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WHEN RECORDED MAIL TO: City o f Riverside City Hall, 3900 Main Street Riverside, California 92522 Attn: City Clerk (This document is being recorded for the benefit of thc City of Riverside and is therelbre exempt from recording fees pursuant to Government Code Section 6103) NOTICE: DOC I:1 2002--321069 06/12/2002 0~:00~ Fee:NC Gary L. Orso THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER RECORDED INSTRUMENT. SUBORDINATION AGREEMENT This Snbordination Agreement (hereinafter referred to as "Agreement") is made this 11'h day of February, 2002, by and between THE MAGNON COMPANIES, a California corporation, hereinafter described and referred to as "Property Owner", and MELLON 1st BUSINESS BANK present owner and holder of the deed or trust and note hereinafter described, and hereinafter referred to as "Beneficiary". RECITALS A. Property Owner is the owner in fcc of the real property located in the City of Riverside, County of Riverside, State of California, legally described in Exhibit A, attached hereto. B. Property Owner has executed a Declaration of Covenants, Conditions and Restrictions For Access Easements (hereinafter referred to as "Covenant") dated November 7, 2001, and recorded on Dccembcr 5, 2001, as Instrument No. 2001-600728 in the Official Records of Riverside County, California in favor of the City of Riverside, Calf folnia, a municipal corporation, in connection with the Property, A copy of the Agreement is attached hereto as Exhibit B. C. Property Owner did on February 5, 2001, execute a dccd of trust to North American Title Company, Inc., as Trustcc, covering the Property, to secure a note dated February 5, 2001, in favor of Beneficiary, which deed of trust was recorded as Instrument Number 2002-303027 in thc Official Records of Riverside County, California (hereinafter rcfcrrcd to as "Deed of Trust"). D. The Covenant must be unconditionally and remain at all times a charge upon the Property, prior and superior to any liens or deed of trust recorded prior to the Covenant. It is to the mutual benefit of the parties hereto that the Covenant be prior to and superior to any liens or deed of trust, including the above-referenced Deed o f Trust, recorded prior to the Covenant.