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~. ~ <br />RECORDING REQUESTED BY .AND <br />WHEN RECORDED RETURN T0: <br />CROCKER NATIONAL BANK <br />REID - Construction Finance Department <br />111 Sutter. Street {9) <br />San Francisco, CA 94104 <br />Attn: E. R. Eng <br />Loan No. 29767 <br />NOTE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR RIGHTS UNDER THAT CERTAIN <br />AGREEMENT, DATED JUNE 24 , 1985, AFFECT2NG THE PROPERTY BECOMING SUBJECT TO AND <br />OF LOWER PRIORITY THAN THE LIEN OF A SECURITY INTEREST IN THE PROPERTY. <br />SUBORDINATION AGREEMENT <br />THIS AGREEMENT is made as of ~i~ f~ ~ ~~~ , by and <br />between CROW-SPIEKER-SINGLETON 4k112, a Te as `limited partnership. ("Owner"), <br />owner of the land (the "Property") described in EXHIBIT A hereto, and the City <br />of Pleasanton, a municipal .corporation (the "City"). <br />R E C I T A L S <br />A. City and Owner (as a successor in interest) are parties to that <br />certain Agreement ("Agreement"), dated June 24, 1985, and recorded, January <br />13, 198b, as Instrument Number 86-007150 in the Official Records of Alameda <br />County, California, pursuant to which Owner is obligated to make financial <br />contribution to certain. municipal studies and participate in certain. <br />assessment districts or funding. mechanisms for certain improvements as a <br />condition of the industrial development of the Property. <br />B. In connection with the financing of the Property Owner proposed <br />to execute a Promissory Note in the amount of $11,400,000.00 in favor of <br />Crocker National Bank ("Lender"). The Note is to be secured by a Deed of <br />Trust and Assignment of Rents ("Deed of Trust") to be recorded in the Official <br />Records of Alameda County. Copies of the Note and Deed of Trust will be <br />provided to the City when executed by Owner .and Lender. <br />C. Pursuant to the terms of the Loan, Lender requires the Deed. of <br />Trust to be -and remain at .all times a first. lien on the Property senior and <br />prior to the charge of the Agreement. <br />D. It is to the mutual. benefit of the parties hereto that Lender. <br />make the Loan to Owner and City is willing that the charge of the Agreement be <br />subordinated and made subject to the Deed of Trust in that the proceeds of the <br />Loan are to be expended by Owner for developing the Property, including. soft <br />costs such as engineering, architecture .and accounting .directly related to <br />development of the Property. <br />NOW, THEREFORE, the parties hereby agree as follows: <br />1. The charge of this Agreement is subject and subordinate to the <br />Deed of Trust securing the Note and any renewals, modifications or extensions <br />thereof and that the Deed of Trust shall unconditionally be and remain at .all <br />times .prior and. senior to the charge of the Agreement. <br />2. That this Agreement shall be the. whole and only agreement with <br />regard to the subordination. of the charge of the Agreement to the Deed of <br />Trust. <br />CITY declares, agrees and acknowledges that: <br />1. It consents to the terms of the Note and Deed of Trust and all <br />provisions set forth herein. <br />2. It intentionally and unconditionally waives, relinquishes, and <br />subordinates the. charge of its Agreement in favor of the Deed of Trust-and <br />understands that in reliance upon, and in consideration of this waiver, <br />