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03
City of Pleasanton
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CITY CLERK
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2011
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011811
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03
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1/12/2011 2:03:44 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
1/18/2011
DESTRUCT DATE
15Y
DOCUMENT NO
03
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(i) Condemnation. The condemnation, seizure, or appropriation of all or the <br /> substantial part of the Leasehold Estate and the Project. <br /> (j) Unauthorized Transfer. Any Transfer other than as permitted by <br /> Section 4.6. <br /> (k) Representation or Warranty Incorrect. Any Borrower representation or <br /> warranty contained in this Agreement, or in any application, financial statement, certificate, or <br /> report submitted to the City in connection with any of the Loan Documents, proving to have <br /> been incorrect in any material respect when made. After issuance of the certificates of <br /> occupancy for the Project, Default may be declared under this subsection only if the failure of <br /> representation or warranty also has a material adverse effect on the operation of the Project. <br /> Section 5.2 Remedies. <br /> The occurrence of any Default hereunder following the expiration of all applicable notice <br /> and cure periods will, either at the option of the City or automatically where so specified, relieve <br /> the City of any obligation to make or continue the Loan and shall give the City the right to <br /> proceed with any and all remedies set forth in this Agreement and the Loan Documents, <br /> including but not limited to the following: <br /> (a) Acceleration of Note. The City shall have the right to cause all <br /> indebtedness of the Borrower to the City under this Agreement and the Note, together with any <br /> accrued interest thereon, to become immediately due and payable. The Borrower waives all right <br /> to presentment, demand, protest or notice of protest or dishonor. The City may proceed to <br /> enforce payment of the indebtedness and to exercise any or all rights afforded to the City as a <br /> creditor and secured party under the law including the Uniform Commercial Code, including <br /> foreclosure under the City Deed of Trust. The Borrower shall be liable to pay the City on <br /> demand all reasonable expenses, costs and fees (including, without limitation, reasonable <br /> attorney's fees and expenses) paid or incurred by the City in connection with the collection of the <br /> Loan and the preservation, maintenance, protection, sale, or other disposition of the security <br /> given for the Loan. <br /> (b) Specific Performance. The City shall have the right to mandamus or other <br /> suit, action or proceeding at law or in equity to require Borrower to perform its obligations and <br /> covenants under the Loan Documents or to enjoin acts on things which may be unlawful or in <br /> violation of the provisions of the Loan Documents. <br /> (c) Right to Cure at Borrower's Expense. The City shall have the right (but <br /> not the obligation) to cure any monetary default by Borrower under a loan other than the Loan. <br /> The Borrower agrees to reimburse the City for any funds advanced by the City to cure a <br /> monetary default by Borrower upon demand therefore, together with interest thereon at the lesser <br /> of the maximum rate permitted by law or ten percent (10 %) per annum from the date of <br /> expenditure until the date of reimbursement. <br /> HELP Loan 11 <br /> 144 \105\272256.4 <br />
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