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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
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10/11/2019 7:56:39 AM
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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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partner of Developer, or seeking any arrangement for Developer or any general partner of <br /> Developer under bankruptcy law or any other applicable debtor's relief law or statute of the <br /> United States or any state or other jurisdiction, (3) appointing a receiver, trustee, liquidator, or <br /> assignee of the Developer or any general partner of Developer in bankruptcy or insolvency or for <br /> any of its properties, or (4) directing the winding up or liquidation of the Developer or any general <br /> partner of Developer, in each case if such decree, order, petition, or appointment is not removed or <br /> rescinded within ninety (90) days; <br /> (i) Developer or any general partner of Developer shall have assigned its assets <br /> for the benefit of its creditors (other than pursuant to a mortgage loan) or suffered a sequestration <br /> or attachment of or execution on any substantial part of its property, unless the property so <br /> assigned, sequestered, attached or executed upon shall have been returned or released within ninety <br /> (90) days after such event (unless a lesser time period is permitted for cure pursuant to paragraphs <br /> (h) above or pursuant to any other mortgage on the Property, in which event such lesser time <br /> period shall apply under this subsection as well) or prior to any sooner sale pursuant to such <br /> sequestration, attachment, or execution; <br /> a) The Developer or any general partner of Developer shall have voluntarily <br /> suspended its business or Developer shall have been dissolved or terminated; <br /> (k) An event of default arises under any City Document and remains uncured <br /> beyond any applicable cure period; or <br /> (I) Developer defaults in the performance of any term, provision, covenant or <br /> agreement contained in this Agreement other than an obligation enumerated in this Section 9. 1 and <br /> unless a shorter cure period is specified for such default, the default continues for ten ( 10) days in <br /> the event of a monetary default or thirty (30) days in the event of a nonmonetary default after the <br /> date upon which City shall have given written notice of the default to Developer; provided <br /> however, if the default is of a nature that it cannot be cured within thirty (30) days, an Event of <br /> Developer Default shall not arise hereunder if Developer commences to cure the default within <br /> thirty (30) days and thereafter prosecutes the curing of such default with due diligence and in good <br /> faith to completion. <br /> 9.2 City Default. An event of default on the part of City ("Event of City Default") <br /> shall arise hereunder if City fails to keep, observe, or perform any of its covenants, duties, or <br /> obligations under this Agreement, and the default continues for a period of forty-five (45) days <br /> after written notice thereof from Developer to City, or in the case of a default which cannot with <br /> due diligence be cured within forty-five (45) days, City fails to commence to cure the default <br /> within forty-five (45) days of such notice and thereafter fails to prosecute the curing of such <br /> default with due diligence and in good faith to completion. <br /> 9.3 Termination without Fault. Notwithstanding any contrary provision of this <br /> Agreement, either Party may terminate this Agreement if the City fails to approve land use permits <br /> or entitlements necessary for development of the Project within the time set forth in the Schedule <br /> of Performance, as such time may be extended; provided however, the Parties shall meet and <br /> exercise good faith efforts to reach agreement on resolution of such matters. <br /> ATY/AGR/2017.218/RWC — BRADFORD — DDA <br /> REV: 09-18-17 VR <br /> Page 33 of 94 <br />
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