RES 85489 - Laserfiche WebLink

RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: NOTE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR RIGHTS UNDER THAT CERTAIN AGREEMENT, DATED FEBRUARY 10, 1982, AFFECTING THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF A SECURITY INTEREST IN THE PROPERTY. SUBORDINATION AGREEMENT THIS AGREEMENT is made as of October , 1985~ by and between PLEASANT 2, a California general partnership ("Owner"), owner of the land (the "Property") described in EXHIBIT A hereto, and the City of Pleasanton, a municipal corporation (the "City"). RECITALS A. City and Owner (as a successor in interest) are parties to that certain Agreement ("Agreement For Industrial Development Purposes"), dated February 10, 1982, and recorded, March 1, 1982, as Instrument Number 82-029682 in the Official Records of Alameda County, California, pur. suant to which Owner is obligated to make financial contribution to certain municipal studies and participate in certain assessment districts or funding mechanisms for certain improvements as a condition of the industrial development of the Property. B. In connection with the financing of the property Owner proposed to execute a Promissory Note in the amount of $550,000.00 in favor of Jefferson National Life Insurance Company ("Lender"), which Note shall bear interest at the rate of 12 1/8% per annum with an interest rate review and adjustment at the end of five years, interest and principal payable monthly based on a 30 year amortization with all unpaid principal and interest due in 10 years. The Note is to be secured by a Deed of Trust and Assignment of Rents ("Deed of Trust") to be recorded in the Official Records of Alameda County. Copies of the Note and Deed of Trust will be provided to the City when executed by Owner and Lender. -]-