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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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(h) lf, pursuant to or within the meaning of the United States Bankruptcy <br /> Code or any other federal or state law relating to insolvency or relief of debtors ("Bankruptcy <br /> Law"), Developer or any general partner thereof(i)commences a voluntary case or proceeding; <br /> (ii)consents to the entry of an order for relief against Developer or any general partner thereof in <br /> an involuntary case; (iii)consents to the appointment of a trustee, receiver, assignee, liquidator <br /> or similar official for Developer or any general partner thereof; (iv)makes an assignment for the <br /> benefit of its creditors; or(v)admits in writing its inability to pay its debts as they become due; <br /> (i) A court of competent jurisdiction shall have made or entered any decree or <br /> order(1)adjudging the Developer to be bankrupt or insolvent, (2)approving as properly filed a <br /> petition seeking reorganization of the Developer or seeking any arrangement for Developer <br /> under bankruptcy law or any other applicable debtor's relief law or statute of the United States <br /> or any state or other jurisdiction,(3) appointing a receiver, trustee, liquidator, or assignee of the <br /> Developer in bankruptcy or insolvency or for any of its properties, or(4) directing the winding <br /> up or liquidation of the Developer, in each case if such decree,order,petition, or appointment is <br /> not removed or rescinded within sixty(60) days; <br /> (j) Developer shall have assigned its assets for the benefit of its creditors <br /> (other than pursuant to a mortgage loan) or suffered a sequestration or attachment of or execution <br /> on any substantial part of its property, unless the property so assigned, sequestered, attached or <br /> executed upon shall have been returned or released within sixty(60)days after such event <br /> (unless a lesser time period is permitted for cure pursuant to paragraphs (h) or(i) above or <br /> pursuant to any other mortgage on the Property, in which event such lesser time period shall <br /> apply under this subsection as well)or prior to any sooner sale pursuant to such sequestration, <br /> attachment, or execution; <br /> (k) The Developer shall have voluntarily suspended its business or Developer <br /> shall have been dissolved or terminated; <br /> (l) An event of default arises under any City Document and remains uncured <br /> beyond any applicable cure period; or <br /> (m) Developer defaults in the performance of any term, provision, covenant or <br /> agreement contained in this Agreement other than an obligation enumerated in this Section 10.1 <br /> and unless a shorter cure period is specified for such default, the default continues for ten(10) <br /> days in the event of a monetary default or thirty(30)days in the event of a nonmonetary default <br /> after the date upon which City shall have given written notice of the default to Developer; <br /> provided however, if the default is of a nature that it cannot be cured within thirty(30)days, an <br /> Event of Developer Default shall not arise hereunder if Developer commences to cure the default <br /> within thirty(30)days and thereafter prosecutes the curing of such default with due diligence <br /> and in good faith to completion. <br /> 10.2 City Default. An event of default on the part of City("Event of City Default") <br /> shall arise hereunder if City fails to keep,observe, or perform any of its covenants, duties, or <br /> obligations under this Agreement, and the default continues for a period of sixty(60) days after <br /> written notice thereof from Developer to City, or in the case of a default which cannot with due <br /> diligence be cured within sixty(60)days, City fails to commence to cure the default within sixty <br /> OAK#4822-6539-6013 v3 31 <br /> 1 <br />
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