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8M Consent 2008 0902
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8M Consent 2008 0902
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8/29/2008 9:30:09 AM
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8/29/2008 9:30:07 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
9/2/2008
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PERM
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_CC Agenda 2008 0902
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2008\Packet 2008 0902
RDA Reso 2008-022
(Reference)
Path:
\City Clerk\City Council\Resolutions\2008
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(c) proceed at law, or in equity, to require Borrower to perform its obligations and <br />covenants under the Loan Documents; and <br />(d) proceed as authorized at law or in equity with respect to the Event of Default, and <br />in connection with that, pursue any and all other remedies available under law to enforce the terms of this <br />Agreement and any other Loan Document. <br />The remedies provided herein are cumulative and not exclusive of, and shall not prejudice any <br />other remedy provided in any Loan Document. <br />5.4 Costs and Expenses. Borrower shall pay all reasonable costs and expenses incurred by <br />or on behalf of Agency including, without limitation, reasonable attorneys' fees, incurred in connection with <br />the Agency's enforcement of the Loan Documents and the exercise of any or all of its rights and remedies <br />hereunder and all such sums shall be a part of the indebtedness secured by the Deed of Trust. <br />ARTICLE 6 <br />FIRST RIGHT OF PURCHASE <br />6.1 First Right of Purchase. <br />(a) Notwithstanding anything to the contrary in this Agreement and unless required <br />otherwise by law, Agency shall, during the term of this Agreement, have the first right to purchase the <br />Property and any improvements thereon ("First Right of Purchase") in accordance with this Section 6.1. <br />(b) Unless required otherwise by law or except for (i) a transfer to the owner of the <br />Option Property, (ii) a Transfer to an affiliate or related party to Borrower, or any other party permitted <br />under Section 1.2 above, or (iii) any other transaction by any party involving the combination or joinder of <br />the Property and at least fifty percent (50%) of the Option Property, prior to selling the Property, Borrower <br />shall first offer, in writing, to sell the Property to the Agency. Subject to Section 6.1(c) below, the offer shall <br />include those terms and conditions under which Borrower is willing to the sell the Property. The City may <br />exercise the First Right of Purchase by delivery of written notice of exercise to Borrower within sixty (60) <br />days after the Agency has received Borrower's written offer to sell. If the Agency or the City does not <br />deliver such written notice to Borrower within the 60-day period, the Agency's First Right of Purchase shall <br />expire. Thereafter, Borrower may sell or transfer the Property without any restriction, except for the <br />repayment of the Loan as set forth in the Deed of Trust. <br />(c) The purchase price for the Property pursuant to the First Right of Purchase (the <br />"Right of Purchase Price") shall be an amount equal to the Loan together with the installments of interest <br />and real property taxes paid by Borrower for the Property in an amount not to exceed Six Hundred Seventy <br />Thousand Dollars ($670,000). Agency payment of the purchase price for the Property shall be subject to <br />Agency's ability to verify (i) the installments of interest and real property taxes paid by Borrower, and (ii) <br />any third party offers to purchase the Property. <br />1113396.3 7 ~-` <br />~'; <br />
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