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03
City of Pleasanton
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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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Note, a one-time payment in the amount of Excess Proceeds as defined in, and in accordance <br /> with the Note. City agrees that it will make available as a loan for Phase II (as described in the <br /> DDA)any portion of the Loan Proceeds that are not disbursed for the Project, any payment made <br /> to the City in accordance with this Section as a result of Developer's receipt of an AHP award, <br /> and any amount returned to City as Excess Proceeds pursuant to the Note. <br /> 4.3 Security. As security for repayment of the Note, Developer shall execute the <br /> Deed of Trust in favor of City as beneficiary pursuant to which City shall be provided a lien <br /> against the Improvements and Developer's leasehold interest in the Property. The Deed of Trust <br /> shall be substantially in the form attached hereto as Exhibit C , and shall be recorded in the <br /> Official Records on the Closing Date. The Deed of Trust may be subordinated only to such liens <br /> and encumbrances consistent with the approved Financing Plan as City shall approve in writing. <br /> 4.4 Prepayment;Acceleration. <br /> (a) Prepayment. Developer shall have the right to prepay the Loan at any <br /> time and from time to time, without penalty or premium, provided that any prepayment of <br /> principal must be accompanied by interest accrued but unpaid to the date of prepayment. <br /> Prepayments shall be applied first to accrued but unpaid interest and then to principal. Any such <br /> prepayment shall have no effect upon Developer's obligations under the Regulatory Agreement <br /> which shall survive for the full term of the Regulatory Agreement. <br /> (b) Due On Transfer or Encumbrance. Unless City agrees otherwise in <br /> writing,the entire unpaid principal balance and all interest and other sums accrued under the <br /> Note shall be due and payable upon the Transfer absent the prior written consent of City of all or <br /> any part of or interest in the Property or the Project except as otherwise permitted pursuant to <br /> this Agreement. <br /> (c) Default. The City shall have the right to accelerate the maturity date and <br /> declare all sums payable under the Note immediately due and payable upon the expiration of all <br /> applicable cure periods following the occurrence of an Event of Developer Default. <br /> 4.5 Nonrecourse. Except as expressly provided in Section 3.9 of the Note,the Note <br /> shall be non-recourse to Developer. <br /> 4.6 Conditions to Closing and Disbursement of Loan Proceeds. City's obligation to <br /> fund the Loan and disburse the Loan Proceeds is conditioned upon the satisfaction of all of the <br /> requirements set forth in each subsection of this Section 4.6 unless any such condition is waived <br /> in writing by City acting in the discretion of City's Authorized Representative. <br /> (a) No Default. There shall exist no condition, event or act which would <br /> constitute a material breach or default under this Agreement or any other City Document, or <br /> which, upon the giving of notice or the passage of time, or both, would constitute such a material <br /> breach or default. <br /> (b) Representations. All representations and warranties of Developer <br /> contained herein or in any other City Document or certificate delivered in connection with the <br /> OAK#4822-6539-6013 v3 10 <br />
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