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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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8.5 Effect of Transfer without City Consent. <br /> 8.5.1 In the absence of specific written agreement by the City, no Transfer by <br /> Developer shall be deemed to relieve the Developer or any other party from any obligation under <br /> this Agreement. <br /> 8.5.2 It shall be an Event of Developer Default hereunder entitling City to <br /> pursue remedies including without limitation,termination of this Agreement and/or foreclosure <br /> under the Deed of Trust if without the prior written approval of the City, Developer assigns or <br /> Transfers this Agreement,the Improvements,or the Property in violation of Article VIII. <br /> 8.6 Recovery of City Costs. Within ten (10)days following City's delivery to <br /> Developer of an invoice detailing such costs, Developer shall reimburse City for all City costs, <br /> including but not limited to reasonable attorneys' fees, incurred in reviewing instruments and <br /> other legal documents proposed to effect a Transfer of this Agreement,the Property, or the <br /> Project, or part thereof, and in reviewing the qualifications and financial resources of a proposed <br /> successor, assignee, or transferee. <br /> ARTICLE IX <br /> SECURITY FINANCING AND RIGHTS OF MORTGAGEES <br /> 9.1 Mortgages and Deeds of Trust for Development. Mortgages and deeds of trust, or <br /> any other reasonable security instrument are permitted to be placed upon the Property only for <br /> the purpose of securing loans for the purpose of financing the acquisition of a leasehold interest <br /> in the Property, the design and construction of the Improvements,and other expenditures <br /> reasonably necessary for development of the Property pursuant to this Agreement. Developer <br /> shall not enter into any conveyance for such financing that is not contemplated in the Financing <br /> Plan as it may be updated with City approval, without the prior written approval of the City's <br /> Authorized Representative or his or her designee. As used herein,the terms"mortgage" and <br /> "deed of trust" shall mean any security instrument used in financing real estate acquisition, <br /> construction and land development. <br /> 9.2 Subordination. The City agrees that City will not withhold consent to reasonable <br /> requests for subordination of the City HOME Deed of Trust, the Deed of Trust and Regulatory <br /> Agreement to deeds of trust provided for the benefit of lenders providing financing for the <br /> Project that are identified in the approved Financing Plan as it may be updated with City <br /> 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 and the rights set forth in Section 9.6 below. <br /> 9.3 Holder Not Obligated to Construct. The holder of any mortgage or deed of trust <br /> authorized by this Agreement shall not be obligated to complete construction of the <br /> Improvements or to guarantee such completion. Nothing in this Agreement shall be deemed to <br /> permit or authorize any such holder to devote the Property or any portion thereof to any uses, or <br /> to construct any improvements thereon, other than those uses or improvements provided for or <br /> authorized by this Agreement. <br /> OAK#4822-6539-6013 v3 28 <br />
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