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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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20 <br />4859-3312-3005v3 <br />(8) The foreclosure of an Approved Loan, any sale thereunder, <br />whether by judicial proceedings or by virtue of any power contained in the Leasehold Mortgage <br />securing the Approved Loan, or any conveyance of the Leasehold Estate created hereby from <br />Lessee to a Lender through or in lieu of foreclosure (a “Foreclosure Event”), shall not require the <br />consent of Lessor or constitute a breach of any provision of this Lease. In the event any Lender <br />or its Nominee (as defined herein) becomes Lessee under this Lease by such means or pursuant <br />to any new lease obtained under Paragraph (9) of this Section 8.2(a) below, Lessor shall <br />recognize the Lender or its Nominee as Lessee hereunder or under such new lease and the <br />Lender shall be personally liable under this Lease or such new lease only for the period of time <br />that the Lender or its Nominee remains Lessee thereunder, provided that the Lender or its <br />Nominee attorns to Lessor and agrees to be subject to the restrictions of this Lease. If a Lender <br />or its Nominee becomes the lessee under this Lease or any such new lease, the Lender shall have <br />the right thereafter to assign or sublease this Lease or such new lease one time, provided that any <br />assignee: (A) shall take the Leasehold Estate subject to all of the provisions of this Lease or such <br />new lease, and (B) shall assume and agree to perform all obligations of Lessee under this Lease. <br />Any further assignment shall be subject to the consent of Lessor, which consent shall not be <br />unreasonably withheld. Nothing in this Section shall be construed to obligate any Lender to <br />remedy any default of Lessee, and any failure of any Lender to complete any such cure after <br />commencing the same shall not give rise to any liability of any Lender to Lessor or Lessee. <br />(9) In the event (A) a Lender, its designee or another purchaser in <br />foreclosure proceedings becomes the legal owner of the Leasehold Estate, or (B) Lessor <br />terminates this Lease by reason of any Event of Default (as defined herein), then, upon written <br />request by Lender given within sixty (60) days after such transfer or receipt of notice of such <br />termination of the Leasehold Estate, Lessor shall execute and deliver a new lease of the Leased <br />Premises to such Lender, or its nominee, purchaser, assignee or transferee (the “Nominee”), <br />provided that, except as provided in Paragraph (8) of this Section 8.2(a) if such Nominee is not <br />the purchaser at a foreclosure sale and is not wholly owned by one or more Lenders, such <br />Nominee is approved by Lessor in its reasonable discretion. Such new lease shall be <br />substantially in the same form as this Lease, shall have a term equal to the remainder of the <br />Lease Term with the same agreements, covenants, reversionary interests and conditions (except <br />for any requirements which have been fulfilled by Lessee prior to termination) as are contained <br />in this Lease and with priority equal to this Lease with respect to encumbrances of Lessor’s <br />interest in the Land or the Leased Premises or encumbrances of Lessee’s interest in the Leased <br />Premises permitted or caused by Lessor, together with any provisions legally required in the <br />event the Nominee is a governmental entity; provided, however, that any defaults by Lessee <br />susceptible to cure by the Lender have been cured or reasonable assurance has been provided to <br />Lessor that such defaults shall be cured. Upon execution and delivery of such new lease by <br />Lessor and the Nominee, the Nominee shall have acquired all the right, title and interest of <br />Lessee under this Lease prior to its termination. Lessor, shall cooperate in taking such action as <br />shall be necessary to cancel and discharge this Lease and to remove Lessee from the Leased <br />Premises. After such termination and cancellation of the Lease and prior to the expiration of the <br />period within which Lender or Nominee may elect to obtain a new lease from Lessor, Lessor <br />shall refrain from terminating any existing sublease or otherwise encumbering the Premises <br />without the prior written consent of Lender or Nominee. Any new lease granted hereby shall <br />vest in Lender or Nominee all right, title, interest, power and privileges of Lessee hereunder in <br />and to the Premises, including, without limitation, the assignment of Lessee’s interest in and to
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