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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 B <br /> <br /> Following termination, neither party shall have any rights or obligations under this <br />Agreement, except for the Developer's obligations to deliver and assign the Documents to the <br />City pursuant to Section 1.3 ofthis Agreement. If the Agreement is to be terminated under <br />Section 1.5(b) or 1.5(c), the party that is terminating the Agreement shall give written notice to <br />the other party. If the Agreement is terminated then the LDA and the Ground Lease shall also <br />terminate. <br /> <br /> Section 1.6 Repayment of the Predevelopment Loan. The Predevelopment Loan shall <br />be paid upon the following circumstances (the "Repayment Date"): <br /> <br /> (a) If Development Loan is Approved and Funded. If the City funds the City <br />Development Loan, the outstanding principal amount of the Predevelopment Loan shall be <br />included in the City Development Loan and repaid as provided in that Loan. <br /> <br /> (b) If Developer Defaults. In the event of a Default by the Developer under <br />this Agreement (as defined in Section 3.1) that remains uncured after expiration of the applicable <br />cum period, the principal amount of the Predevelopment Loan shall be immediately due and <br />payable. <br /> <br /> Section 1.7 Forgiveness of Predevelopment Loan in Certain Circumstances. The City <br />shall forgive the repayment of the Predevelopment Loan upon termination of this Agreement <br />pursuant to Section 1.5(b) or 1.5(c) and if the Developer delivers and assigns the Documents to <br />the City pursuant to Section 1.3 of this Agreement. <br /> <br /> Section 1.8 Term of Agreement. This Agreement shall have a term that commences <br />as of the date of this Agreement and terminates upon the earliest of: <br /> <br />(a) Termination of this Agreement pursuant to Section 1.5. <br /> <br /> (b) Repayment in full of the principal amount of the Predevelopment Loan as <br />provided in Section 1.6. <br /> <br /> Section 1.9 Nonrecourse. This Loan shall be nonrecourse to Borrower and the Holder <br />shall only be entitled to the security described in Section 1.3, and the Borrower shall not be <br />personally liable for repayment under the Predevelopment Note.. <br /> <br /> ARTICLE 2. <br />DEVELOPER OBLIGATIONS <br /> <br /> Section 2.1 Predevelopment Tasks and Schedule. The Developer shall perform the <br />following tasks, among others, with the proceeds of the Predevelopment Loan. The tasks <br />described below shall be completed no later than the dates set forth in the predevelopment <br />schedule attached to this Agreement as Exhibit C. <br /> <br />144\1051158870.7 3 <br /> <br /> <br />
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