RES 83332 - Laserfiche WebLink

Supplementing Deed of Trust ("Supplement"), dated as of March 31, 1983, and recorded June 1, 1983, as Instrument No. 83-093898 in the Official Records of Alameda County, California (collectively the "Deed of Trust"), encumbering all Mortgaged Property described therein, including without limitation, the P~operty. Copies of the Development Loan Agreement, Extension Agreement, Note, Deed of Trust and Supplement have been provided to the City. C. Pursuant to the terms of the Supplement, it is a condition to the extension of the maturity of the Loan that the Deed of Trust shall be and remain at all times a first lien on the Property superior and prior to the charge of the improvement Agreement. D. It is to the mutual benefit of the parties hereto that Lender extend the maturity of the Loan to Owner, and City is willing that the charge of the Improvement Agreement 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, the charge of the Mitigation Measures Agreement is subject and subordinate to the Deed of Trust securing the Note and any renewals, modifications or extensions thereof and that the Deed of Trust shall unconditionally be and remain at all times prior and superior to the charge of the Mitigation Measures Agreement. 2. That this Agreement shall be the whole and only agreement with regard to the subordination of the charge of the Mitigation Measures Agreement to the Deed of Trust. CITY declares, agrees and acknowledges that: 1. It consents to the terms of the Development Loan Agreement, Extension Agreement, Note, as amended, and the Deed of Trust, as supple- mented, and all of the provisions set forth therein. 2. It intentionally and unconditionally waives, relinquishes, and subordinates the charge of its Mitigation Measures Agreement 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 part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for Lender's reliance upon this waiver, relinquishment, and subordina- tion. 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