HomeMy WebLinkAboutC-6377(L) - Notice - This Subordination Agreement Results in Your Security Interests in the Property Becoming Subject to and of Lower Priority than the Lien(s) of Some Other or later Security InstrumentCommonwealth Land Title Company
FREE RECORDING REQUESTED
PURSUANT TO GOVERNMENT CODE
SECTION 27383
Recording requested by and
when recorded return to:
CALIFORNIA HOUSING FINANCE )
AGENCY )
Office of General Counsel )
500 Capitol Mall, Suite 1400 )
Sacramento, CA 95814 )
With a copy to: )
City of Newport Beach )
100 Civic Center Drive )
Newport Beach, CA 92660 )
Attention: City Clerk )
Re: Contract C-6377 f I wool
)
Recorded in Official Records, Orange County
Hugh Nguyen, Clerk -Recorder
II 11 II 1111 1 111 1 I II III I II NO FEE
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(space above this line for Recorder's use)
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR
SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO
AND OF LOWER PRIORITY THAN THE LIEN(S) OF SOME OTHER
OR LATER SECURITY INSTRUMENT.
THIS AGREEMENT dated as of August 1, 2019 for informational purposes, is entered into by
and between the City of Newport Beach, a California municipal corporation and charter city (the
"Locality"), Newport Veterans Apartments, LP, a California limited partnership ("Borrower"), and the
California Housing Finance Agency, a public instrumentality and political subdivision of the State of
California ("CaIHFA") in connection with a loan by Ca1HFA to Borrower to finance a multifamily
residential rental housing project on real property located in the City of Newport Beach, County of
Orange, California, and more particularly described on Exhibit A attached hereto and incorporated
herein by this reference ("Project"). Unless otherwise noted, references to instruments recorded in
"Official Records" refer to instruments recorded in the Office of the County Recorder of the County of
Orange.
RECITALS
A. WHEREAS, Borrower and the Locality have encumbered or will encumber the Project
with the following documents related to the financing and/or development of the Project:
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CaIHFA.SUBORDINATION&STANDSTILL.(Cityof Newport Beach) fee Cap Of per GC 27388.1 (a) (1);
Newport Veterans - CaIHFA No. 16-0245 P $225.00 reached.
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I . Regulatory Agreement and Declaration of Covenants and Restriction dated as
of December 18, 2015, by and between the Locality and Borrower and recorded on December 22, 2015
in the Official Records as Instrument No. 2015000645086 as amended by Amendment to Regulatory
Agreement and Declaration of Covenants and Restrictions dated August 1, 2019, and recorded
contemporaneously herewith ("Locality Affordability Restriction") [Sections 2.4 (entitled "Services"),
3.5(b), 3.6, 3.7, 3.8, 3.10(a), 3.12, , 6.2(ii), 6.2(iii), 6.4, 9.0, 10.2, 10.9, 11.1(b), 11.3, 11.4, 11.5(b), and
14 of the Locality Affordability Restriction shall be referred to herein as the "Standstill Provisions"];
2. A Deed of Trust with Assignment of Rents dated as of December 18, 2015 (the
"Locality Deed of Trust") by and between the Locality, as beneficiary, and the Borrower, recorded on
December 22, 2015 in the Official Records as Instrument No. 2015000645083;
3. Any and all Financing Statement(s) (Form UCC -1) concerning the Development
given by the Borrower, as debtor, to the Locality, as secured party (the "Financing Statement") and
recorded with the Secretary of State;
The Locality Deed of Trust and the Financing Statement are collectively referred to
herein as the "Locality Documents." The term Locality Documents does not include the Locality
Affordability Restriction.
B. WHEREAS, CaIHFA is making, contemporaneously with the making of this
Agreement, a first mortgage loan to Borrower ("CaIHFA Loan"). The CaIHFA Loan is evidenced by
a promissory note from the Borrower to CaIHFA in the face amount of One Million Five Hundred
Seventy -Five Thousand and No/ 100 dollars ($1,575,000.00) (the "CaIHFA Note") secured by a deed
of trust. The deed of trust was executed by Borrower, as trustor, to Commonwealth Land Title
Company, as trustee, in favor of CaIHFA, as beneficiary, and is entitled "California Housing Finance
Agency Permanent Deed of Trust with Assignment of Rents, Security Agreement and Fixture Filing,
CaIHFA Development No. 16-024 A/S (Permanent Financing)" dated August 1, 2019 (the "CaIHFA
Deed of Trust") to be recorded in the Official Records contemporaneously with this Agreement. The
Project shall also be regulated and encumbered by a regulatory agreement executed by Borrower and
CaIHFA entitled "California Housing Finance Agency, Regulatory Agreement, CaIHFA Development
No. 16-024-A/S (Permanent Financing; FFB/HUD Risk Share Program)" dated as of August 1, 2019
(the "CaIHFA Regulatory Agreement") to be recorded in the Official Records contemporaneously with
this Agreement. In addition, CaIHFA has or will be filing a UCC Financing Statement with the
Secretary of State evidencing Borrower's granting a security interest in the Project ("UCC Statement").
The CaIHFA Regulatory Agreement, CaIHFA Deed of Trust and related documents, and the UCC
Statement shall hereafter be collectively referred to herein as the "CaIHFA Documents";
C. WHEREAS, it is a condition precedent to CaIHFA making the CaIHFA Loan that the
CaIHFA Documents have priority over the Locality Documents; and
D. WHEREAS, the Locality Affordability Restriction remain superior and are not
subordinated by this Agreement with the exception of the Standstill Provisions in the limited
circumstances provided herein.
E. WHEREAS, it is beneficial to all parties that CaIHFA make the CaIHFA Loan, and the
parties are willing to subordinate the Locality Documents in order that the CaIHFA Loan be made.
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NOW THEREFORE, In consideration of the foregoing and other consideration, the receipt and
sufficiency of which are hereby acknowledged, and in order to induce CaIHFA to make the CalHFA
Loan, the parties hereto agree as follows:
1. Subordination of Locality Documents.
(a) The Locality and Borrower hereby subordinate the Locality Documents to the
CalHFA Documents, including all extensions, modifications or additional advances made thereunder.
Hereafter, the CaIHFA Documents shall be, and remain at all times, liens and encumbrances on the
Project prior and superior to the encumbrances of the Locality Documents and to all rights and privileges
of the parties thereunder, and the liens and encumbrances of the Locality Documents together with all
rights and privileges of the parties thereunder shall hereby be subject to and made subordinate to the
liens and encumbrances of the CalHFA Documents.
(b) CaIHFA shall provide Locality with a copy of all initial notices of default
provided to Borrower under the CalHFA Documents within five days of sending Borrower such initial
notice, provided, CaIHFA shall have no liability to Locality and/or Borrower for its failure to do so, nor
shall failure to do so constitute grounds for any restraining order, injunction, or other prohibition against
or delay in CaIHFA's exercise of its remedies under the CaIHFA Documents. CaIHFA shall not record
a Notice of Default related to such initial notice during the period ninety (90) days after the date of such
initial notice if such notice relates to a nonmonetary default or nonmonetary defaults under the CaIHFA
Documents. CaIHFA shall not record a Notice of Default related to such initial notice during the period
thirty (30) days after the date of such initial notice if such notice relates to a monetary default or
monetary defaults under the CaIHFA Documents. During the term of such applicable period, Locality
shall have the right, but not the obligation, to cure the default(s) under such notice(s).
(c) Unless Locality otherwise agrees in writing, CaIHFA shall not amend the
CaIHFA Documents to do any of the following: (i) extend the scheduled maturity date of Borrower's
obligations to CaIHFA, unless the CaIHFA Documents are in default at the time of such extension;
(ii) increase the interest rate on Borrower's obligations to CalHFA resulting from a modification of
the CaIHFA Documents subsequent to the date hereof, (iii) increase the principal amount of
Borrower's obligations to CaIHFA beyond the original principal amount, except for increases
resulting from advances made by CaIHFA to preserve and protect CaIHFA's security, including
taxes, insurance, and costs of collection and or enforcement of the CaIHFA Documents; (iv)
authorize a withdrawal of cash or equity that would result in a negative net operating income for the
Site; (v) rescindication of the CaIHFA Loan and/or (vi) change the amortization of Borrower's
obligations to CaIHFA by which scheduled payments of principal and interest are increased, unless
such changes are a result of a default on the CalHFA Documents and/or advances made by CalHFA
to preserve and protect Ca1HFA's security including taxes, insurance, and costs of collection and
enforcement of the CaIHFA Documents. CaIHFA shall provide written notice to the Locality of
proposed amendments to the CaIHFA Documents and requesting Locality provide consent to such
amendments within thirty (30) days. If the Locality does not approve or reject the proposed
amendments within thirty (30) days of receipt of such notice, Locality shall be deemed to have
approved the proposed amendments to the CaIHFA Documents.
(d) CaIHFA further agrees that it shall not accelerate the CaIHFA Loan by reason
of any foreclosure by Locality (or acquisition of the Project by Locality in lieu of any such foreclosure)
under the terms of the Locality Documents; provided:
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(i) There shall not occur or be continuing any default in the payment of any
amount owed CaIHFA or any obligations required to be performed under the CaIHFA Documents; and
(ii) Locality shall not unreasonably delay to proceed to conclusion of such
foreclosure or acquisition.
(e) Locality acknowledges the CaWA Documents.
(f) In the event that prior to foreclosure by CalHFA, the Locality acquires title to
the Project, the Locality may assume and succeed to Borrower's obligations under the CaIHFA
Documents on the terms and conditions set forth in the CaWA Documents and CaIHFA will recognize
the Locality as Borrower, on condition that the Locality assumes and agrees to perform all of Borrower's
obligations under the CaWA Documents and timely cures all outstanding defaults of Borrower under
the CalHFA Documents, and pays the reasonable administrative and/or legal cost CaWA may actually
incur in connection with such assumption and succession. In connection with curing all defaults under
the CaIHFA Documents, the Locality must pay: (i) all outstanding principal due and owing under the
CaWA Note (including all unpaid monthly principal installments); (ii) all outstanding interest due and
owing under the CaIHFA Note, calculated in accordance therewith; and (iii) all reasonable costs and
expenses, including, without limitation, attorneys' and trustee's fees, incurred in connection with such
outstanding defaults.
If the CalHFA Loan is insured by the U.S. Department of Housing and Urban
Development ("HUD") State Agency Risk -Sharing Program ("HUD Risk -Sharing Program")(24
CFR Part 266), then before Locality can assume and succeed to Borrower's rights and obligations under
the CaWA Documents pursuant to the above, the Locality must comply with the requirements of the
HUD Risk -Sharing Program applicable at the time of such assumption. The requirements may include,
but are not limited to, a requirement that a borrower under the HUD Risk -Sharing Program be a single
asset entity approved by HUD pursuant to the previous participation requirements found at 24 CFR §§
200.210 - 200.222. CaIHFA agrees that a single asset entity owned solely by the Locality is acceptable
to CaIHFA under such circumstances, subject to all other requirements of the HUD Risk Sharing
Program.
2. Standstill of Standstill Provisions.
(a) The parties agree that the Locality Affordability Restriction is not subordinate
to CaIHFA Documents. Notwithstanding the foregoing, Locality hereby agrees that in the event
CaIHFA becomes the owner of the Project pursuant to judicial foreclosure sale, non judicial foreclosure,
or deed -in -lieu of foreclosure (the "Standstill Term"), Locality shall not exercise any of the remedies,
requirements and/or rights found in the Standstill Provisions (the "Standstill Provisions"). During any
Standstill Tenn, CaIHFA will ensure the Development is prudently and appropriately managed by an
experienced professional property management company. During any Standstill Term, the sole
remedy against CaIHFA for a violation of the affordability limitations found in Section 3.0 entitled
"Occupancy Of Restricted Units By Eligible Tenants" of the Locality Affordability Restriction (the
"Affordability Limitations") shall be Locality's right to exercise equitable remedies, including specific
performance, if the violation remains uncured for ninety (90) days from notice by the Locality, to
Borrower or its successor in interest, including CaIHFA, of such violation. If CaIHFA takes fee -simple
ownership of the Project as a result of a judicial foreclosure sale, non judicial foreclosure, a deed-in-
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lieu of foreclosure as provided in this Section 2.a, CaIHFA shall make good faith, reasonable efforts
to expeditiously identify and transfer the Project to another entity ("Successor Entity") and upon a
sale, conveyance, transfer or otherwise from CaIHFA to such Successor Entity, Locality and CaIHFA
agree that the Successor Entity shall become the new owner of the Project and shall be subject to all
provisions of the Locality Affordability Restriction, including the Standstill Provisions, for the
remaining term of the Locality Affordability Restriction.
(b) Following a judicial foreclosure sale, non judicial foreclosure, or a deed -in -lieu
of foreclosure, under the CaIHFA Documents, CaIHFA or its successors in interest shall cooperate with
the Locality in providing any information or approvals to inspect the units that the Locality may
reasonably request for the term of the Locality Affordability Restriction cited above.
(c) The Locality acknowledges that nothing in this Agreement or the Locality
Affordability Restriction shall impose on CaIHFA the obligations of the Borrower under the Locality
Affordability Restriction or the Affordability Limitations, or require Ca1HFA to assume obligations
under the Locality Affordability Restriction or the Affordability Limitations unless Ca1HFA becomes
the owner of the Project.
(d) Nothing in this Agreement is intended to prevent Locality from exercising any
of its remedies, rights, and/or obligations under the Locality Affordability Restriction as they relate to
any owner thereunder, except during the Standstill Term.
(e) Locality and Borrower agree to not amend, modify or otherwise alter the
Locality Affordability Restriction without prior written approval, which shall not unreasonably be
withheld or delayed, of such amendment, modification or alteration from CaIHFA. If CalHFA does
not approve or reject the proposed amendments to the Locality Affordability Restriction within thirty
(30) days of receipt of such notice, CaIHFA shall be deemed to have approved the proposed
amendments to the Locality Affordability Restriction.
(f) Locality shall provide CaIHFA with a copy of all initial notices of default
provided to Borrower under the Locality Affordability Restriction within five days of sending Borrower
such initial notice, provided, Locality shall have no liability to CaWA and/or Borrower for its failure
to do so, nor shall failure to do so constitute grounds for any restraining order, injunction, or other
prohibition against or delay in Locality's exercise of its remedies under the Locality Affordability
Restriction. CaIHFA shall have the right, but not the obligation, to cure the default(s) under such
notice(s).
Representations.
(a) Locality hereby represents and warrants to CaIHFA that at the time of execution
of this Agreement, to the best of Locality's knowledge, the Borrower is in substantial compliance with
its obligations to the Locality under the terms of the Locality Documents and the Locality Affordability
Restriction. Locality acknowledges and agrees that in the event the Borrower's obligations to CaIHFA
conflict with the Borrower's obligations to the Locality under the Locality Documents, the Borrower's
obligations to CaIHFA under the CaIHFA Documents shall prevail, provided that this clause shall not
relieve the Borrower of its responsibility to the Locality.
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Likewise, Ca1HFA hereby represents and warrants to Locality that at the time of
execution of this Agreement, to the best of CalHFA'S knowledge, the Borrower is in substantial
compliance with its obligations to CaIHFA under the terms of the CaWA Documents.
(b) Locality and Borrower further represent and warrant to CaIHFA that,
notwithstanding any provisions contained in the Locality Affordability Restriction, the restrictions and
covenants thereunder are not intended by the parties thereto to either create a lien upon the Project, or
grant any right of foreclosure, under the laws of the jurisdiction where the Project is located, to any
party thereto or third party beneficiary thereof upon a default of any provision therein, rather they are
intended by the parties thereto to constitute a restrictive covenant that is filed of record prior to any
instrument or agreement granting a security interest in the Project.
4. Indemnification. Borrower agrees to indemnify, defend, and hold harmless the City, its
City Council, boards and commissions, officers, agents, volunteers, and employees (collectively, the
"Indemnified Parties") from and against any and all claims (including, without limitation, claims for
bodily injury, death or damage to property), demands, obligations, damages, actions, causes of
action, suits, losses, judgments, fines, penalties, liabilities, costs and expenses (including, without
limitation, attorney's fees, disbursements and court costs) of every kind and nature whatsoever,
(individually, a "Claim", collectively, "Claims"), which may arise from or in any manner relate,
directly or indirectly, to any breach of the terms and conditions of this Agreement. Notwithstanding
anything to the contrary contained herein, Borrower shall not be obligated to indemnify or defend
the Indemnified Parties pursuant to this Section 4 for an Claim arising from the gross negligence or
willful misconduct of any Indemnified Party.
5. Notices. Any notice, demand, request, consent, approval or communication that either
party desires or is required to give shall be in writing and shall be deemed given three (3) calendar days
after deposit into the United States registered mail, postage prepaid, by registered or certified mail,
return receipt requested. Unless notice of a different address has been given in accordance with this
Section, all notices shall be addressed as follows:
If to CaIHFA, to: California Housing Finance Agency
Attn: Office of General Counsel
500 Capitol Mall, Suite 1400
Sacramento, CA 95814
If to Locality, to: City of Newport Beach
Attn: City Manager
100 Civic Center Drive
Newport Beach, CA 92660
If to Borrower, to: Newport Veterans Apartments, LP
c/o Community Development Partners
3416 Via Oporto, Suite 301
Newport Beach, CA 92663
6. Amendments. Amendments to this Agreement shall be in writing and signed by all the
parties hereto.
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7. Governing Law. This Agreement shall be construed in accordance with and be
governed by the laws of California.
8. Counterparts. This Agreement may be executed in several counterparts, each of which
shall be an original and all of which shall constitute one and the same instrument.
9. Severability. In the event any provision of this Agreement shall be held invalid or
unenforceable by any court of competent jurisdiction, it shall not invalidate or render unenforceable any
other part of this Agreement.
NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A
PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL
PROPERTY SECURITY TO OBTAIN A LOAN, A PORTION OF WHICH MAY BE
EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
[SIGNATURES ON FOLLOWING PAGE]
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written.
LOCALITY:
CITY OF NEWPORT BEACH, a
California municipal corporation and charter city
By:
Name: raK. Leung
Title: Manager
ATTEST:
AP
By:
1; LA ar
Tit!
CaIHFA:
CALIFORNIA HOUSING FINANCE
AGENCY, a public instrumentality and political
subdivision of the State of California
By:_
Name
Title:
Ii1"1 A 9:
NEWPORT VETERANS APARTMENTS
LP, a California limited partnership
By:
Its:
0
Its
Mercy House CHDO, Inc., a
California nonprofit public benefit
corporation
Managing General Partner
Stephanie Miles
Its: Board Secretary
CDP Newport LLC, a California
limited liability company
Administrative General Partner
By: Community Development
Partners, a California corporation
Its: Sole Managing Member
[END OF SIGNATURES)
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LIZ
Kyle Paine
Its: President
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written.
LOCALITY:
CITY OF NEWPORT BEACH, a NEWPORT VETERANS APARTMENTS
California municipal corporation and charter city LP, a California limited partnership
Ca1HFA:
CALIFORNIA HOUSING FINANCE
AGENCY, a public instrumentality and political
subdivision of the State of California
By:
Name
Title:
[END OF SIGNATURES]
in
Ca1HFA.SUBORDINATION&STANDSTILL.(City of Newport Beach)
Newport Veterans - Ca1HFA No. 16-024-S
05/ 31 / 2019.TMH/ cic-HFMF-1336-13683
By:
Mercy House CHDO, Inc., a
By:
California nonprofit public benefit
Name: Grace K. Leung
corporation
Title: City Manager
Its:
Managing General Partner
By:
ATTEST:
Stephanie Miles
Its: Board Secretary
By:
By:
CDP Newport LLC, a California
Name: Leilani I. Brown
limited liability company
Title: City Clerk
Its:
Administrative General Partner
By: Community Development
APPROVED AS TO FORM:
Partners, a California corporation
Its: Sole Managing Member
By:
By:
Name: Aaron C. Harp
Kyle aine
Title: City Attorney
Its: President
Ca1HFA:
CALIFORNIA HOUSING FINANCE
AGENCY, a public instrumentality and political
subdivision of the State of California
By:
Name
Title:
[END OF SIGNATURES]
in
Ca1HFA.SUBORDINATION&STANDSTILL.(City of Newport Beach)
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05/ 31 / 2019.TMH/ cic-HFMF-1336-13683
EXHIBIT A
Legal Description
All that certain real property situated in the County of Orange, State of California, described as
follows:
LOTS 11, 12 AND 13 IN BLOCK 160 OF RIVER SECTION, NEWPORT BEACH, IN THE
CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS
SHOWN ON A MAP RECORDED IN BOOK 4, PAGE 25 OF MISCELLANEOUS MAPS, IN
THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
EXCEPT THEREFROM LOT 11 ALL OIL, GAS, MINERALS AND OTHER
HYDROCARBON SUBSTANCES LYING BELOW A DEPTH SHOWN BELOW BUT WITH
NO RIGHT OF SURFACE ENTRY, AS PROVIDED IN DEEDS OF RECORD.
DEPTH: 50 FEET
EXCEPT THEREFROM LOT 13 ALL OIL, GAS, MINERALS AND OTHER
HYDROCARBON SUBSTANCES LYING BELOW A DEPTH SHOWN BELOW BUT WITH
NO RIGHT OF SURFACE ENTRY, AS PROVIDED IN DEEDS OF RECORD.
DEPTH: 50 FEET
EXCEPT THEREFROM LOT 12 ALL OIL, GAS, MINERALS AND OTHER
HYDROCARBON SUBSTANCES LYING BELOW A DEPTH SHOWN BELOW BUT WITH
NO RIGHT OF SURFACE ENTRY, AS PROVIDED IN DEEDS OF RECORD.
DEPTH: 400 FEET.
Assessor's Parcel Number: 045-114-15
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ACKNOWLEDGEMENTS
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 )
) ss.
County of bQiAt-4UE )
On Aubub-r �Q�Zo4�1 before me,
Public, personally appeared Gwcs
MV4VE-1, a Notary
, who proved to me on the basis of satisfactory
evidence to be the person(4 whose name( -s,) is/ar --subscribed to the within instrument and
acknowledged to me that ke4she/t4+ey executed the same in hither/tkeir authorized capacity(4es),
and that by hifker/heir signatures) on the instrument the person.(.), or the entity upon behalf of
which the personks°) 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.
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Jennifer Ann Mulvey
COMM #2214138
Notary public California
ORANGE COUNTY -!
t
MyCommKs'wnExplresOct12,2021
(Seal)
ACKNOWLEDGEMENTS
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 )
) ss.
County of r)RA to LL )
On S - S - ZO k ck before me, AN to MV LV H a Notary
Public, personally appeared K`i L E C. 4 AS e P A t 1.'l t=
, who proved to me on the basis of satisfactory
evidence to be the person(&) whose name(s)- is/aF& subscribed to the within instrument and
acknowledged to me that he/akeAd" executed the same in his/heir authorized capacity(*s),
and that by his/heir signature(s} on the instrument the person(& , or the entity upon behalf of
which the person(.F4 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.
S ignatu
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rVAr Jennifer Ann Mulvey
COMM #221+138 a
LUNotarryy Public - Califomia
st ORANGE COUNTY -+
My Commission Expires 0012, 2021
(Seal)
ACKNOWLEDGEMENT
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 )
) ss.
County of Sacramento )
On August 6, 2019, before me, Christine L. Caldwell, a Notary Public, personally appeared
DONALD CAVIER, 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.
Name: Christine L. Caldwell
CHRISTINE L. CALMELL
r.0 Commisslon # 2129036
Z'� Notary Public - California z
Z Sacramento County D
M Comm. Expires Oct 31, 2019.
(Seal)
ACKNOWLEDGEMENTS
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 )
) ss.
County of nRA t A t✓L )
On S • S • Zo kc l before me, J 6-fZN 1 FC -2%4N t -J M%J l-Nf a Notary
Public, personally appeared K`i LF- CVVA%C. ID 14 1 Nk L.
, who proved to me on the basis of satisfactory
evidence to be the person(.-} whose name(s)- is/aF& subscribed to the within instrument and
acknowledged to me that he/sheA4ey executed the same in his/herft43eir authorized capacity(tes),
and that by his/hen4iteir signature(s} on the instrument the person(* , or the entity upon behalf of
which the person( -F} 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.
N"'� r\'�S7-
Signatu Ni U
-10-
CaIHFA.SUBORDINATION&STANDSTILL.(City of Newport Beach)
Newport Veterans - Ca1HFA No. 16-024-S
05/31/ 2019.TMH/ cic-HFMF-1336-13683
.,. Jennifer Ann Mulvey
COMM #2214138 a
Notary Public - Califomia
�' ORANGE COUNTY
,� MyCommissionFxpres(k1.12,2021
(Seal)