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03
City of Pleasanton
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2016
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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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estimated costs of the Project, including without limitation acquisition costs and hard and soft <br /> construction costs, and shall be accompanied by evidence that all such funds have been firmly <br /> committed by Developer, equity investors or lending institutions, subject only to commercially <br /> reasonable conditions. The Financing Plan shall include development and operating pro formas <br /> which set out in detail Developer's plan for financing the costs of acquisition, construction and <br /> operation of the Project. Developer's submittal and City's approval of the Financing Plan are <br /> conditions to City's obligation to fund the Loan. <br /> 2.5 Review and Modifications. City staff shall promptly review the proposed <br /> Financing Plan, and acting through the Authorized Representative, the City shall approve such <br /> plan in writing within fifteen(15)business days following receipt provided that the plan <br /> conforms to the requirements of Section 2.4. If the City does not approve the Financing Plan,the <br /> City shall set forth its objections in writing and notify Developer of the reasons for its <br /> disapproval. If the City does not approve or provide written objections to Developer within such <br /> fifteen(15) business day period, the Financing Plan shall be deemed rejected. Developer shall <br /> thereafter submit a revised Financing Plan that addresses the reasons for disapproval, and the <br /> City shall grant Developer a reasonable extension of the time deadlines set forth in this <br /> Agreement as required to restructure the Financing Plan, subject to the outside time limit for <br /> completion set forth in Section 5.1 below. When approved,the Financing Plan will be attached <br /> to this Agreement as Exhibit E. Proposed modifications to the Financing Plan shall be <br /> submitted to the City for review and approval. City staff shall promptly review such proposed <br /> modifications, and acting through City's Authorized Representative,the City shall approve such <br /> modifications in writing within fifteen(15) business days following receipt provided that the <br /> modifications conform to the requirements of this Agreement. If the City does not approve <br /> proposed modifications, the City shall set forth its objections in writing and notify Developer of <br /> the reasons for its disapproval. Developer shall thereafter submit a revised Financing Plan that <br /> addresses the reasons for disapproval. If the City does not approve or provide written objections <br /> to Developer within such fifteen(15) business day period, the proposed modifications shall be <br /> deemed rejected. <br /> ARTICLE III <br /> ESCROW AND CLOSING <br /> 3.1 Escrow. City and Developer shall open escrow at the office of Old Republic Title <br /> Company located at 555 12th Street, Oakland, California, or such other title company as the <br /> Parties may agree upon("Title Company"or"Escrow Agent") in order to consummate the <br /> closing of escrow for the transactions contemplated hereby. <br /> 3.2 Costs of Closing and Escrow. Developer shall pay all title insurance premiums <br /> for policies Developer elects to purchase in connection with Developer's acquisition of a <br /> leasehold interest in the Property and the financing of the Project. Developer shall pay, or cause <br /> to be paid, all recording fees,transfer taxes, escrow fees and closing costs incurred in connection <br /> with the acquisition of a leasehold interest in the Property and the financing of the Project. <br /> Developer shall pay for the cost of any lender's policy of title insurance that City elects to <br /> acquire in connection with the transactions contemplated hereby. City and Developer shall <br /> provide Escrow Agent with a copy of this Agreement,which together with such supplemental <br /> OAK#4822-6539-6013 v3 7 <br />
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