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Item 09 - First Amendment to THRIVE DDA & Consent to Assignment of Leases & Rents Authorization
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Item 09 - First Amendment to THRIVE DDA & Consent to Assignment of Leases & Rents Authorization
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City Clerk
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Agenda Packet
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Clerk of the Council
Item #
9
Date
6/7/2022
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<br />2 <br /> <br />2. Right to Cure. If Lessor shall give any written notice of default under <br />the Ground Lease (hereafter “Default Notice”) to Lessee, Lessor shall concurrently <br />send a copy of each such Default Notice to Lender at Clearinghouse Community <br />Development Financial Institution, Attn: Loan Servicing 23861 El Toro Road Suite <br />401, Lake Forest CA 92630, in accordance with the notice requirements in the <br />Ground Lease. If a monetary default of Lessee shall occur under any provision of <br />the Ground Lease, then Lessor shall take no action with respect to such default if <br />Lender remedies such default not later than thirty (30) days after Lessor’s giving <br />of a Default Notice relating to such default to Lender. If a non-monetary default of <br />Lessee shall occur under any provision of the Ground Lease, then Lessor shall <br />take no action with respect to such default if Lender remedies such default, or <br />commences and diligently prosecutes to completion a remedy of such default, not <br />later than thirty (30) days after Lessor’s giving of a Default Notice relating to such <br />default to Lender. If a default by Lessee under the Ground Lease occurs, then <br />Lender shall, without prejudice to its rights against Lessee, have the right (but not <br />the obligation) to cure such default within the applicable grace periods provided for <br />in this Section 2, and Lessor shall accept such performance on the part of Lessee <br />Lender as though the same had been performed by Lessee. <br /> <br />3. Attornment. If the interests of Lessee shall be transferred to and <br />owned by Lender, its nominee or assignee or purchaser, by reason of foreclosure <br />or other proceedings brought in lieu of or pursuant to a foreclosure, Lender agrees <br />that it shall be bound to Lessor under all the terms, covenants and conditions of <br />the Ground Lease for the balance of the term thereof remaining, and any <br />extensions or renewals thereof, which may be effected in accordance with any <br />option therefor in the Ground Lease, with the same force and effect as if Lender, <br />its nominee, assignee or such purchaser, as applicable, were the lessee under the <br />Lease, and Lessor shall attorn to Lender, or its nominee, assignee or purchaser, <br />as the case may be, as its lessee, said attornment to be effective immediately upon <br />receipt of written notice from Lender, or its nominee, assignee or purchaser, as the <br />case may be, that such party has succeeded to the interest of Lessee under the <br />Lease after which Lender shall be obligated to pay rent to Lessor, or its nominee, <br />assignee or purchaser, as the case may be and to perform all of Lessee’s other <br />obligations under the Ground Lease. The foregoing attornment provisions shall be <br />self-operative and no further instruments shall be required to effect such <br />attornment; however, within five (5) days after the request of Lender, or its <br />nominee, assignee or purchaser, as the case may be, Lessor shall execute, <br />acknowledge and deliver the appropriate document submitted to Lessor confirming <br />such attornment. <br /> <br />4. Amendment. There shall be no modifications or amendments <br />of this Consent except in writing signed by the party to be bound. <br /> <br />5. Miscellaneous. <br />
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