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03
City of Pleasanton
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030116
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2/25/2016 4:13:47 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
3/1/2016
DESTRUCT DATE
15Y
DOCUMENT NO
03
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any unpaid late charges and other costs and fees then due, then to accrued but unpaid interest, <br /> and then to principal. The Regulatory Agreement shall remain in full force for the entire term <br /> thereof regardless of any prepayment of this Note. <br /> 1.6 MANNER OF PAYMENT. All payments of principal and interest on this Note <br /> shall be made to City at 123 Main Street, Pleasanton, CA 94566 or such other place as City shall <br /> designate to Borrower in writing,or by wire transfer of immediately available funds to an <br /> account designated by City in writing. <br /> 2. DEFAULTS AND REMEDIES. <br /> 2.1 EVENTS OF DEFAULT. The occurrence of any one or more of the following <br /> events shall constitute an event of default hereunder("Event of Default"): <br /> (A) Borrower fails to pay when due the principal and interest payable hereunder and <br /> such failure continues for ten(10)days after City notifies Borrower thereof in writing. <br /> (B) Pursuant to or within the meaning of the United States Bankruptcy Code or any <br /> other federal or state law relating to insolvency or relief of debtors ("Bankruptcy Law"), <br /> Borrower or any general partner thereof(i) commences a voluntary case or proceeding; (ii) <br /> consents to the entry of an order for relief against Borrower, or any general partner thereof, in an <br /> involuntary case; (iii)consents to the appointment of a trustee,receiver, assignee, liquidator or <br /> similar official for Borrower or any general partner thereof; (iv) makes an assignment for the <br /> benefit of its creditors; or(v)admits in writing its inability to pay its debts as they become due. <br /> (C) A court of competent jurisdiction enters an order or decree under any Bankruptcy <br /> Law that(i) is for relief against Borrower or any general partner thereof in an involuntary case, <br /> (ii)appoints a trustee, receiver, assignee, liquidator or similar official for Borrower, or any <br /> general partner thereof, or substantially all of such entity's assets, (iii)orders the liquidation of <br /> Borrower or any general partner thereof, or(iv) issues or levies a judgment,writ, warrant of <br /> attachment or similar process against the Property or the Project, and in each case the order or <br /> decree is not released, vacated, dismissed or fully bonded within ninety(90) days after its <br /> issuance. <br /> (D) The occurrence of a Transfer in violation of the Loan Agreement or the <br /> Regulatory Agreement. <br /> (E) A default arises under any debt instrument secured by a mortgage or deed of trust <br /> on the Project or the Property and remains uncured beyond any applicable cure period such that <br /> the holder of such instrument has the right to accelerate payment thereunder. <br /> (F) Borrower fails to maintain insurance on the Property and the Project as required <br /> pursuant to the City Documents and Borrower fails to cure such default within five(5)days. <br /> (G) Subject to Borrower's right to contest the following charges pursuant to the City <br /> Documents, if Borrower fails to pay taxes or assessments due on the Property or the Project or <br /> fails to pay any other charge that may result in a lien on the Property or the Project, and <br /> OAK#4829-4624-9261 v2 6 <br />
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