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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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Developer. If a claim of a lien or stop notice is given or recorded affecting the Project or the <br /> Property or any part thereof, Developer shall within twenty(20) days of such recording or <br /> service: (a)pay and discharge (or cause to be paid and discharged)the same; or(b)effect the <br /> release thereof by recording and delivering(or causing to be recorded and delivered)to the party <br /> entitled thereto a surety bond in sufficient form and amount; or(c)provide other assurance <br /> satisfactory to City that the claim of lien or stop notice will be paid or discharged. <br /> 5.17 Right of City to Satisfy Liens on the Property. If Developer fails to satisfy or <br /> discharge any lien or stop notice on the Property or any part thereof pursuant to and within the <br /> time period set forth in Section 5.16 above,the City shall have the right, but not the obligation, <br /> to satisfy any such liens or stop notices at Developer's expense and without further notice to <br /> Developer and all sums advanced by City for such purpose shall be part of the indebtedness <br /> secured by the Deed of Trust. In such event Developer shall be liable for and shall immediately <br /> reimburse City for such paid lien or stop notice. Alternatively,the City may require Developer <br /> to immediately deposit with City the amount necessary to satisfy such lien or claim pending <br /> resolution thereof. The City may use such deposit to satisfy any claim or lien that is adversely <br /> determined against Developer. Developer shall file a valid notice of cessation or notice of <br /> completion upon cessation of construction work on the Property for a continuous period of thirty <br /> (30) days or more, and shall take all other reasonable steps to forestall the assertion of claims or <br /> liens against the Property. The City may(but has no obligation to)record any notices of <br /> completion or cessation of labor, or any other notice that the City deems necessary or desirable <br /> to protect its interest in the Property. <br /> 5.18 Performance and Payment Bonds. Prior to commencement of construction <br /> work on the Project, Developer shall cause its general contractor to deliver to the City copies of <br /> payment bond(s)and performance bond(s) issued by a reputable insurance company licensed to <br /> do business in California, each in a penal sum of not less than one hundred percent(100%)of the <br /> scheduled cost of construction of the Project. The bonds shall name the City as co-obligee. <br /> 5.19 Insurance Requirements. Developer shall maintain and shall cause its contractors <br /> to maintain all applicable insurance coverage specified in Article XI. <br /> 5.20 Quarterly Performance Reporting. During construction of the Project, Developer <br /> shall submit to City a Quarterly Performance Report within 30 days of the end of each quarter. <br /> The report shall be in the form of a narrative description of all activities performed in relation to <br /> the Project including all development activities. The report shall include a Project time-line, <br /> including a schedule for completing milestones and/or tasks, and indicate the status of the Project <br /> in relation to this time-line. Developer shall provide the quarterly reports described in this <br /> Section until construction of the Project is complete, even if all of the Loan Proceeds have been <br /> disbursed. The requirements set forth in this Section are in addition to the requirement for <br /> submittal of requisitions pursuant to Section 4.6(o). <br /> 5.21 Project Completion Reporting. Upon completion of construction of the Project, <br /> Developer shall provide to City a Project Financial Completion audit or similar audit required <br /> under tax credit requirements, performed by an independent certified public accountant, that <br /> identifies all sources and uses of all Project funds. Developer shall provide to City a copy of any <br /> OAK#4822-6539-6013 v3 18 <br />
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