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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
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19 <br />4859-3312-3005v3 <br />the applicable cure period, the Lender shall have such longer period, not to exceed an additional <br />ninety (90) days, as may be necessary to cure the default, so long as such Lender is diligently <br />prosecuting such cure to completion. All payments so made and all things so done shall be as <br />effective to prevent a termination of this Lease as the same would have been if made and <br />performed by Lessee instead of by the Lender(s). <br />(4) In addition to the cure periods described in the preceding <br />Paragraph (3), if the default is such that possession of the Leasehold Estate may be reasonably <br />necessary to remedy the default, the Senior Lender shall have a reasonable time after the <br />expiration of the applicable cure period described in the preceding Paragraph (3) within which to <br />remedy such default, provided that (A) such Lender shall have fully cured any default in the <br />payment of any monetary obligations of Lessee under this Lease within the applicable period <br />described in the preceding Paragraph (3) and shall continue to pay currently such monetary <br />obligations when the same are due; (B) such Lender shall have acquired Lessee’s Leasehold <br />Estate hereunder or commenced foreclosure or other appropriate proceedings prior to or within <br />the period described in the preceding Paragraph (3), and shall be diligently prosecuting the same; <br />and (C) and after acquiring possession of the Leasehold Estate, such Lender shall diligently <br />prosecute to completion such cures as may be reasonably possible to remedy nonmonetary <br />defaults existing under this Lease. Any default under this Lease which by its nature cannot be <br />remedied by Lender shall be deemed remedied upon Lender or its Nominee (as hereinafter <br />defined) acquiring Lessee’s interest in the Premises as provided in this Section. <br />(5) Lessor shall promptly provide estoppel certificates reasonably <br />requested by Lenders or Project investors. <br />(6) If the Lenders are prohibited, stayed or enjoined by any bankruptcy <br />or insolvency proceeding of any court, including without limitation a court having jurisdiction <br />over Lessee in such proceeding, from commencing or prosecuting foreclosure proceedings, the <br />times specified for commencing or prosecuting such foreclosure or other proceedings shall be <br />extended for the period of such prohibition; provided that any Lender shall have fully cured any <br />default in the payment of any monetary obligations of Lessee under this Lease, including without <br />limitation any monetary obligations to third parties which have become, or threaten to become, <br />liens against the Leased Premises or any portion thereof, and shall continue to pay currently such <br />monetary obligations when the same fall due; provided, further, that, subject to Paragraph (1) of <br />this Section 8.2(a), such Lender shall not interfere with Lessor’s efforts to seek compliance by <br />Lessee with any non-monetary obligation under this Lease. <br />(7) Lessor shall mail or deliver to any Lenders that have any <br />outstanding Approved Loans a duplicate copy of any notice which Lessor may deliver to Lessee <br />pursuant to this Lease, including any notice of default. Lessee shall deliver to Lessor the name <br />and contact information for all Lenders that have outstanding Approved Loans, including <br />successors in interest to Approved Loans. Provided Lessee (or Lender) has delivered Lessor the <br />name and contact information of the Lender having an outstanding Approved Loan, no notice of <br />default by Lessor to Lessee shall be effective as to that Lender unless and until a copy of the <br />notice shall have been mailed or delivered to such Lender as set forth in this Section.
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