RES 90098 - Laserfiche WebLink

2. It intentionally and unconditionally waives, relinquishes, and subordinates the charge of its Agreement in favor of the Deed of Trust (to the extent that the proceeds of any loan secured by such Deed of Trust is used (i) for costs incurred to develop a project on all or part of the Property, including engineering and processing costs, or (ii) refinancing of any of the foregoing costs) and understands that in reliance upon, and in consideration of this waiver, relinquishment and subordination, specific loans, extensions and advances are being and will be made and, as a part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be incurred or entered into but for Lender's reliance upon this waiver, relinquishment and subordination. Without limiting the generality of the foregoing, the parties hereby acknowledge and agree that the lien of any assessment district hereafter lawfully imposed by the City or any other governmental entity having jurisdiction over the Property shall not, without further written agreement between the parties and/or such other governmental entity, be subordinate to the Deed of Trust. 3. Lender is an intended beneficiary of this Subordination Agreement and shall be entitled to enforce the terms, covenants and conditions contained herein as a third-party beneficiary to the extent that such terms, covenants and conditions are consistent with the terms and conditions of the Agreement. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED PURSUANT TO YOUR AGREEMENT TO OBTAIN A LOAN SECURED BY A DEED OF TRUST SENIOR AND SUPERIOR TO THE AGREEMENT. CITY: OWNER: City of Pleasanton, a municipal corporation By: Mayor ATTEST: CROW-SP IEKER-S INGLETON #112, a Te×a~ limited partnership ~~er City Clerk APPROVED AS TO FORM: City Attorney