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EXHIBIT 1 <br />In some circumstances, these Affordability Covenants and Restrictions may be subordinated by <br />the City, pursuant to Section 33334.14 of California Health and Safety Code, to liens, <br />encumbrances, or regulatory agreements of other federal or state agencies or lenders providing <br />financing for the project, subject to assurances by senior lenders that the City's lien rights will be <br />protected. <br />Affordable Housing Funds Policies and Procedures <br />Page 25 <br />