CROW-SPIEKER-SINGLETON 1989 - Laserfiche WebLink

2. It intentionally aril unconditionally waives, relinquishes, and subordinates the charge of its Agreement in favor of the Deed of Trust (to the extent that the proceeds of any loan secured by such Deed of Trust is used (i) for costs incurred to develop a project on all or part of the Property, including exigineering and processing costs, or (ii) refinancing of any of the foregoing costs) and understands that in reliance upon, and in c=onsideration of this waiver, relinquishment and subordination, specific loans, extensions and advances are being and will be made and, as a part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be incurred or entered into but for Lender's reliance upon this waiver, relinquishment and subordination. Without limiting the generality of the foregoing, the parties hereby acl~owledge and agree that the lien of arty the Ci or any other assessment district hereafter lawfully imposed byshall not, without governmental entity having jurisdiction aver the Property further written agreement between the parties and/or such other goverrnnental entity, be subordinate to the Deed of Trust. 3. Lender is an intended beneficiary of this Subordination Agreement acid shall be entitled to enforce the terms, covenants and conditions contained herein as a third-party beneficiary to the extent that such terms, covenants and conditions are consistent with the terms and conditions of the Agreement. NOTICE: THIS SUBORDINATION AGREEMEr]'T CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED PURSUANT Ta YOUR AGREE~PT TO OBTAIl~T A LOAN SECURED BY A DEED OF TRUST SENIOR AND SUPERIOR TO THE AGREIE~IENT• City of Pleasanton, a municipal corporation ~:~~~ CROW-SPIEI~Et SINGLETON #112, a a Texas limited partnership Peter H. Schnugg, Managing General ~~'~~- APPROVED AS 'TO FORM: ~~~