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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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18 <br />4859-3312-3005v3 <br />contractors, Lessee shall defend at its own expense any suit based upon such claim; and if any <br />judgment or claim against Lessor shall be allowed, Lessee shall pay or cause to be paid or <br />satisfied such judgment of claim and pay all costs and expenses in connection therewith. The <br />provisions of this Section shall survive the expiration or termination of this Lease. <br />ARTICLE 8. <br />MORTGAGE LOANS <br />Section 8.1 Intentionally omitted. <br />Section 8.2 Liens and Encumbrances Against the Leasehold Estate. The Lessee shall <br />have the right to encumber the Leasehold Estate and the Improvements with leasehold deeds of <br />trust, mortgages, and regulatory and affordability agreements related to the Approved Loans <br />(collectively, “Liens”) provided that all documents evidencing such Liens are consistent with the <br />terms and conditions of this Lease and subject to Lessor’s approval which shall not be <br />unreasonably withheld. <br />(a) For as long as there is any Lien securing any Approved Loan: <br />(1) Lessor shall not agree to any cancellation, termination (except for a <br />termination for a default by Lessee which is not cured by Lessee or any Lender in accordance <br />with this Lease), or accept any surrender of this Lease, nor shall Lessor consent to any <br />amendment or modification of this Lease without the prior written consent of the Senior Lender. <br />In the event that Lessor receives competing or conflicting offers to cure any default under this <br />Lease, Lessor shall accept the offers to cure in the following order: first, Lessee or the limited <br />partner (or members, as applicable) therein, then each Lender in the same relative priority as <br />their respective Liens. <br />(2) Notwithstanding any default by Lessee under this Lease, Lessor <br />shall have no right to terminate this Lease unless Lessor shall have given the Lenders that have <br />outstanding Approved Loans written notice of such default and such Lenders shall have failed to <br />remedy such default or acquire the Leasehold Estate or commence foreclosure or other <br />appropriate proceedings as set forth in, and within the time specified by, this Section 8.2. <br />(3) Any Lender that has an outstanding Approved Loan shall have the <br />right, but not the obligation, at any time to pay any or all of the Rent or Additional Rent due <br />pursuant to the terms of this Lease, and do any other act or thing required of Lessee by the terms <br />of this Lease, to prevent termination of this Lease. Lessor shall provide each Lender written <br />notice of default concurrently with delivery of such notice to Lessee. Each Lender shall have the <br />same period to cure such default as afforded to Lessee, extended by an additional thirty (30) days <br />in the case of a monetary default, and by an additional sixty (60) days in the case of a <br />nonmonetary default. The notice of default shall describe the action necessary to cure the <br />default, and shall include, with respect to any monetary default, a detailed statement identifying <br />the amounts due and the obligations to which amounts relate, and with respect to any non- <br />monetary default, a detailed statement identifying the obligations breached and the cure expected <br />by Lessor; provided, however, that if any nonmonetary default is not susceptible to cure within
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