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Inst 97277997
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Inst 97277997
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Last modified
12/12/2006 10:15:20 AM
Creation date
5/1/2006 5:21:52 PM
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CM City Clerk-City Council
Document Date (6)
9/2/1997
Recorded Document Type
Deed of Trust
Retention
PERM
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<br />e <br /> <br />e <br /> <br />91271997 <br /> <br />by this Security Instrument or Lender's security interest. Borrower may cure such a <br />default and reinstate, by causing the action or proceeding to be dismissed with a ruling <br />that, in Lender's good faith determination, precludes forfeiture of the Borrower's interest <br />in the Property or other material impairment of the lien created by this Security <br />Instrument or Lender's security interest. Borrower shall also be in default if Borrower, <br />during the loan application process, gave materially false or inaccurate information or <br />statements to Lender (or willfully failed to provide Lender with any material <br />information) in connection with the loan evidenced by the Note, including, but not <br />limited to, representations concerning Borrower's use of the Property to provide seven <br />(7) dwelling units for Very-Low- Income persons or families, seven (7) dwelling units for <br />Low-income persons and families, and six (6) dwelling units for Moderate Income <br />persons or families. <br /> <br />7. Condemnation. The proceeds of any award or claim for damages, direct <br />or consequential, in connection with any condemnation or other taking of any part of <br />the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall <br />be paid to the Lender and Borrower in proportion to each party's share of their interest <br />in the Property. <br /> <br />8. Borrower Not Released; Forbearance By Lender Not a Waiver. <br />Extension of the time for payment or modification or amortization of the sums secured <br />by this Security Instrument granted by Lender to any successor in interest of Borrower <br />shall not operate to release the liability of the original Borrower or Borrower's successors <br />in interest. Lender shall not be required to commence proceedings against any successor <br />in interest or refuse to extend time for payment or otherwise modify amortization of the <br />sums secured by this Security Instrument by reason of any demand made by the original <br />Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising <br />any right or remedy shall not be a waiver of or preclude the exercise of any right or <br />remedy. <br /> <br />9. Successors and Assigns Bound; Joint and Several Liability; Co-signers. <br />The covenants and agreements of this Security Instrument shall bind and benefit the <br />successors and assigns of Lender and Borrower. Borrower's covenants and agreements <br />shall be joint and several. Any assignment of Borrower's obligations, duties, covenants, <br />rights or benefits hereunder shall only occur after written approval of such assignment <br />by Lender. If the Lender approves in writing an assignment of the Security Instrument, <br />then Lender will release Borrower from the covenants and agreements of this Security <br />Instrument. <br /> <br />Mission Bell Retrofit <br />Deed of Trust <br />July 24, 1997 <br /> <br />Page 5 of 10 <br />
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