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200301415 LOAN dt WHEREAS, it is a condition precedent to obtaining said loan that said deed to trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien first mentioned above; and WHEREAS, fender is willing to make said loan provided the deed of trust securing the same is a lien or charge upon the described property prior and superior to the Gen first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien first mentioned to the lien in favor of lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan to Owner, and Beneficiary is willing that the deed of trust securing the same shall, when recorded, continue alien or charge upon said land which is unconditionally prior and superior to the lien first above mentioned. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referenced to, it is hereby declared, understood and agreed as follows: (1) That said deed of trust securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien fast above mentioned. (2) That Lender would not make its loan described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien first mentioned to the lien or charge of the deed of trust in favor of the Lender above referred to and shall supereede and cancel, but only insofar as would greatly affect the priority between the deeds of trust hereinbefore specifically described, any prior agreements as to such subordination including, but not limited to, those provisions, if any, contained in the lien fvst above mentioned, which provide for the subordination of the lien to a deed of trust. Beneficiary declares, agrees and acknowledges that (a) He consents and approves (i ) all provision of the note and deed of trust in favor of Lender above referenced to, and (ii ) all agreements, including but not limited to any new loan or escrow agreements, between Owner and Lender for disbursement of the proceeds of Lender's Loan; Initials: Cw