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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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6.9 Property Damage or Destruction. If any part of the Project is damaged or <br /> destroyed, Owner shall repair or restore the same, consistent with the occupancy and rent <br /> restriction requirements set forth in this Agreement. Such work shall be commenced as soon <br /> as reasonably practicable after the damage or loss occurs and shall be completed within one <br /> year thereafter or as soon as reasonably practicable, provided that insurance proceeds are <br /> available to be applied to such repairs or restoration within such period and the repair or <br /> restoration is financially feasible. During such time that lenders or low-income housing tax <br /> credit investors providing financing for the Project impose requirements that differ from the <br /> requirements of this Section the requirements of such lenders and investors shall prevail. <br /> 7. Recordation; Subordination. This Agreement shall be recorded in the Official Records of <br /> Alameda County. The City agrees that the City will not withhold consent to reasonable requests <br /> for subordination of this Agreement to deeds of trust provided for the benefit of lenders <br /> identified in the financing plan submitted to City for the Project, as such plan may be updated <br /> with City approval, provided that the instruments effecting such subordination include reasonable <br /> protections to the City in the event of default, including without limitation, extended notice and <br /> cure rights. <br /> 8. Transfer and Encumbrance. <br /> 8.1 Restrictions on Transfer and Encumbrance. During the term of this Agreement, <br /> except as permitted pursuant to the Loan Agreement or this Agreement, Owner shall not directly <br /> or indirectly, voluntarily, involuntarily or by operation of law make or attempt any total or partial <br /> sale, transfer, conveyance, assignment or lease(collectively,"Transfer")of the whole or any <br /> part of the Property, the Project, or the improvements located on the Property, without the prior <br /> written consent of the City, which approval shall not be unreasonably withheld. In addition, prior <br /> to the expiration of the term of this Agreement, except as expressly permitted by this Agreement <br /> or the Loan Agreement, Owner shall not undergo any significant change of ownership without <br /> the prior written approval of City. For purposes of this Agreement, a"significant change of <br /> ownership"shall mean a transfer of the beneficial interest of more than twenty-five percent <br /> (25%) in aggregate of the present ownership and/or control of Owner, taking all transfers into <br /> account on a cumulative basis; provided however, neither the admission of an investor limited <br /> partner, nor the transfer by the investor limited partner to subsequent limited partners shall be <br /> restricted by this provision. <br /> 8.2 Permitted Transfers. Notwithstanding any contrary provision of the City <br /> Documents, the prohibitions on Transfer set forth herein shall not be deemed to prevent: (i) the <br /> granting of easements or permits to facilitate development of the Property; (ii)the dedication of <br /> any property required pursuant to the Loan Agreement; (iii)the lease of individual dwelling units <br /> to tenants for occupancy as their principal residence in accordance with this Agreement; (iv) <br /> assignments creating security interests for the purpose of financing the acquisition, construction, <br /> or permanent financing of the Project or the Property in accordance with the Loan Agreement, or <br /> Transfers directly resulting from the foreclosure of, or granting of a deed in lieu of foreclosure of, <br /> such a security interest; (v)a Transfer to a tax-exempt entity under the direct control of or under <br /> common control with MidPen Housing Corporation, a California nonprofit corporation <br /> ("MidPen"); (vi)a Transfer to a limited partnership in which a tax-exempt affiliate of MidPen is <br /> 18 <br /> OAK #4832-3506-8205 v2 <br />
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