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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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4854-3151-6602 v3 10 <br />3.7 RELATIONSHIP OF THE PARTIES. The relationship of Borrower and City <br />under this Note is solely that of borrower and lender, and the indebtedness evidenced by this <br />Note (the “Loan”) and secured by the Deed of Trust will in no manner make City the partner or <br />joint venturer of Borrower. <br />3.8 TIME IS OF THE ESSENCE. Time is of the essence with respect to every <br />provision of this Note. <br />3.9 NONRECOURSE. Except as expressly provided in this Section 3.9, neither <br />Borrower nor its partners shall have personal liability for payment of the principal of, or interest <br />on, this Note, and the sole recourse of City with respect to the payment of the principal of, and <br />interest on, this Note shall be to the Project, the Property and any other collateral held by City as <br />security for this Note; provided however, nothing contained in the foregoing limitation of <br />liability shall: <br />(A) impair the enforcement against all such security for the Loan of all the rights and <br />remedies of the City under the Deed of Trust and any financing statements City files in connection <br />with the Loan as each of the foregoing may be amended, modified, or restated from time to time; <br />(B) impair the right of City to bring a foreclosure action, action for specific <br />performance or other appropriate action or proceeding to enable City to enforce and realize upon <br />the Deed of Trust, the interest in the Project and the Property created thereby and any other <br />collateral given to City in connection with the indebtedness evidenced hereby and to name the <br />Borrower as party defendant in any such action; <br />(C) be deemed in any way to impair the right of the City to assert the unpaid principal <br />amount of the Loan as a demand for money within the meaning of Section 431.70 of the <br />California Code of Civil Procedure or any successor provision thereto; <br />(D) constitute a waiver of any right which City may have under any bankruptcy law to <br />file a claim for the full amount of the indebtedness owed to City hereunder or to require that the <br />Project and the Property shall continue to secure all of the indebtedness owed to City hereunder <br />in accordance with this Note and the Deed of Trust; or <br />(E) limit or restrict the ability of City to seek or obtain a judgment against Borrower <br />to enforce against Borrower and its general partners to: <br />(1) recover under any provision of any City Document that obligates Borrower to <br />indemnify City, or <br />(2) recover from Borrower and its general partners compensatory damages as well <br />as other costs and expenses incurred by City (including without limitation reasonable <br />attorneys’ fees and expenses) arising as a result of the occurrence of any of the following: <br />(a) any fraud or intentional misrepresentation on the part of the Borrower, <br />any general partner thereof, or any officer, director or authorized representative of <br />Borrower or any general partner thereof in connection with the request for or
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