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AgdaPkt 2019-12-16 Joint SA PFA
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AgdaPkt 2019-12-16 Joint SA PFA
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Last modified
10/1/2020 12:17:00 PM
Creation date
12/13/2019 1:39:49 PM
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CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
12/16/2019
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7.C. - Page 108 of 178 <br />insolvency proceeding involving Tenant from commencing or prosecuting foreclosure or other <br />appropriate proceedings the times specified in subsections (d) and (e) above for commencing or <br />prosecuting such foreclosure or other proceedings shall be extended for the period of such <br />prohibition; provided that Lender shall have fully cured any default in the payment of any <br />monetary obligations of Tenant under this Lease and shall continue to pay currently such <br />monetary obligations as and when the same fall due. <br />(g) Landlord shall mail by certified or registered post, return receipt <br />requested, or personally deliver to any Lender a duplicate copy of any and all notices in writing <br />which Landlord may from time to time give to or serve upon Tenant pursuant to the provisions <br />of this Lease, and such copy shall be mailed or delivered to any Lender at, or as near as possible <br />to, the same time such notices are given or served by Landlord. No notice by Landlord to <br />Tenant hereunder shall be deemed to have been given unless and until a copy thereof shall <br />have been so mailed or delivered to any Lender. Upon the execution of any Leasehold <br />Mortgage, Landlord shall be informed in writing of the vesting of the security interest <br />evidenced by the Leasehold Mortgage and of the address to which all notices to the Lender are <br />to be sent. Notwithstanding any other provision of this Section 18 (Protection of Lender), any <br />Lender shall be deemed to have waived any right to receive notice pursuant to this Section 18 <br />(Protection of Lender) unless and until Landlord has received such information. <br />(h) Foreclosure of the Leasehold Mortgage, or any sale thereunder, <br />whether by judicial proceedings or by virtue of any power contained in the leasehold mortgage, <br />or any assignment or conveyance of the leasehold estate created by this Lease from Tenant to a <br />Lender or other purchaser through, or in lieu of, foreclosure or other appropriate proceedings <br />of a similar nature shall not constitute a breach of any provision of or a default under this <br />Lease. Upon such foreclosure, sale or conveyance Landlord shall recognize the Lender, or any <br />other foreclosure sale purchaser, as Tenant hereunder. In the event a Lender becomes Tenant <br />under this Lease, such Lender shall be liable for the obligations of Tenant under this Lease only <br />for the period of time that such Lender remains Tenant. Such Lender shall have the right to <br />assign this Lease at any time after becoming Tenant without any restriction otherwise imposed <br />on Tenant hereunder and shall be fully released from liability under the Lease from and after <br />the date of such assignment. <br />(i) Should Landlord terminate this Lease by reason of any default by <br />Tenant hereunder, Landlord shall, upon written request by a Lender given within Thirty (30) <br />days after such termination, immediately execute and deliver a new lease of the YMCA Site to <br />such Lender, or its nominee, purchaser, assignee or transferee, for the remainder of the Term <br />with the same agreements, covenants and conditions (except for any requirements which have <br />been fulfilled by Tenant prior to termination) as are contained herein and with priority equal to <br />that hereof; provided, however, that such Lender shall promptly cure any defaults of Tenant <br />susceptible to cure by such Lender and that such Lender's right to possession of the YMCA Site <br />under the new lease shall commence only upon Tenant's vacating of the YMCA Site. Upon <br />execution and delivery of such new lease Landlord, at the expense of the new lessee, which <br />expenses shall be paid by the new Tenant as they are incurred, shall take such action as shall be <br />YMCA Ground Lease -12- <br />82483 00016\32493585.5 <br />531 <br />
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