevelopment Agency of the City of Fresno,
(Fresno Housing Successor)and the CITY OF FRESNO, a municipal corporation(City)(the
Fresno Housing Successor and the City are hereinafter,collectively,the Governmental Entity),
and MARTIN.LUTHER KING SQUARE,LP,a California limited partn�zship(Borrower),for
the benefit of CBRE CAPITAL MARKETS,INC., a Texas corporation(Lender).
RECITALS
A. Simultaneously herewith Borrower is refinsmuing a loan secumd by certain improved real
property:located in the County of Fresno, State of California,as more particularly
described on Exhibit A attached hereto(Property).
B. Borrower has assumed certain obligations under the Owner Participation Agreement
dated April 4, 2006(OPA)between the Governmental Entity and Martin Luther King
Square.-LLC(Prior Owner)and recorded on title to the Property on April 28,2006 as
Dociuylent:No. 2006-0090189 in the Fresno County, California.Official Records (Official
Records),and the Declaration of Restrictions,dated April 28,2006(Declaration)between
the Governmental Entity and Prior Owner and recorded on title to the Property on April
28,2006 as Document No. 2006-0090190 in the Official Record: (the OPA and the
Declaration are hereinafter collectively the Regulatory Agreement)pursuant to which the
Property was subjected to certain restrictions by Governmental Entity in connection with
the prior development or rehabilitation of the Property.
C. In connection with the refinancing of the loan secured by the Property by Borrower,
Lender is making a Ioan to Borrower in the original principal amount of$7,447,000.00
(Loan)pursuant to a Multifamily Loan and Security Agreement between Lender and
Borrower(as supplemented or amended from time to time,the Loan Agreement) and
evidenced by a Multifamily Note by Borrower to Lender(as supplemented or amended
from time to time,the Note). The Loan is to be secured by a Multifamily Deed of Trust,
Assignment of Rents and Security Agreement that will be recorded among the Official
Records(as supplemented or amended from time to time,the Mortgage)(the Loan
Agreement,the Note and the Mortgage,together with all other documents executed with
respect to the Loan, are hereinafter collectively referred to as the Loan Documents).
Subordination Agreement—Regulatory Agreement Only Page 2
the Mortgage, together with all other documents executed with respect to the
Loan, are hereinafter collectively referred to as the Loan Documents).
D, As a condition to making the Loan, Lender requires that the Loan Documents be
a lien on the Property superior to the lien of the Regulatory Agreement and that
the rights of Lender under the Loan Documents be superior to the rights of
Governmental Entity and Borrower under the Regulatory Agreement. Lender will
not make the Loan unless Governmental Entity and Borrower agree to
subordinate their rights and obligations under the Regulatory Agreement.
E. Borrower and Governmental Entity hereby agree to subordinate the Regulatory
Agreement on and subject to the terms, conditions and requirements set forth in
this Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties
hereto and other valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:
1. Recitals. The foregoing Recitals are hereby incorporated into this Agreement as
agreements among the parties.
2. Subordination. The Governmental Entity hereby covenants and agrees that the
Regulatory Agreement is and will at all times continue to be, subordinate, subject
and inferior to the rights of Lender under the Loan Documents and that the liens,
rights (including approval and consent rights), remedies, payment interests,
priority interests, and security interests granted to Governmental Entity pursuant
to or in connection with the Regulatory Agreement are hereby expressly
acknowledged to be in all respects and at all times, subject, subordinate and
inferior in all respects to the liens, rights (including approval and consent rights),
remedies, payment, priority and security interests granted to Lender pursuant to
the Loan Documents and the terms, covenants, conditions, operations and
effects thereof. Notwithstanding the above, Governmental Entity may exercise
the remedies of specific performance or injunctive relief.
3. Financing, Encumbrance and Transfer Approval. Governmental Entity hereby
approves the financing evidenced by the Mortgage. Governmental Entity further
agrees that any transfer of the Property in connection with foreclosure or deed in
lieu thereof will not require Governmental Entity's consent.
4. Reserved.
5. Lender Notice of Default. In consideration of Governmental Entity's agreements
contained in this Agreement, Lender agrees that in the event of any default by
Borrower under the Loan Documents, Governmental Entity will be entitled to
receive a copy of any notice of default given by Lender to Borrower under the
Loan Documents. Neither the giving nor the failure to give a notice to
Governmental Entity pursuant to this Section 5 will affect the validity of any notice.
given by Lender to the Borrower.
Subordination Agreement—Regulatory Agreement Only Page 3
6 Governmental Entity Notice of Default. Governmental Entity must give Lender a
concurrent copy of each material notice (including without limitation each notice
of default) given by Governmental Entity under or with respect to the Regulatory
Agreement, and agrees that Lender, at Lender's sole election, will have the right
(but not the obligation) to cure any default by Borrower under the Regulatory
Agreement on its and/or Borrower's behalf. Governmental Entity hereby
represents and warrants that, to the best of its knowledge, there is no current
default under the Regulatory Agreement.
7. Governmental Entity's Rights. Except as set forth in Sections 2 and 8 of this
Agreement, nothing in this Agreement is intended to abridge or adversely affect
any right or obligation of Borrower and/or Governmental Entity, respectively,
under the Regulatory Agreement; provided that, (A) the Regulatory Agreement
may not be modified, amended, changed or altered without the prior written
consent of Lender so long as the Loan is secured by the Property and (B) for so
long as the Loan is secured by the Property, notwithstanding the terms of the
Regulatory Agreement to the contrary, neither Borrower nor Governmental Entity
will, without Lender's prior written consent, exercise or seek any right or remedy
under the Regulatory Agreement or available at law or in equity which will or
could result in (i) a transfer of possession of the Property or the control,
operations or management thereof, (ii) collection or possession of rents or
revenues from or with respect to the Property by any party other than Borrower
or Lender; (iii) appointment of a receiver for the Property; (iv) application of
insurance or condemnation proceeds other than as approved by Lender pursuant
to the Loan Documents; (v) removal or replacement of the existing property
manager of the Property; or (vi) a material adverse effect on Lender's security for
the Loan.
8. Foreclosure by Lender. In the event of foreclosure, deed in lieu of foreclosure, or
similar disposition of the Property by Lender, no consent will be required from
Governmental Entity.
9. Refinancing. Governmental Entity agrees that its agreement to subordinate
hereunder will extend to any new mortgage debt which is for the purpose of
refinancing all or any part of the indebtedness evidenced by the Loan Documents
(including reasonable and necessary costs associated with the closing and/or the
refinancing, and any reasonable increase in proceeds for rehabilitation in the
context of a preservation transaction). All terms and covenants of this
Agreement will inure to the benefit of any holder of any such refinanced debt, and
all references to the Loan Documents and Lender will mean, respectively, the
refinance loan documents and the holder of such refinanced debt.
10. Miscellaneous Provisions.
(a) This Agreement represents the entire understanding and agreement
between the parties with regard to the matters addressed herein, and will
supersede and cancel any prior agreements with regard to such matters.
Subordination Agreement—Regulatory Agreement Only Page 4
(b) If there is any conflict or inconsistency between the terms of the
Regulatory Agreement and the terms of this Agreement, then the terms of
this Agreement will control.
(c) This Agreement will be binding upon and will inure to the benefit of the
respective legal successors and permitted assigns of the parties to this
Agreement, which will include with regard to the Governmental Entity any
permitted successor or assign of the Governmental Entity under or
pursuant to the terms of the Regulatory Agreement and, with regard to
Lender, any subsequent holder of the Note. No other party will be entitled
to any benefits hereunder, whether as a third-party beneficiary or
otherwise.
(d) If any one or more of the provisions contained in this Agreement, or any
application of any such provisions, is invalid, illegal, or unenforceable in
any respect, the validity, legality, enforceability, and application of the
remaining provisions contained in this Agreement will not in any way be
affected or impaired.
(e) Each notice, request, demand, consent, approval or other communication
(collectively, Notices, and singly, a Notice) which is required or permitted
to be given pursuant to this Agreement will be in writing and will be
deemed to have been duly and sufficiently given if (i) personally delivered
with proof of delivery (any Notice so delivered will be deemed to have
been received at the time so delivered), or (ii) sent by a national overnight
courier service (such as FedEx) designating earliest available delivery
(any Notice so delivered will be deemed to have been received on the
next Business Day following receipt by the courier), or (iii) sent by United
States registered or certified mail, return receipt requested, postage
prepaid, at a post office regularly maintained by the United States Postal
Service (any Notice so sent will be deemed to have been received on the
date of delivery as confirmed by the return receipt), addressed to the
respective parties as follows.-
If to Governmental Entity:
City of Fresno
Housing and Community Development Division
2600 Fresno Street, Room 3065
Fresno, California 93721
Attention: AWW qc,,(-
Fresno Housing Successor
848 M Street Third Floor
Fresno, CA 93721
Attention.,
If to Lender:
CBRE Capital Markets, Inc.
c/o CBRE Loan Services, Inc.,
Subordination Agreement—Regulatory Agreement Only Page 5
929 Gessner Road, Suite 1700,
Houston, Texas 77024
Attention: Chief Legal Officer
If to Borrower:
Martin Luther King Square, LP
1990 N. California Boulevard #1070
Walnut Creek, California 94596
Attention: Basil Rallis
Any party, by Notice given pursuant to this Section, may change the
person or persons and/or address or addresses, or designate an
additional person or persons or an additional address or addresses, for its
Notices, but Notice of a change of address will only be effective upon
receipt. Neither party will refuse or reject delivery of any Notice given in
accordance with this Section.
(f) Each of the parties will, whenever and as often as they are requested to
do so by the other, execute, acknowledge and deliver, or cause to be
executed, acknowledged or delivered, any and all such further instruments
and documents as may be reasonably necessary to carry out the intent
and purpose of this Agreement, and to do any and all further acts
reasonably necessary to carry out the intent and purpose of this
Agreement.
(g) This Agreement will be governed by the laws of the State in which the
Property is located.
(h) Each person executing this Agreement on behalf of a party hereto
represents and warrants that such person is duly and validly authorized to
do so on behalf of such party with full right and authority to execute this
Agreement and to bind such party with respect to all of its obligations
under this Agreement.
(i) No failure or delay on the part of any party to this Agreement in exercising
any right, power, or remedy under this Agreement will operate as a waiver
of such right, power, or remedy, nor will any single or partial exercise of
any such right, power or remedy preclude any other or further exercise of
such right, power, or remedy or the exercise of any other right, power or
remedy under this Agreement,
Q) Each party to this Agreement acknowledges that if any party fails to
comply with its obligations under this Agreement, the other parties will
have all rights available at law and in equity, including the right to obtain
specific performance of the obligations of such defaulting party and
injunctive relief.
(k) This Agreement may be assigned at any time by Lender to any
subsequent holder of the Note.
Subordination Agreement—Regulatory Agreement Only Page 6
(1) This Agreement may be amended, changed, modified, altered or
terminated only by a written instrument signed by the parties to this
Agreement or their successors or assigns.
(m) This Agreement may be executed in two or more counterparts, each of
which will be deemed an original but all of which together will constitute
one and the same instrument.
(n) Nothing in this Agreement is intended, nor will it be construed, to in any
way limit the exercise by Governmental Entity of its governmental powers
(including police, regulatory and taxing powers) with respect to Borrower
or the Property to the same extent as if it were not a party to this
Agreement or the transactions contemplated by this Agreement.
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN THE REGULATORY
AGREEMENT BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE
LIEN OF THE MORTGAGE.
[SIGNATURE AND ACKNOWLEDGMENT PAGES FOLLOW]
Subordination Agreement—Regulatory Agreement Only Page 7
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day
and year above written.
GOVERNMENTAL ENTITY
CITY OF FRESNO,
a Californi unici al corporation
By: Date:
Name: Thoma s ue
Title: City Ma a
(Attach notarkq ifi&e of acknowledgment)
APPROVED AS TO FORM:
DOUGLAS T. SLOAN
City Itorney
2vCQ Date: 7 g 3 ' J-/
e: Trac P ry nian
Title: Senior DeWy City Attorney
ATTEST:
YVONNE SPENCE, MMC
City Clerk
By: - W)l Date: W/u, 'Lo tit
Name: f4wx, [ [�r�t-�•� T
Title: Deputy
Subordination Agreement—Regulatory Agreement Only Page 8
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
j validity of that document.
State of California
County of Fresno
On April 23, 2021 before me, Linda Cunha Reitz, Notary Public
(insert name and title of the officer)
personally appeared Thomas Esqueda
who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he executed the same in his authorized
capacity, and that by his signature on the instrument the person, or the entity upon behalf of which
the person 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.
LINDA CUNHA REITZ
Notary Public-California
WITNESS my hand and official seal. 3 w Fresno County
Commission aY 2215504
v irrvaK •
My Comm.Expires Sep 23,2021
Signature j (Seas)
CLERK'S CERTIFICATION
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 Fresno }
On April 26, 2021 before me, Marco Martinez. Deputy City Clerk, personally appeared, Thomas
Esqueda, City Manager, City of Fresno, 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
YVONNE SPENCE, MMC CRM
City Clerk, City of Fresno °F
* �o
a
d
�yArea acY.tia
By
Marco Martinez, Deputy
GOVERNMENTAL ENTITY
CITY OF FRESNO
in its capacity as Housing Successor
to the Redevelopment Agency of the City of Fresno
By: Date: L-2__
Name:Marlene Murphey
Title: Executive Director
(Attach notary certificate of acknowledgment)
APPROVED AS TO FORM:
DOUGLAS T. SLOAN
City Attorney C/
By: aA41 POA V Date:
Name: racv P anian
Title: Senior ❑eVuty City Attorney
ATTEST:
YVONNE SPENCE, MMC
City Clerk
By: Date:
Name:
Title: Deputy
Subordination Agreement—Regulatory Agreement Only Page 10
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
trUthl"U[ness, accuracy, or validity of that document.
STATE OF CALIFORNIA )
) ss:
COUNTY OF
On thisO day of Qt �L-. , 2021 before me,
Notary Public, personally appeared Q r , who, proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed in the within
instrument and acknowledged to me that he/she executed the same in his/her capacity, and that
by his/her signature on the instrument the person, or the entity upon behalf of which person
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. a°y Pi HARTZ Notary z
Fresno County >
Commission#2215603
Y7 My Comm.Expires Sep 23,2021
k;iIIIIA nival here)
Signature of Notary Public
Subordination Agreement—Regulatory Agreement Only Page 11
CLERK'S CERTIFICATION
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 Fresno }
On April 26, 2021 before me, Marco Martinez, Deputy City Clerk, personally appeared, Marlene
Murphey, Executive Director, City of Fresno as Housing Successor to the Redevelopment
Agency of the City of Fresno 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
YVONNE SPENCE, MMC CRM
City Clerk, City of Fresno
n
��"rrn oss.*s
w By
Marco Martinez, Deputy
BORROWER:
MARTIN LUTHER KING SQUARE,LP
a California limited partnership
By: Hearthstone Housing undation
a California Nonprof corporation
Managing Gener er
By:
Name:
Title: xecuti irector
By: Bayside Multi, LLC
a Delaware limited liability company
Administrative General partner
By: Bayside Communities, LLC
a Delaware limited liability company
By:
Name:
Title:
Subordination Agreement—Regulatory Agreement Only Page 12
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 Orange )
On 4/6/2021 before me, Ashley Walker, Notary Public
(insert name and title of the officer)
personally appeared Socorro Vasquez
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.
rsHQV wALKet
moray"k-CJIMorMa
cunmr° N vrrz I
comet.E Gc Q.202, 'Signature (Seal)
Subordination Agreement—Regulatory Agreement Only Page 13
BORROWER:
MARTIN LUTHER KING SQUARE,LP
a California limited partnership
By: Hearthstone Housing Foundation
a California Nonprofit corporation
Managing General partner
By:
Name:
Title:
By: Bayside Multi,LLC
a Delaware limited liability company
Administrative General partner
By: Bayside Communities, LLC
a Delaware ' nited 1' ' ity com y
By:
Name: a it P.Nilis
Title: President& SOD
Subordination Agreement—Regulatory Agreement Only Page'
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 validLtX of that document.
STATE OF CALIFORNIA )
ss:
COUNTY OF
On this day of aqwcd , 2021 before me,41, CJ� a -
Notary Public, personally apgeared . t5i'LQ L!� , w v proved to on
the basis of satisfactory evidence to be the person whose name is subscribed in the within
instrument and acknowledged to me that he/she executed the same in his/her capacity, and that
by his/her signature on the instrument the person, or the entity upon behalf of which person
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. H,oRTEGA-ANAVAT
NotaryPublic-California
YYl � m 1C Alameda County
YY 1 Commission N 2212498
My Comm.Expires Sep 2,2111
- (affix seal here)
Si na NNE
No u is
Subordination Agreement—Regulatory Agreement Only Page 0
LENDER
CBRE CAPITAL MARKETS,INC.,
a Texas corporation
By:
Name:
Title: Melissa Majewsltl
Vice President
ACKNOWLEDGMENT
STATE OF TEXAS )
COUNTY OF HARP-IS )
This instrument was acknowledged before me this 7 da of APRIL 2021, by
MELISSA MAJEWSKI the VICE F ll - T of CB
Capital Markets,Inc.,a Texas corporation,on behalf of t e c a i
r r
GAB CHAAMAINE LEE Signa re of atary
SA !::Notary Public,State of Texas
Comm,Expires 11-07-9023'+. °;,,,'+•`'' Notary ID 1322438.92 Nota 'Public HARRIS COUNTY
Title
My Commission expires: 11/07/2023
�tr
F�es=
Subordination Agreement—Regulatory Agreement Only Page ly
EXHIBIT A
LEGAL DESCRIPTION
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF FRESNO,
COUNTY OF FRESNO, STATE OF CALIFORNIA,AND IS DESCRIBED AS FOLLOWS:
PARCEL I:
PARCEL D, AS SHOWN ON THAT CERTAIN PARCEL MAP 72-36 FILED IN THE
OFFICE OF THE RECORDER OF THE COUNTY OF FRESNO, STATE OF CALIFORNIA,
ON AUGUST 8, 1972, IN BOOK 4 OF PARCEL MAPS PAGE(S) 10 AND I 1 AND AS PER
CERTIFICATE OF CORRECTION RECORDED MAY 9, 1973 IN BOOK 6162, PAGE 550
OF OFFICIAL RECORDS.
PARCEL 2:
PARCEL B, AS SHOWN ON THAT CERTAIN PARCEL MAP NO. 71-39 FILED IN THE
OFFICE OF THE RECORDER OF THE COUNTY OF FRESNO, STATE OF CALIFORNIA
ON DUNE 27, 1972 IN BOOK 3 OF PARCEL MAPS AT PAGE 86.
PARCEL 3:
PARCEL A, AS SHOWN ON THAT CERTAIN PARCEL MAP NO. 71-39 FILED IN THE
OFFICE OF THE RECORDER OF THE COUNTY OF FRESNO, STATE OF CALIFORNIA
ON JUNE 27, 1972, IN BOOK 3 OF PARCEL MAPS AT PAGE 86.
APN: 478-030-54 and 478-114-38
\%r
Subordination Agreement—Regulatory Agreement Only Page 16