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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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<br />4879-3324-5885v3 <br />19 <br />year thereafter or as soon as reasonably practicable, provided that insurance proceeds are <br />available to be applied to such repairs or restoration within such period and the repair or <br />restoration is financially feasible. During such time that senior lenders or low-income housing <br />tax credit investors providing financing for the Project impose requirements that differ from the <br />requirements of this Section, the requirements of such lenders and investors shall prevail. <br /> <br />6.10 Reserves. Owner shall establish and maintain operating and replacement <br />reserves in the amounts required by Project lenders and investors. City’s advance written <br />consent, which shall not be unreasonably withheld, shall be required for withdrawals from <br />reserves for non-routine expenses exceeding the sum of $50,000. If City does not respond <br />within twenty (20) days of City’s receipt of a reserve withdrawal request, such request shall be <br />deemed approved. City will not withhold consent if the withdrawal has been approved by <br />Project lenders and investors if consent by such parties is required. <br /> <br />7. Recordation; No Subordination. This Agreement shall be recorded in the Official Records <br />senior in priority to all deeds of trust recorded against the Project or Owner’s leasehold interest in <br />the Property. Owner hereby represents, warrants and covenants that with the exception of <br />easements of record, absent the written consent of City, this Agreement shall not be subordinated <br />in priority to any lien (other than those pertaining to taxes or assessments), encumbrance, deed of <br />trust, or other interest in the Property or the Project. If at the time this Agreement is recorded, any <br />interest, lien, or encumbrance has been recorded against the Project in position superior to this <br />Agreement, upon the request of City, Owner hereby covenants and agrees to promptly undertake <br />all action necessary to clear such matter from title or to subordinate such interest to this <br />Agreement consistent with the intent of and in accordance with this Section 7, and to provide <br />such evidence thereof as City may reasonably request. <br />8. Transfer and Encumbrance. <br /> 8.1 Restrictions on Transfer and Encumbrance. During the Term, except as permitted <br />pursuant to the Ground Lease or this Agreement, Owner shall not directly or indirectly, <br />voluntarily, involuntarily or by operation of law make or attempt any total or partial sale, <br />transfer, conveyance, assignment or lease (collectively, “Transfer”) of the whole or any part of <br />the Property, the Project, or the improvements located on the Property, without the prior written <br />consent of the City, which approval shall not be unreasonably withheld. In addition, prior to the <br />expiration of the Term, except as expressly permitted by this Agreement or the Ground Lease, <br />Owner shall not undergo any significant change of ownership without the prior written approval <br />of City. For purposes of this Agreement, a “significant change of ownership” shall mean a <br />transfer of the beneficial interest of more than twenty-five percent (25%) in aggregate of the <br />present ownership and /or control of Owner, taking all transfers into account on a cumulative <br />basis; provided however, neither the admission of an investor limited partner, nor the transfer by <br />the investor limited partner to subsequent limited partners shall be restricted by this provision. <br /> 8.2 Conditionally Permitted Transfers. Subject to Section 8.3 below, the prohibitions <br />on Transfer set forth in this Section 8, shall not be deemed to prevent: (i) the granting of <br />easements or permits to facilitate development of the Property; (ii) the dedication of any property <br />required pursuant to the Ground Lease; (iii) the lease of individual dwelling units to tenants for
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