Common use of Limit on Amount Clause in Contracts

Limit on Amount. The amount of the Institutional First Deed of Trust shall not exceed the following amount: the City approved purchase price paid by Owner, less the approximate balance on City financing (if any) as of the date of this Covenant (noted in Section XX below). The subordination of this Covenant pursuant to this Section III shall not apply to any Institutional First Deed of Trust that exceeds such amount, absent specific written approval from the Community Development Director.