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09B
City of Pleasanton
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2018
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020618
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09B
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1/31/2018 5:22:20 PM
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1/31/2018 3:20:48 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
2/6/2018
DESTRUCT DATE
15Y
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(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 prior to delinquency taxes or assessments due on <br />the Property or fails to pay when due any other charge that may result in a lien on the Property, <br />and Developer fails to cure such default within twenty (20) days of the date of delinquency, but <br />in all events prior to the date upon which the holder of any such lien has the right to foreclose <br />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 period 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 proves to have been incorrect in any material and adverse respect when made and <br />continues to be materially 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 ("Bankruptcy <br />Law"), Developer or any general partner of an Approved Partnership that has acquired a <br />leasehold interest in the Property or part 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 of such <br />Approved Partnership in an involuntary case; (iii) consents to the appointment of a trustee, <br />receiver, assignee, liquidator or similar official for Developer or any general partner of such <br />Approved Partnership; (iv) makes an assignment for the benefit of its creditors; or (v) admits in <br />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 />OAK #4845-1087-0362 v5 <br />35 <br />
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