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RES 03043
City of Pleasanton
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RES 03043
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5/13/2003 6:22:08 PM
Creation date
5/13/2003 6:15:12 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
5/6/2003
DOCUMENT NO
RES 03043
DOCUMENT NAME
BRIDGE HOUSING
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ATTACHMENT A <br />Improvements that has no effect on the value of the Lessee's leasehold interest in the Land or the <br />Lessee's fee interest in the Improvements), including severance damages, shall be paid to the <br />Lessor, which amount shall be free and clear of any claims of the Lessee. or any other persons <br />claiming rights to the Land through or under the Lessee. <br /> <br /> (c) Net awards and payments received on account of a taking for temporary <br />use not exceeding one (1) year and relating to a period during the Lease Term shall be paid to the <br />Lessee and first applied to pay the cost of relocation of Residents and restoration of any damage <br />to or destruction of the Project if the Lessee determines that restoration is feasible. If the Lessee <br />determines that such restoration is not feasible, the Lessee and the Lessor shall petition the court <br />to determine the relative damages to the Lessee and the Lessor, and net awards and payments <br />shall be made as the court determines. Net awards and payments received on account of a taking <br />for temporary use not exceeding one (1) year and relating to a period beyond the Lease Term <br />shall be paid to the Lessor. <br /> <br /> (d) Net awards and payments received on account ora total taking of the <br />Project shall be allocated and paid in the following order of priority: <br /> <br />(l) <br /> <br />First, to any Lenders with then-outstanding Loans secured by the <br />Project (in the order of their respective lien priority, if there is <br />more than one Lender), an amount equal to the unpaid balance <br />secured by their respective Loans to the extent there are sufficient <br />funds to make such payments; <br /> <br />(2) <br /> <br />The balance, if any, shall be divided between the Lessor and the <br />Lessee in the manner specified in subparagraph (e) below; <br />provided, however, if the taking has no effect on the value of the <br />Lessor's fee interest in the Land or reversionary interest in the <br />Improvements, the balance shall be paid exclusively to the Lessee. <br /> <br /> (e) The Lessee shall receive reimbursement for any funds it has reasonably <br />expended for repair and/or reconstruction of the Project (other than funds received from Lenders) <br />pursuant to Article 6. The value of the Lessee~s and Lessor's interest in the Lease, the residual <br />value of the Land, and the Improvements shall be determined by an MA1 or SRI appraiser <br />selected by the Lessee. <br /> <br /> (f) The Lessee shall receive any award granted for or allocated to trade <br />fixtures, moving expenses or loss of business. <br /> <br /> (g) If the Project is taken or condemned during the last five (5) years of the <br />Lease Term under circumstances described in subparagraph (a) above, the Lessee may elect to <br />terminate the Lease and proceeds of any payment or award shall be distributed in accordance <br />with the provisions of.subparagraphs (d) and (e) above. <br /> <br /> 24 <br />144\105\153233.13 <br /> <br /> <br />
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