Laserfiche WebLink
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 />5. TERM. <br />The term of this Agreement shall commence on the <br />effective date of the ordinance adopting this Agreement and <br />shall terminate October 1, 1998, unless sooner terminated or <br />extended as hereinafter provided. <br />6. CONSIDERATION. <br />The consideration for this Agreement is set forth in the <br />Recitals to this Agreement in Paragraphs D, E and H. As <br />additional consideration Developer agrees to dedicate to the <br />City a strip of land for pedestrian access as shown on <br />Attachment 5. <br />-9- <br />