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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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23 <br />4859-3312-3005v3 <br />Section 8.7 Right to Pay Taxes and Cure Defaults. All Lenders shall have the right <br />(but not the obligation) to pay any taxes payable by Lessor with respect to the Leased Premises, <br />and to cure any monetary or nonmonetary default by Lessor under any mortgage or other <br />encumbrance on the Leased Premises; and, if a Lender does so pay or cure, Lessor agrees that it <br />will reimburse the Lender for the amount thereof promptly following request by the Lender <br />therefor. <br />Section 8.8 Silicon Valley Bank Provisions. Until such time as the Senior Deed of <br />Trust is reconveyed or Silicon Valley Bank (“SVB”) notifies Lessor in writing that all <br />obligations under the Senior Loan have been satisfied, Lessor agrees that: <br />(a) Effect of Lessee Waiver. Lessor will not enforce against SVB any <br />waiver or election made by Lessee under the Lease which has a material adverse effect <br />on the value of the Project without the prior written consent of SVB (which will not be <br />unreasonably withheld or delayed); <br />(b) Notice to SVB. Lessor will concurrently deliver to SVB a copy of any <br />notice given by Lessor to Lessee under the Lease at the address specified in Section 17.16 <br />below, and no such notice shall be effective unless the concurrent copy thereof is <br />delivered to SVB, and no cure period provided to Lenders under the Lease shall <br />commence until such notice is delivered to SVB; <br />(c) SVB Right to Access Property to Cure Defaults. Lessor and Lessee will <br />allow SVB and its representatives access to the Project for the purpose of effecting any <br />cure right exercised by SVB pursuant to its cure rights under this Lease, and any cure by <br />SVB shall have the same effect as a cure by Lessee; <br />(d) Obligations of New Lessee. Following any foreclosure, enforcement or <br />assignment described in subparagraph (8) or (9) of Section 8.2(a) above, the new lessee <br />shall be personally obligated only for performance of obligations under the Lease <br />commencing as of the date of such foreclosure, enforcement or assignment and, provided <br />that a successor lessee has assumed such obligations, ending as of the date of any <br />assignment of the Lease to a successor lessee. Any liability of SVB, or any new lessee <br />that succeeds to SVB’s interest for any such obligations, shall not exceed SVB’s, or such <br />new lessee’s, interest in the Project. <br />(e) Insurance and Condemnation Proceedings. That Lessor will provide <br />reasonable prior notice to SVB of any proceedings for adjustment or adjudication of any <br />insurance or condemnation claim involving the Project, and will permit SVB to <br />participate therein as an interested party. <br />(f) No Lien on Personal Property. Lessor acknowledges that any equipment <br />or other personal property of Lessee now or hereafter located on the Project shall be and <br />remain the personal property of Lessee and shall not become a part of the Project; Lessor <br />expressly waives any lien on any such equipment or other personal property of Lessee. <br />To the extent that Lessee grants a lien or security interest in such equipment or other <br />personal property to SVB to secure the Lessee’s obligations under the Senior Loan
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