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02
City of Pleasanton
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CITY CLERK
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2017
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101717
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02
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10/13/2017 12:05:49 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
10/17/2017
DESTRUCT DATE
15Y
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DEFAULTS, REMEDIES AND TERMINATION <br /> 10 1 Event of Developer Default The following events shall constitute an event of <br /> default on the part of Developer hereunder("Event of Developer Default"). <br /> (a) Developer fails to commence or complete construction of the Project <br /> within the time period set forth in Section 5.1, or subject to Force Majeure, abandons or suspends <br /> construction of the Project pnor to completion for a period of thirty(30) days or more, <br /> (b) Developer fails to pay when due the principal and interest payable under <br /> the Note, and such failure continues for ten (10) days after City notifies Developer thereof in <br /> writing, <br /> (c) A Transfer occurs, either voluntarily or involuntarily, in violation of <br /> Article VIII, <br /> (d) Developer fails to maintain insurance as required pursuant to this <br /> Agreement, and Developer fails to cure such default within five (5) days; <br /> (e) Developer fails to pay pnor to delinquency taxes or assessments due on <br /> the Property or the Improvements or fails to pay when due any other charge that may result in a <br /> lien on the Property or the Improvements, and Developer fails to cure such default within twenty <br /> (20) days of the date of delinquency, but in all events pnor to the date upon which the holder of <br /> any such lien has the right to foreclose thereon; <br /> (f) A default arises under any loan secured by a mortgage, deed of trust or <br /> other security instrument recorded against the Property and remains uncured beyond any <br /> applicable cure penod such that the holder of such security instrument has the right to accelerate <br /> repayment of such loan; <br /> (g) Any representation or warranty contained in this Agreement or in any <br /> application, financial statement, certificate or report submitted to the City in connection with this <br /> Agreement or Developer's request for the Loan proves to have been incorrect in any material and <br /> adverse respect when made and continues to be matenally adverse to the City; <br /> (h) If, 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 ("4 ankruptcy <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 junsdiction 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 /> OAK#4822-6539-60I1 v5 30 <br />
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