Inst 2007334385 - Laserfiche WebLink

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r, ~ ~ , ~ RECC~C~NG NEQtlESTE~D NSF NORTH A~ERiCAN TITLE COMPANY ,. ~r a~4 ,.~ ~,~ ~ , -~'S~~ -~~ ~~~ ~~1~ ~( ~ ~ ~ - "'; ~~~13343~5 09~ i$I~u~ ~ u~ , ~0 R~1 OFD=IGIAL FiECOKllS C>>" NLi~1~.E'-~3~ ~-"~liri~~r', Recording requested by and when recorded snail to: PATRICK 0 CONNELC ~ ~~ ~4 RECpRQIhlG FEE ~l~~Op'N Redevelopment Agency of the Ciry oY San Leandro 835 Cast 14°i Street \ ~ ; i ~ ~~ ~~ ' ~ ~ I~ ~ ~ I~ ~ ~~~ ~~ San Leandro. CA 94677 0 ~ ~ ~~~ ~ ~ ~~ ~ ~~~ ~~~~~ ~ ~ ~ ~ i ~ ~~~" ------- Atm: Executive Director ~ ~ ~ ~ ~ ~ ~ 1~ ~i ~~ ~ ~ ~1~ _~~ . _ ___ .. F R ~ ~` II ~~ ~ I~ I~L tll ~~1: £X£MrT RAM REG )ING £F,ES l'£R GOVERNMCNT CODC §§6103, 27383 Space above this line for Recorder's use. DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING THiS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING (this "Deed of Trust") is made as of S~ta>~er 10 , 2007, by Estabrook Senior Housing, L.P., a California limited partnership ("Trustor") to North American Title Company as trustee ("Trustee"), for the benefit of the Redevelopment Agency of the City of San Leandro, a public body corporate and politic (`Beneficiary"). RECITALS A. Trustor owns fee simple title to the land described in Exhibit A attached hereto and incorporated herein by this reference (the "Land"). The Land is located within the Alameda County-City of San Leandro (Joint) Redevelopment Project Area ("Project Area"). Trustor intends to construct a 51-unit senior rental housing development on the Land and related improvements (the "Project"). B. Beneficiary, Trustor and City of San Leandro ("City") have entered into an Owner Participation and Loan Agreement dated as of ~tar~er 10 , 2007 (the "OPA") pursuant to which Beneficiary will provide a loan to Trustor in the amount of up to One Million Nine Hundred Seventy-Eight Thousand Dollars ($],978,000) ("Agency Loan") for the purpose of partially financing the Project. Trustor has issued to Beneficiary a secured promissory note dated as of the date hereof (the "Note") to evidence Trustor's obligation to repay the Agency Loan. A Memorandum of the OPA will be recorded in the Official Records of Alameda County concurrently herewith. This Deed of Trust, the OPA, the Note and the Regulatory Agreement (defined below) are collectively referred to herein as the "Agency Documents." C. As a condition precedent to the making of the Agency Loan, Beneficiary has required that Trustor enter into this Deed of Trust and grant to Trustee for the benefit of Beneficiary, a lien and security interest in the Project and in Trustor's fee simple interest in the Land to secure repayment of the Note and performance of Trustor's obligations under the OPA and the other Agency Documents. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows. 1. Grant in Trust. In consideration of the foregoing and for the purpose of securing payment and performance of the Secured Obligations defined and described in Section 2, Trustor hereby 956218-3 `~