RIDGE VIEW COMMONS - CONSTRUCTION LOAN

(3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the deed of trust first above mentioned to the lien or charge of the deed of trust in favor of lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the deeds of trust hereinbefore specifically de- scribed, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the deed of trust first above mentioned, which provide for the subordination of the lien or charge thereof to another deed or deeds of trust or to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that (a) He consents to and approves (i) all provisions of the note and deed of trust in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan; (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agree- ment or agreements shall not defeat the subordination herein made in whole or in part; (c) He intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the deed of trust first above mentioned in favor of the lien or charge upon said land of the deed of trust in favor of Lender above re- ferred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination specific loans 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 said reliance upon this waiver, relinquishment and subordination; and (d) An endorsement has been placed upon the note secured by the deed of trust first above mentioned that said deed of trust has by this instrument been subordinated to the lien or charge of the deed of trust in favor of Lender above re- ferred to. `TICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OR WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. CITY OF PLEASANTON, CALIFORNIA M 'et:r 1 . 1y ) )11 ,11(1 City Attorney, On this 27th day of June, 1988, before me, the undersigned, a Notary Public, in and for said State, pe ,sonally appeared James R. Walker /XX/ personally known to me or / / proved to me on the basis of satisfactory evidence to be the City Manager of the City of Pleasanton, the municipal corporation that executed the within instrument and acknowledged to me that such municipal corporation executed the same. Beneficiary STATE OF CALIFORNIA )ss COUNTY OF ALAMEDA ) 4 OFFICIAL SEAL BECKY GANGITANO NOTARY PUBIC - CALIFORNIA ALAMEDA COUNTY My Comm. Expires May 24, 1991 STATE OF CALIFORNIA COUNTY OF ALAMEDA OFFICIAL SEAL BECKY GANGITANO NOTARY PUBLIC - CALIFORNIA ALAMEDA COUNTY My Con ivcmos In c lgl cot nd official seal. SS. IE HI,CSING A C. ./ MIMMEIvi P $11111111,7 AI Al AL WITNESS my hand and official seal. On this 27th day of June, 1988, before me, the undersigned, a Notary Public, in and for said State, personally appeared Catherine A. Merschel /XX/ personally known to me or /__/ proved to me on the basis of satisfactory evidence to be the person who executed the within instrument as the Executive Director of the corporation named in the instrument and acknowledged to me that the corporation executed the same. Notary P •lic (CLTA SUBORDINATION FORM "A ") Owner 1266 (6n2)