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RECORDING REQUESTED BY AND
<br />WHEN RECORDED RETURN TO:
<br />Canadian Commercial Bank,
<br /> Los Angeles Agency
<br />201 California Street
<br /> Suite 1300
<br />San Francisco, Ca'lifornia
<br />
<br />Attn: David A. Kennedy,
<br /> Vice President
<br />
<br />NOTE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR RIGHTS UNDER THAT
<br />CERTAIN AGREEMENT, DATED JUNE 22, 1982, AFFECTING THE PROPERTY BECOMING
<br />SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF A SECURITY INTEREST IN
<br />THE PROPERTY.
<br />
<br />SUBORDINATION AGREEMENT
<br />
<br /> THIS AGREEMENT is made as of March 31, 1983, by and between
<br />Robert E. Meyer ("Owner"), owner of the land (the "Property") described
<br />in Exhibit A hereto, and the City of Pleasanton, a municipal corporation
<br />(the "City").
<br />
<br />RECITALS
<br />
<br /> A. Owner and City are the parties to that certain Agreement
<br />(the "Mitigation Measures Agreement"), dated June 22, 1982, and recorded,
<br />September 16, 1982, as Instrument No. 82-140679 in the Official Records
<br />of Alameda County, California, pursuant to which Owner is obligated to
<br />make financial contributions to certain municipal studies and participate
<br />in certain assessment districts or other funding mechanisms for certain
<br />improvements as a condition the development of a certain planned unit
<br />development on the Property.
<br />
<br /> B. In connection with the execution of a Development Loan
<br />~greement ("Development Loan Agreement"), dated August 11, 1982, as
<br />modified by an Extension Agreement ("Extension Agreement"), dated as of
<br />March 31, 1983, Owner has executed a Promissory Note, dated August 11,
<br />1982, amended by an Amendment of Note dated as of March 31, 1983
<br />(collectively the "Note"), in the amount of $5,250,000.00 in favor of
<br />Canadian Commercial Bank, Los Angeles Agency, a Canadian banking associa-
<br />tion ("Lender"), which Note evidences a construction and development loan
<br />(the "Loan") to Owner, with interest payable at the rate of two percent
<br />(2%) above the Prime Rate, as defined in the note, per annum on the
<br />unpaid principal balance from time to time outstanding, interest only to
<br />be paid monthly, with the entire balance of unpaid principal and accrued
<br />but unpaid interest due on September 30, 1983. The Note is secured by a
<br />Development and Construction Deed of Trust, Assignment of Rents, Security
<br />Agreement and Fixture Filing (the "Deed of Trust") dated August 11, 1982,
<br />and recorded, August 12, 1982, as Instrument No. 82-121780 in the Official
<br />Records of Alameda County, California, as supplemented by an Agreement
<br />
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