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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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6/18/2024 4:22:47 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/4/2024
DESTRUCT DATE
PERMANENT
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8 <br />4860-6036-3710v2 <br />Lease, the proceeds collected under any insurance policy may be applied by Beneficiary to any <br />indebtedness secured hereby and in such order as Beneficiary may determine, or at the option of <br />Beneficiary, the entire amount so collected or any part thereof may be released to Trustor for <br />repair or replacement of the Improvements; provided however, if Trustor is not in default under <br />the City Documents, the proceeds shall be released to Trustor to repair or rebuild the Project <br />provided that sufficient additional sources of financing to complete such repair or rebuilding are <br />available to complete such work and provided further, that all senior lienholders also permit such <br />proceeds to be used for such purposes. Such application or release shall not cure or waive any <br />default or notice of default hereunder or invalidate any act done pursuant to such notice. <br /> <br />7.10.1 Trustor shall at all times during the term hereof, maintain insurance <br />coverage in the amounts and in accordance with the requirements specified in the City <br />Documents, and shall otherwise comply with all requirements pertaining to insurance specified <br />in the City Documents. <br />7.10.2 Trustor shall file with Beneficiary prior to the commencement of the term <br />hereof, certificates (or such other proof as Beneficiary may require, including without limitation, <br />copies of the required insurance policies) evidencing each of the insurance policies and <br />endorsements thereto as required by the City Documents, and such certificates (or policies) shall <br />provide that at least thirty (30) days’ prior written notice shall be provided to Beneficiary prior to <br />the expiration, cancellation or change in coverage under each such policy. <br /> 7.10.3 If any insurance policy required by the City Documents is canceled or the <br />coverage provided thereunder is reduced, Trustor shall, within five (5) days after receipt of <br />written notice of such cancellation or reduction in coverage, but in no event later than the <br />effective date of cancellation or reduction, file with Beneficiary a certificate showing that the <br />required insurance has been reinstated or provided through another insurance company or <br />companies. Upon failure to so file such certificate, Beneficiary may, without further notice and <br />at its option, procure such insurance coverage at Trustor’s expense, and Trustor shall promptly <br />reimburse Beneficiary for such expense upon receipt of billing from Beneficiary. <br /> <br /> 7.10.4 The insurance policies required hereunder shall be issued by insurance <br />companies authorized to do business in the State of California with a financial rating of at least A <br />VII status as rated in the most recent edition of Best's Key Rating Guide. Each policy of <br />insurance shall contain an endorsement requiring the insurer to provide at least thirty (30) days <br />written notice to Beneficiary prior to change in coverage, cancellation or expiration thereof. <br /> <br /> 7.11 Hazardous Materials. Trustor represents and warrants that except as disclosed to <br />Beneficiary in writing, as of the date hereof to the best knowledge of Trustor: (i) the Land is <br />free and has always been free of Hazardous Materials (as defined below) and is not and has <br />never been in violation of any Environmental Law (as defined below); (ii) there are no buried or <br />partially buried storage tanks located on the Land; (iii) Trustor has received no notice, warning, <br />notice of violation, administrative complaint, judicial complaint, or other formal or informal <br />notice alleging that conditions on the Land are or have ever been in violation of any <br />Environmental Law or informing Trustor that the Land is subject to investigation or inquiry <br />regarding Hazardous Materials on the Land or the potential violation of any Environmental Law; <br />(iv) there is no monitoring program required by the Environmental Protection Agency or any
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