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. • <br /> 17 <br /> When recorded return to: <br /> City of Everett-CHIP <br /> 2930 Wetmore Avenue,Suite 8B <br /> Everett,WA 98201 <br /> To: Key Bank <br /> For: Assistance League of Everett <br /> 5103 Evergreen Way,Everett,WA 98203 <br /> PO BOX 3825,Everett,WA 98203-3825 <br /> • <br /> Tax Parcel#: 005819-000-023-01 <br /> • <br /> SUBORDINATION AGREEMENT <br /> NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE <br /> PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER <br /> OR LATER SECURITY INSTRUMENT. <br /> The undersigned subordinator and owner agree as follows: <br /> 1. The City of Evererett,having an address for notice purposes of 2930 Wetmore Avenue, Suite 8B, <br /> Everett, WA 98201,referred to herein as "subordinator," is the owner and holder of a mortgage dated <br /> May 1,2002,which is recorded under auditor's file No.200205141022,records of Snohomish <br /> County,Washington. <br /> 2. <br /> • <br /> Key Bank,referred to herein as"lender,"is the owner and holder of a mortgage dated <br /> executed by Assistance League of Everett,which is recorded under auditor's file <br /> No. ,records of Snohomish County,Washington. (which <br /> is to be recorded concurrently herewith). <br /> 3. Assistance League of Everett,referred to herein as"owner,"is the owner of all the real property described in <br /> the mortgage identified above in Paragraph 2. <br /> 4. In consideration of benefits to "subordinator" from "owner," receipt and sufficiency of which is hereby <br /> acknowledged, and to induce"lender"to advance funds under its mortgage and all agreements in connection <br /> therewith, the"subordinator" does hereby unconditionally subordinate the lien of his mortgage identified in <br /> LPB 35-05(r) <br /> Page 1 of 3 <br /> 190 <br />