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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
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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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memorandum of the rights granted the City in Sections 9.8 and 9.9 of this Agreement to be <br /> recorded in the Official Records at the time of the Close of Escrow for conveyance of the Property <br /> to Developer. In addition, the rights afforded City pursuant to Sections 9.8 and 9.9 may be <br /> described in the Grant Deed. <br /> 9. 11 Rights of Mortgagees. Any rights of the City under this Article IX shall not defeat, <br /> limit or render invalid any mortgage or deed of trust permitted by this Agreement or any rights <br /> provided for in this Agreement for the protection of holders of such instruments. Any conveyance <br /> or reverter of the Property to the City pursuant to this Article IX shall be subject to mortgages and <br /> deeds of trust permitted by this Agreement. <br /> 9. 12 Assignment. The City shall have the right to assign the Repurchase Option to any <br /> other governmental entity, or a qualified nonprofit corporation. <br /> 9. 13 Construction Plans. If this Agreement is terminated by mutual agreement of the <br /> Parties or by City as a result of an Event of Developer Default, the Developer, at no cost to the <br /> City, shall deliver to the City copies of all construction plans and studies in the Developer's <br /> possession or in the possession of the Developer' s consultants related to development of the <br /> Project on the Property, including without limitation, the Construction Plans, subject only to the <br /> rights of senior lenders identified in the Financing Plan as it may be updated with City approval. If <br /> the City utilizes the Construction Plans or studies, the City shall indemnify the Developer for any <br /> claims arising from such use. <br /> 9. 14 Rights of Limited Partners. Whenever City delivers any notice of default <br /> hereunder, City shall concurrently deliver a copy of such notice to Developer's limited partner in <br /> accordance with Section 11 .3. The limited partner shall have the same right as Developer to cure <br /> or remedy any default hereunder within the cure period provided to Developer; provided however, <br /> if the default is of such nature that the limited partner reasonably determines that it is necessary to <br /> replace the general partner of Developer in order to cure such default, then the cure period shall be <br /> extended by an additional sixty (60) days after the removal and replacement of such general <br /> partner, provided that the limited partner has promptly commenced and diligently proceeded with <br /> all requisite actions to effect such removal and replacement. <br /> ARTICLE X <br /> INDEMNITY AND INSURANCE <br /> 10. 1 Indemnity. Developer shall indemnify, defend (with counsel approved by City) and <br /> hold the Indemnitees harmless from and against any and all Claims (including without limitation, <br /> Claims arising from any injury, death, illness, property damage, or loss of property) arising <br /> directly or indirectly, in whole or in part, as a result of or in connection with the development, <br /> construction, improvement, operation, ownership or maintenance of the Project or the Property or <br /> any part thereof by Developer or Developer's contractors, subcontractors, agents, employees or <br /> any other party acting for or on behalf of Developer, or otherwise arising out of or in connection <br /> with Developer's performance or failure to perform under this Agreement, including without <br /> limitation, Claims arising or alleged to have arisen in connection with any violation of Applicable <br /> Laws in connection with the development, operation or management of the Project, or relating to <br /> approval of the Project or the approval of this Agreement. Developer's indemnification obligations <br /> ATY/AGR/2017.218/RWC — BRADFORD — DDA <br /> REV: 09-18-17 VR <br /> Page 38 of 94 <br />
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