CROW-SPIEKER-SINGLETON 1989 - Laserfiche WebLink

~ • REO~RDID AND REQLTES'I'ED BY AND WHEN REOORDED RETURN TO: Attentions Harry Mixon The Prudential Mortgage Capital Company, Inc. Four Embarcadero Center, Suite 2700 San Francisco, CA 94111 NOTE: THIS SUBORDINATION AGREEN~T]T RESULTS IN YOUR RIGHTS UNDER THAT CERTAIN AGREEME~]'I', DA'I~D JUNE 24, 1985, AFFECTING THE PROPERTY BEC.~TG SUBJECT TO AND OF LOWEEt PRIORITY THAN THE LIEN OF A SECURITY INTEREST IN THE PROPEE2I'Y• SUBORDINATION AGREII~NT THIS AGR~' is made as of ~C-TC B~ R ~ h' , 1989 by and between C~ SPIEF~E2-SINGI~N #112, a Texas linvited partnership ("Owner"), c~niner of the land (the "Property") described in Exhibit A hereto, and the City of Pleasanton, a municipal corporation (the "City"). RECITAL S A. City and Owner (as a successor in interest) are parties to that certain Agreement ("Agreement"), dated June 24, 1985, aryl recorded, January 13, 1986, as Instrument 86-007150 in the Official Records of Alameda County, California, pursuant to which Owner is obligated to make financial contribution to certain municipal studies and participate in certain asst districts or funding mechanisms for certain improvements as a condition of the industrial development of the Property. B. In connection with the financing of the Property, Owner proposed to execute a Prarnissory Note in the amount of $17,250,000 in favor of The Prudential Mortgage Capital Company, Inc. ("I.,erider"). The Note is to be secured by a Deed of Trust and Assigrnnent of Rents ("Deed of Trust") to be recorded in the Official Records of Alameda County. Copies of the Note and Deed of 'T'rust will be provided to the City when executed by Owner and Lender. C. Pursuant to the terms of the Iran, Lender requires the Deed of Trust to be and remain at all times a first lien on the Property senior and prior to the charge of the Agreement. D. It is to the mutual benefit of the parties hereto that lender make the Iran to Owner aril City is willing that the charge of the Agreement be subordinated and made subject to the Deed of Trust in that the proceeds of the lean are to be expended by Owner for developing the property, including soft costs such as engineering, architecture and acx;ounting directly related to development of the Property. NOW, Tf~REFORE, the parties hereby agree as follows: 1. The charge of the 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 senior to the charge of the Agreement. 2. That this Subordination 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 aril senior to the charge of the Agreement. CITY declares, agrees and acknowledges that: 1. It consents to the terms of the Note and Deed of Trust aril all provisions set forth herein to the extent that such provisions are consistent with the terms and conditions of the Agreement.