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two days after the time of mailing. <br /> <br /> IX. SUCCESSORS IN INTEREST <br /> <br /> This agreement shall run with the land and be binding <br /> <br /> upon any and all heirs, assigns, and successors in interest <br /> of Developer having any interest in the property described <br /> in Exhibit "A". <br /> <br />X. RECORDATION <br /> <br /> This agreement shall be recorded in the office of the <br /> <br /> County Recorder of Alameda County. Upon Developer's 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 Property. <br /> <br />XI. SUBORDINATION OF AGREEMENT <br /> <br /> Except to the extent assessment or benefit districts <br /> <br />are imposed upon the ProDerty in accordance with California <br />law, this agreement shall be subordinate to any deed of <br />trust or other security instrument in favor of a third party <br />lender if the proceeds of such loan are used (i) for costs <br />incurred to develop the Project, (ii) to provide construction, <br />interim or permanent financing for improvement of all or a <br />portion of the Property, or (iii) refinancing of any of the <br />foregoing. The City shall execute such subordination agreement <br />or other comparable document as such lender may require to <br />confirm the senior status of the lender's security. <br /> <br /> THIS AGREEMENT is entered into as of the day and year <br /> <br />-7- <br /> <br /> <br />