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Bernal Avenue Associates/City of Pleasanton Agreement <br /> October 14, 1986 <br /> Page 9 <br /> <br /> real estate economics. Review shall be based upon the record <br /> and shall be limited to whether the determination of City <br /> Council was supported by substantial evidence. <br /> <br /> 4.3. Subordination. of Obligation to Finance. Additional. <br />Mitigations - SUBORDINATION AGREEMENT. THIS AGREEMENT CONTAINS <br />A SUBORDINATION CLAUSE WHICH MAY RESULT IN A SECURITY INTEREST <br />IN THE PROPERTY BECOMING SUBJECT TO AND OF A LOWER PRIORITY <br />THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. <br />Except to the extent assessment or benefit districts are <br />otherwise imposed upon the Property in accordance with <br />California law, the obligations of Developer under this <br />Agreement to finance Additional Mitigations through liens upon <br />its property shall be automatically subordinate, without the <br />execution and recordation of any instrument, to the lien of any <br />deed of trust or other security instrument encumbering the <br />Property, or any parcel thereof, in favor of a third party <br />lender which secures the repayment ~of any construction loan or <br />permanent loan, or both ("Loan"), provided the proceeds of such <br />Loan are used only to develop or provide long-term financing <br />for improvement of the Property, or parcel thereof, or both. <br />The City shall execute such subordination agreement or other <br />comparable document as such lender may require to confirm the <br />senior status of the lender's security. <br /> <br />5. TERM. <br /> <br /> The term of this Agreement shall commence on the <br /> <br />effective date of the ordinance adopting this Agreement and <br /> <br /> <br />