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XV. SUBORDINATION OF AGREEb~NT <br /> <br /> Except to the extent assessrnent or benefit districts <br /> <br />are imposed upon the project site 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 only.to develop <br />or provide long-term financing for improvement on the project <br />site. The City shall execute such subordination agreement <br />or other comparable document a~ such lender may require to' <br />confirm the senior status of the lender's security.- · <br /> <br /> TIllS AGREEMENT IS entered into as of the day and year <br />first above written. <br /> <br />THE PRUDENTIAL INSURANCE CO~Y <br />OF ~.~RICA, a New Jersey corporation <br /> <br />By <br /> <br />CITY OF PLEASA~]TO~! <br />aymunicipal~~ <br />B Robert~. Butler, X!ayor <br /> <br />ATTEST: <br /> <br />James R. Walker, City Clerk <br />APPROVED AS TO FO~i: <br /> <br />Peter D. llacDonatd, City Attorney <br /> <br />-11- <br /> <br /> <br />