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RES 2024040
City of Pleasanton
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CITY CLERK
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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
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<br />4879-3324-5885v3 <br />22 <br />reasonable right, but not the obligation, to cure any default by Owner within the same period of <br />time provided to Owner for such cure extended by an additional ninety (90) days. Owner agrees <br />to provide to City a copy of any notice of default Owner receives from any Third-Party Lender <br />within three (3) business days following Owner’s receipt thereof. <br /> <br />8.7 Mortgagee Protection. No violation of any provision contained herein shall defeat <br />or render invalid the lien of any mortgage or deed of trust made in good faith and for value upon <br />all or any portion of the Project or Owner’s interest in the Property, and the purchaser at any <br />trustee’s sale or foreclosure sale shall not be liable for any violation of any provision hereof <br />occurring prior to the acquisition of title by such purchaser. Such purchaser shall be bound by <br />and subject to this Agreement from and after such trustee’s sale or foreclosure sale. Promptly <br />upon determining that a violation of this Agreement has occurred, City shall give written notice <br />to the holders of record of any mortgages or deeds of trust encumbering the Project or Owner’s <br />interest in the Property that such violation has occurred. <br />9. Default and Remedies. <br /> 9.1 Events of Default. The occurrence of any one or more of the following events <br />shall constitute an event of default hereunder ("Event of Default"): <br />(i) The occurrence of a Transfer in violation of Section 8 hereof; <br />(ii) Owner’s failure to maintain insurance on the Property and the Project as <br />required hereunder, and the failure of Owner to cure such default within five (5) days; <br />(iii) Subject to Owner’s right to contest the following charges, Owner’s failure <br />to pay prior to delinquency taxes or assessments due on the Property or the Project or failure to <br />pay when due any other charge that may result in a lien on the Property or the Project, and <br />Owner’s failure to cure such default within twenty (20) days of delinquency, but in all events <br />prior to the date upon which the holder of any such lien has the right to foreclose thereon; <br />(iv) A default arises under any loan secured by a mortgage, deed of trust or <br />other security instrument recorded against the Project or Owner’s interest in the Property and <br />remains uncured beyond any applicable cure period such that the holder of such security <br />instrument has the right to accelerate repayment of such loan; <br />(v) Owner defaults under the Note, the Deed of Trust, or the Ground Lease <br />and such default remains uncured beyond the expiration of any applicable cure period; <br /> (vi) Owner defaults in the performance of any term, provision or covenant <br />under this Agreement (other than an obligation enumerated in this Section 9.1), and unless such <br />provision specifies a shorter cure period for such default, the continuation of such default for ten <br />(10) days in the event of a monetary default or thirty (30) days in the event of a non-monetary <br />default following the date upon which City shall have given written notice of the default to <br />Owner, or if the nature of any such non-monetary default is such that it cannot be cured within <br />thirty (30) days, Owner’s failure to commence to cure the default within thirty (30) days and <br />thereafter prosecute the curing of such default to completion with due diligence and in good
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