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Res17 15621
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Res17 15621
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Last modified
10/11/2019 7:56:55 AM
Creation date
10/11/2019 7:56:39 AM
Metadata
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Template:
CC Index
CC Index - Document Type
Resolution
Agency Type
City Council
Date
9/25/2017
Description
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING, AND AUTHORIZING THE CITY MANAGER TO EXECUTE, A DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND MP BRADFORD ASSOCIATES, L.P. FOR 707 BRADFORD STREET
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Party a written statement certifying that, to the knowledge of the certifying Party: (i) this <br /> Agreement is in full force and effect and a binding obligation of the Parties (if such be the case), <br /> (ii) this Agreement has not been amended or modified, or if so amended, identifying the <br /> amendments, and (iii) the requesting Party is not in default in the performance of its obligations <br /> under this Agreement, or if in default, describing the nature of any such defaults. <br /> ARTICLE IX <br /> DEFAULTS, REMEDIES AND TERMINATION <br /> 9. 1 Event of Developer Default. The following events shall constitute an event of <br /> default on the part of Developer hereunder ("Event of Developer Default"): <br /> (a) Developer fails to commence or complete construction of the Project within <br /> the time period set forth in Section 5. 1 , or subject to force majeure, abandons or suspends <br /> construction of the Project prior to completion for a period of sixty (60) days or more; <br /> (b) A Transfer occurs, either voluntarily or involuntarily, in violation of Article <br /> VII; <br /> (c) Developer fails to maintain insurance as required pursuant to this <br /> Agreement, and Developer fails to cure such default within five (5) days; <br /> (d) Developer fails to pay prior to delinquency taxes or assessments due on the <br /> Property or fails to pay when due any other charge that may result in a lien on the Property, and <br /> Developer fails to cure such default within thirty (30) days of the date of delinquency, but in all <br /> events prior to the date upon which the holder of any such lien has the right to foreclose thereon; <br /> (e) A default arises under any loan secured by a mortgage, deed of trust or other <br /> security instrument recorded against the Property and remains uncured beyond any applicable cure <br /> period such that the holder of such security instrument has the right to accelerate repayment of <br /> such loan; <br /> (f) Any Developer representation or warranty contained in this Agreement or in <br /> any application, financial statement, certificate or report submitted to the City in connection with <br /> this Agreement proves to have been incorrect in any material and adverse respect when made and <br /> continues to be materially adverse to the City; <br /> (g) If, pursuant to or within the meaning of the United States Bankruptcy Code <br /> or any other federal or state law relating to insolvency or relief of debtors ("Bankruptcy Law"), <br /> Developer or any general partner of Developer: (i) commences a voluntary case or proceeding; (ii) <br /> consents to the entry of an order for relief against Developer or any general partner of Developer in <br /> an involuntary case; (iii) consents to the appointment of a trustee, receiver, assignee, liquidator or <br /> similar official for Developer or any general partner of Developer; (iv) makes an assignment for <br /> the benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become due; <br /> (h) A court of competent jurisdiction shall have made or entered any decree or <br /> order (1 ) adjudging the Developer or any general partner of Developer to be bankrupt or insolvent, <br /> (2) approving as properly filed a petition seeking reorganization of the Developer or any general <br /> ATY/AGR/2017.218/RWC — BRADFORD — DDA <br /> REV: 09-18-17 VR <br /> Page 32 of 94 <br />
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