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RES 89216
City of Pleasanton
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CITY CLERK
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1980-1989
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1989
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RES 89216
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5/11/2012 3:54:20 PM
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11/23/1999 11:22:42 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
5/16/1989
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subdivision shall be limited to a pro rata amount of the <br />total costs -- whether by assessment district or other <br />funding mechanism -- for all of said property as the acreage <br />of the parcel bears to the total acreage of the project <br />site. <br /> <br />X. RECORDATION <br /> <br /> This Agreement shall be recorded in the office of the <br /> <br />County Recorder of Alameda County. Upon Owners' completion <br />of its obligations described herein, the City shall execute a <br />recordable instrument to eliminate this agreement as an <br />exception to title of the project site. <br /> <br />XI. SUBORDINATION OF AGREEMENT <br /> <br /> Except to the extent assessment or benefit districts are <br /> <br />imposed upon the project site in accordance with California <br />law, this Agreement shall be subordinate to any deed of trust <br />or other security instrument in favor of a third party lender <br />if the proceeds of such loan are used only to develop or <br />provide long-term financing for improvement on the project <br />site. The City shall execute such subordination agreement or <br />other comparable document as such lender may require to <br />confirm the senior status of the lender's security. <br /> <br /> -7- <br /> <br /> <br />
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