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RES 2024040
City of Pleasanton
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RES 2024040
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6/18/2024 4:24:22 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/4/2024
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21 <br />4859-3312-3005v3 <br />all then existing subleases and sublease rentals and the automatic vesting of title to all <br />Improvements, fixtures and personal property of Lessee in Lender or Nominee. Such new lease <br />shall provide, with respect to each and every permitted sublease that the new lessee shall be <br />deemed to have recognized the sublessee under the sublease, pursuant to the terms of the <br />sublease as though the sublease had never terminated but had continued in full force and effect <br />after the termination of the Lease, and to have assumed all the obligations of the sublessor under <br />the sublease accruing from and after the termination of the Lease, except that the obligation of <br />the new lessee, as sublessor, under any covenant of quiet enjoyment, expressed or implied, <br />contained in any such sublease shall be limited to the acts of such new lessee and those claiming <br />by, under or through such new lessee. If more than one Lender is entitled to a new lease <br />pursuant to this Paragraph (9), Lessor shall enter into such new lease with the lender whose <br />mortgage or deed of trust that has the highest lien priority. <br />(10) If a Lender or Nominee subsequently transfers its interest under <br />this Lease after acquiring such interest by foreclosure or deed in lieu of foreclosure and, in <br />connection with any such transfer, the transferee obtains a mortgage or deed of trust <br />encumbering such leasehold interest to secure all or any portion of the purchase price given to <br />the Lender or Nominee for such transfer, then such mortgage or deed of trust shall be considered <br />an Approved Loan hereunder provided that Lessor has been provided an opportunity to review <br />and approve the documents evidencing and securing such mortgage or deed of trust and the <br />obligations secured thereby, and the Lender shall be entitled to receive the benefit of and to <br />enforce the provisions of this Lease or the new lease approved pursuant to Paragraph (9) of this <br />Section 8.2(a). <br />(11) Unless the Lenders otherwise consent in writing, Lessor and <br />Lessee each hereby waives, and agrees not to assert or otherwise take the benefit of, that portion <br />of Section 365(d)4, or any other applicable provisions, of the United States Bankruptcy Code (11 <br />U.S.C. Section 101 et seq.), which provides for the deemed rejection of a lease in certain <br />circumstances, so long as the trustee is paying the rent due under the Lease and performs, or <br />causes the performance of, the uses of the Leased Premises for the Project pursuant to this Lease. <br />(12) Subject to the rights of the Lenders, which shall have priority over <br />all persons or entities given rights under this Paragraph (12), any Investor limited partners of <br />Lessee shall have the same rights as any Lender authorized under Paragraphs (2), (3) and (7) of <br />this Section 8.2(a) of this Lease and any reference to a Lender in Paragraphs (2), (3) and (7) of <br />this Section 8.2(a) shall be deemed to include such limited partners. <br />(13) Lessor shall cooperate in including in this Lease by suitable <br />amendment from time to time any provision which may reasonably be requested by any Lender <br />or any proposed lender, for the purpose of implementing the mortgagee-protection provisions <br />contained in this Lease and allowing such Lender or proposed lender reasonable means to protect <br />or preserve the lien of the leasehold mortgage and the value of its security, and to include any <br />additional rights and privileges reasonably requested to be added by such Lender. Lessor agrees <br />to execute and deliver (and to acknowledge, if necessary, for recording purposes) any agreement <br />necessary to effect any such amendment; provided, however, that any such amendment shall not <br />in any way affect Lessor’s Estate or any other interest of Lessor in the Land or the Leased
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