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OFFICIAL BUSINESS. <br />Document entitled to free <br />recording per Government <br />Code § 27837. <br /> <br />Recording Requested by and <br />When Recorded Mail to: <br /> <br />THE REDEVELOPMENT <br />AGENCY OF THE <br />CITY OF RIVERSIDE <br />3900 Main Street <br />Riverside, CA 92522 <br /> <br />SPACE ABOVE THIS LINE <br />FOR RECORDING USE <br /> <br />SUBORDINATION AGREEMENT <br /> <br />NOTICE: THIS SUBORDINATION AGREEMENT MAY RESULT IN YOUR <br />SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF <br />LOWER PRIORITY THAN THE ]LIEN OF SOME OTHER OR LATER SECURITY <br />INSTRUMENT. <br /> <br />RECITALS <br /> <br /> A. Pursuant to that certain DISPOSITION AND DEVELOPMENT <br />AGREEMENT [North Market Office Park Project] (the "DDA") by and between the <br />REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE (the "Agency") and <br />ONTARIO GATEWAY LLC (the "Developer") dated April 27, 2004 and memorialized in that <br />certain MEMORANDUM OF AGREEMENT recorded July 28, 2004 as instrument No. 2004- <br />0582632 of the Official Records of Riverside County, California, the Agency conveyed those <br />certain parcels of real property more particularly described in the legal descriptions attached <br />hereto and incorporated herein by reference as Attachment "1" by two separate grant deeds <br />respectively entitled GRANT DEED SUBJECT TO RIGHT OF REVERTER (collectively the <br />"Grant Deeds") to Developer (the "Site"). <br /> <br /> B. Pursuant to the DDA and the Grant Deeds, the Agency holds certain rights <br />of reverter encumbering the "Site" which rights the Agency is entitled to exercise in the event of <br />certain failures or breaches by Develc,per under the DDA and Grant Deeds. Such rights of <br />reverter are contained and described in Section 8.4 of the DDA and Sections 2, 3 and 4 of the <br />Grant Deeds (the "Rights of Reverter"). The Agency is also the beneficiary of certain covenants <br />and obligations running with the Site pursuant to those Declarations of Restrictive Covenants <br />(collectively "DRCs") recorded July 28, 2004 as Instrument Nos. 2004-0582633, 2004-0582634, <br />2004-0582635 and 2004-0582636 in the. Official Records of Riverside County, California. <br /> <br /> C. In order to facilitate development and construction of the "Project" (as <br />defined in the DDA) on the Site, Deveh)per is obtaining a loan from BANK OF THE WEST (the <br />"Bank") in the amount of $ 16,671,000.00 (the "Loan") and said Loan is secured, in part, by <br />that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture <br /> <br />RIV #4840-9597 5168 -Final 1 <br /> <br /> <br />