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RES 2024040
City of Pleasanton
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2024
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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
DESTRUCT DATE
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7 <br />4860-6036-3710v2 <br />which would be prohibited by any insurance coverage required to be maintained on the Property <br />pursuant to the City Documents. <br />7.6 Restrictions on Conveyance and Encumbrance; Acceleration. It shall be an Event <br />of Default hereunder if the Property or the Improvements, or any part thereof, or interest therein <br />is sold, assigned, conveyed, transferred, hypothecated, leased, licensed, or encumbered in <br />violation of the City Documents or if any other Transfer (as defined in the Loan Agreement) <br />occurs in violation of the City Documents. If any such Transfer shall occur in violation of such <br />requirements, without limiting the provisions of Section 8 hereof, all obligations secured by this <br />Deed of Trust, irrespective of the maturity dates of such obligations, shall at the option of <br />Beneficiary, and without demand, immediately become due and payable, subject to any <br />applicable cure period. <br />7.7 Inspections; Books and Records. Beneficiary and its agents and representatives <br />shall have the right at any reasonable time upon reasonable notice to enter upon the Land and <br />inspect the Property to ensure compliance with the City Documents. Trustor shall maintain <br />complete and accurate books of account and other records (including copies of supporting bills <br />and invoices) adequate to document the operation of the Property, together with copies of all <br />written contracts, Leases and other instruments which affect the Property. The books, records, <br />contracts, Leases and other instruments shall be subject to examination and inspection by <br />Beneficiary at any reasonable time following at least two (2) business days’ prior notice. <br /> 7.8 Charges, Liens, Taxes and Assessments. Trustor shall pay before delinquency all <br />taxes, levies, assessments and other charges affecting the Property that are (or if not paid may <br />become) a lien on all or part of the Property. Trustor may, at Trustor’s expense, contest the <br />validity or application of any tax, levy, assessment or charge affecting the Property by <br />appropriate legal proceedings promptly initiated and conducted in good faith and with due <br />diligence, provided that (i) Beneficiary is reasonably satisfied that neither the Property nor any <br />part thereof or interest therein will be in danger of being sold, forfeited, or lost as a result of such <br />contest, and (ii) Trustor shall have posted a bond or furnished other security as may reasonably <br />be required from time to time by Beneficiary; and provided further that Trustor shall timely <br />make any payment necessary to prevent a lien foreclosure, sale, forfeiture or loss of the Property. <br />7.9 Subrogation. Beneficiary shall be subrogated to the liens of all encumbrances, <br />whether released of record or not, which are discharged in whole or in part by Beneficiary in <br />accordance with this Deed of Trust. <br /> 7.10 Hazard, Liability and Workers’ Compensation Insurance. At all times during the <br />term hereof, at Trustor’s expense, Trustor shall keep the Improvements and personal property <br />now existing or hereafter located on the Property insured against loss by fire, vandalism and <br />malicious mischief by a policy of standard fire and extended all-risk insurance. The policy shall <br />be written on a full replacement value basis and shall name Beneficiary as loss payee as its <br />interest may appear. The full replacement value of the improvements to be insured shall be <br />determined by the company issuing the policy at the time the policy is initially obtained. Not <br />more frequently than once every two (2) years, either the Trustor or the Beneficiary shall have <br />the right to notify the other party that it elects to have the replacement value redetermined by the <br />insurance company. Subject to the rights of any senior lienholder, and the terms of the Ground
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