RES 85489 - Laserfiche WebLink

C. Pursuant to the terms of the Loan, Lender requires the Deed of Trust to be and remain at all times a first lien on the Property senior and prior to the charge of the Agreement For Industrial Development Purposes. D. It is to the mutual benefit of the parties hereto that Lender make the Loan to Owner and City is willing that the charge of the Agreement For Industrial Development Purposes be subordinated and made subject to the Deed of Trust. NOW, THEREFORE, the parties hereby agree as follows: 1. That to the extent the proceeds of the Loan are expended by Owner for developing the Property, including soft costs such as engineering, architecture and accounting directly related to development of the Property, the charge of this Agreement For Industrial Development Purposes is subject and subordinate to tile Deed of Trust securing the Note and any renewals, modifications or extensions t~ereof and that the Deed of Trust shall unconditionally be and remain at all times prior and senior to the charge of tile Agreement For Industrial Development Purposes. 2. That this Agreement shall be the whole and only agreement with regard to the subordination of the charge of the Agreement For Industrial Development Purposes to the Deed of Trust. CITY declares, agrees and acknowledges that: 1. It consents to the terms of the Note and Deed of Trust and all provisions set forth herein. 2. It intentionally and unconditionally waives, relinquishes, and subordinates the charge of its Agreement For Industrial Development Purposes in favor of the Deed of Trust and understands that in reliance upon, and in consideration of this waiver, relinquishment and subordination, specific loans, extensions and advances are being and will be made and, as a part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be incurred or entered into but for Lender's reliance upon this waiver, relinquishment and subordination. Without limiting the generality of the foregoing, the parties hereby acknowledge and agree that the lien of any assessment district hereafter lawfully imposed by the City or any other governmental entity having jurisdiction over the Property shall not, without further written agreement between the parties and/or such other governmental entity, be subordinate to the Deed of Trust.