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RDA Agmt 2008 1750 Doolittle LLC etc
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RDA Agmt 2008 1750 Doolittle LLC etc
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Last modified
2/24/2009 5:44:54 PM
Creation date
9/10/2008 11:39:11 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
9/2/2008
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PERM
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RDA Reso 2008-022
(Approved by)
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\City Clerk\City Council\Resolutions\2008
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(d) Prepayment. The Note or any portion of the outstanding principal balance due <br />under the Note may be prepaid at any time, and from time to time, without penalty or premium. <br />(e) Securit . As security for repayment of the Note, Borrower shall execute the Deed <br />of Trust in favor of Agency, substantially in the form attached hereto as Exhibit C and incorporated herein <br />by this reference, as beneficiary pursuant to which the Agency shall be provided a lien against the Property. <br />The Deed of Trust shall be dated as of the Effective Date and shall be recorded in the official records of <br />Alameda County. The Deed of Trust may be subordinated to such other liens and encumbrances as <br />Agency shall approve in writing, in the Agency's sole discretion. <br />1.2 Due on Sale. Unless Agency agrees otherwise in writing, and except as provided in <br />Section 1.1(c) of this Agreement, the entire unpaid principal balance and all interest and other sums <br />accrued under the Note shall be due and payable upon the transfer, assignment or conveyance of all or <br />any part of, or interest in the Property (a "Transfer"); provided, however, a transfer, assignment or <br />conveyance to (i) an affiliate or related party of Borrower or Comcore or (ii) a party that is controlled by <br />Terrence McGrath or in which he has a controlling equity interest shall not constitute a Transfer as long as <br />the transferee agrees to be bound by the terms and conditions of this Agreement. <br />1.3 Conditions Precedent to Agency's Obligation to Disburse. The obligation of Agency to <br />fund the Loan and disburse the proceeds thereof is conditioned upon the receipt by Agency of the <br />following: <br />(a) The executed Loan Documents, acknowledged where appropriate; <br />(b) A copy of Borrower's enabling operating agreement or enabling documents, <br />certificate of good standing, corporate borrowing resolution and such other evidence satisfactory to the <br />Agency that the Borrower is duly formed, validly existing, in good standing under the laws of the State of <br />California, has the power and authority to enter into the Loan Documents, and shall be bound by their terms <br />when executed and delivered; <br />(c) A copy of all of Borrower's existing and proposed contract(s) with contractors, <br />architects, design professionals and any other consultants with which the Borrower contracts, or may <br />contract, for the provision of services for the Building Demolition which will be paid from the Loan proceeds; <br />(d) Evidence that Borrower is the fee simple owner of the Property; <br />(e) Certification by Borrower that the Loan Documents do not violate any of <br />Borrower's agreements with any other lenders; <br />(f) Recordation of the Deed of Trust in the official records of Alameda County County; <br />and <br />(g) Copies of such other documents related to the financing and development of the <br />Property as Agency may reasonably request. <br />1113396.3 3 % i ~ ~'`~ ` €: <br />.i~~ : ~ r <br />
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