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instrument to eliminate this agreement as an exception to title <br /> of the project site. <br /> <br /> XIV. SUBORDINATION OF AGREEMENT <br /> <br /> Except to the extent assessment or benefit districts are <br />imposed upon the project site in accordance with California law, <br />this agreement shall be subordinate to any deed of trust or other <br />security instrument in favor of a third party lender if the <br />proceeds of such loan are used only to develop or provide <br />long-term financing for improvement on the project site. The <br />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 /> THIS AGREEMENT is entered into as of the day and year first <br />above written. <br /> <br /> PIMLICO PLAZA ASSOCIATES <br /> Developer/Owner <br /> <br /> By. <br /> Haqop Manuelian, Managing <br /> Partner <br /> <br /> CITY OF PLEASANTON <br /> <br /> By <br /> Frank C. Brandes, Jr., Mayor <br /> <br />ATTEST: <br /> <br />James R. Walker, City Clerk <br /> <br />APPROVED AS TO FORM: <br /> <br />Peter D. MacDonald, City Attorney <br /> <br /> ATTACH ACKNOWLEDGMENTS <br /> <br /> - 8 - <br /> <br /> <br />