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Inst 2007334385
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Inst 2007334385
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Last modified
10/15/2007 3:12:52 PM
Creation date
10/15/2007 3:12:51 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
10/9/2007
Recorded Document Type
Deed of Trust
Retention
PERM
Document Relationships
Agmt 2007 Estabrook Senior Housing LP etc
(Reference)
Path:
\City Clerk\City Council\Agreements\2007
Inst 2009067181
(Amended by)
Path:
\City Clerk\City Council\Recorded Documents\2009
Inst 2009195594
(Amended by)
Path:
\City Clerk\City Council\Recorded Documents\2009
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restoration or repair is not economically feasible or if a default exists after expiration of all <br />applicable cure periods, the insurance proceeds shall be applied to the sums secured by this Deed <br />of Trust, with the excess, if any, paid to Trustor. In the event funds for such work are <br />insufficient, Beneficiary may, in its sole discretion and subject to the approval of Beneficiary's <br />governing board, advance such additional funds as may be necessary to allow the Property to be <br />repaired or restored, and may add the amount thereof to the principal balance of the Note. If the <br />Property is abandoned by Trustor, or if Trustor fails to respond to Beneficiary within 30 days <br />from the date notice is mailed by Beneficiary to Trustor that the insurance carrier offers to settle <br />a claim for insurance benefits, Beneficiary is authorized to collect and apply the insurance <br />proceeds at Beneficiary's option either to restoration or repair of the Property or to the sums <br />secured by this Deed of Trust. <br />7.l 5 Release, Extension, Modification. At any time and from time to time, without <br />liability therefor and without notice, upon written request of Beneficiary and presentation ofthis <br />Deed of Trust and the Note for endorsement, Trustee may release or reconvey all or any part of <br />the Property, consent to the making of any map or plat of the Land or part thereof, join in <br />granting any easement or creating any restriction affecting the Property, or join in any extension <br />agreement or other agreement affecting the lien or charge hereof. At any time and from time to <br />lime, ~~ithout liability therefor and without notice, Beneficiary may (i) release any person liable <br />ter payment of any Secured Obligation, (ii) extend the time for payment or otherwise alter the <br />i~r~-ns of payment of any Secured Obligation; (iii) accept additional real or personal property ~f <br />any kinu ~s securit~~ for any Secured Obligation, or (iv) substitute or release any property <br />securi~~b tr;e Secured Obligations. <br />?.16 Reconveyance. Upon written request of Beneficiary stating that all of the Secured <br />Obligat-.~rrs have been satisfied in full, and upon surrender ofthis Deed of Trust, and the Note, <br />Trustee shall reconvey, without warranty, the Property or so much of it as is then held under this <br />Deed of Trust. The recitals in any reconveyance executed under this Deed of Trust of any <br />matters or facts shall be conclusive proof of the truthfulness thereof. Trustor shall pay all fees of <br />Trustee and all recordation fees related to such reconveyance. <br />7. l 7 Cure; Protection of Security. Beneficiary may cure any breach or default of <br />Trustor, and if it chooses to do so in connection with any such cure, Beneficiary may also enter <br />the Property and/or do any and all other things which it may in its reasonable discretion consider <br />necessary and appropriate to protect the security ofthis Deed of Trust. Such other things may <br />include: appearing in and/or defending any action or proceeding which purports to affect the <br />security of, or the rights or powers of Beneficiary or Trustee under, this Deed of Trust; paying, <br />purchasing, contesting or compromising any encumbrance, charge, lien or claim of lien which in <br />Beneficiary's sole judgment is or may be senior in priority to this Deed of Trust, such judgment <br />of Beneficiary to be conclusive as among Beneficiary, Trustee and Trustor; obtaining insurance <br />and/or paying any premiums or charges for insurance required to be carried hereunder; otherwise <br />caring for and protecting any and all of the Property; and/or employing counsel, accountants, <br />contractors and other appropriate persons to assist Beneficiary. Beneficiary may take any of the <br />actions permitted under this Section 7.17 either with or without giving notice, except for notices <br />required under applicable law. Any amounts disbursed by Beneficiary pursuant to this paragraph <br />shall become additional indebtedness secured by this Deed of Trust. <br />956218-3 ~ 2 <br />
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