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RECOEDI~G RIQt~STFJ) BY <br />~KEN ECOBgD ~B <br /> <br />~ NATION~ <br />~ID - ~utr~tl~ riMnee ~partmnt <br />111 Su~ar Street (9) <br />Sa Francisco, ~ <br /> <br /> ~n No, 29767 <br /> <br />NOTE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR RIGHTS UNDFI THAT CERTAIN <br />AGREEMENT, DATED JUNE 24, 1985, AFFECTING TEE PROPERTY BECOMIN~ SUBJECT TO AND <br />OF LOI0KR PRIORITY THAN THE LIEN OF A SECURITY INTEREST IN ~ PROPERTY. <br /> <br /> SUBORDINATION AGREENENT <br /> <br /> THIS AGREEMENT is made as of , by and <br />between CROM-SPIKKKR-SIMCLETON ~112, a Texas limited partnership <br />owner of the land (the 'Property') described in EXHIBIT A hereto, and the City <br />of Pleasanton, a municipal corporation (the 'City'). <br /> <br /> RECITALS <br /> <br /> A. City and Owner (as a successor in interest) are parties to that <br />certain A~reemen= ('Agreement'), dared June 24, 1985, and recorded, January <br />13, 1986, as Instrument Number 86-007150 in the Official Records of Alameda <br />County, California, pursuant to which Owner is obligated to make financial <br />contribution to certain municipal' studies and participate in certain <br />assessment districts or funding mechanisms for certain improvements as a <br />condition of the industrial development of the Property. <br /> <br /> " B, In connection with the financin~ of the Property Owner proposed <br />co execute a Promissory Note in the amounE of $11,400,000.00 in favor of <br />Crocker National Bank ('Lender'). The Note is to be secured by a Deed of <br />Trust and Assignment of Rents ('Deed of Trust') co be recorded in the Official <br />Records of Alameda County. Copies of the Note and Deed of Trust will be <br />provided to the City when executed by Owner and Lender. <br /> <br /> C. PursnanC to the terms of the Loan, Lender requires the Deed of <br />Trust ~o be and remain ac all times a first lien on the Property senior and <br />prior to the charge of the A~reemenC. ~ <br /> <br /> D. It is to =he mutual benefit of the parties hereto that Lender <br />make the Loan co Owner and City is willing chat the charge of the A~reement be <br />subordinated and made subject to the Deed of Trust in that the proceeds of the <br />Loan are co be expanded by Owner for developing the Property, including sof~ <br />costs such as engineering, architecture and accounting directly related to <br />development of the Property. <br /> <br /> NON, THEREFORE, the parties hereby agree as follows: "'- <br /> <br /> I. The charge of this Agreement is subject and subordinate to the <br />Deed of Trust securing the Note and any renewals, medificarions or extensions <br />thereof and that the Deed of Trust shall unconditionally he and remain at all <br />times prior and senior to :he charge of the A~reemeut. <br /> <br /> 2. That =his Agreement shell be the whole and only agreement with <br />regard to the subordination of the charge of the Agreement to the Deed of <br />Trust · <br /> <br /> CITY declares, agrees and acknowledges that: <br /> <br /> 1. It consents to the ceres of the Note and Deed of Trust and all <br />provisions set forth herein. <br /> <br /> 2. It intentionally and unconditionally waives, relinquishes, and <br />subordinates the charge of its Agreement in favor of the Deed of Trust and <br />understands that in reliance upon, and in consideration of this waiver, <br /> <br /> <br />