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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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Default and Remedies. <br />8.l Events of Default. T--ustor acknowledges and agrees that an Event of Default <br />shall occur under this Deed of Trust upon the occurrence of any one or more of the following <br />events: <br />a. Beneficiary's declaration of an Event of Default under any Agency <br />Document, subject to the expiration of any applicable cure period set forth in such document; <br />b. Trustor fails to perform any monetary obligation which arises under this <br />Deed of Trust, and does not cure that failure within ten (I 0) days following written notice from <br />Beneficiary or Trustee; <br />c. If Trustor's interest in the Property or any part thereof is voluntarily or <br />involuntarily sold, transferred, leased, encumbered, or otherwise conveyed in violation of <br />Section 7.4 hereof or if any other Transfer occurs in violation of the OPA; <br />d. Trustor fails to maintain the insurance coverage required under the <br />Agency Documents or otherwise tails to comply with the requirements of Section 7.8 hereof and <br />Trustor fails to cure such default within the time specified in Secti~~n 7.8; <br />e. Subject to Trustor's right to contest such charges as provided herein, <br />Trustor fails to pay taxes or assessments due on the Land or the improvements or fails t~ pay any <br />other charge that may result in a lien on the Land or the Improvements, and Trustor fails to cure <br />such default within ten (l 0) days. <br />f. Any representation or warranty of Trustor contained in or -uade in <br />connection with the execution and delivery of this Deed of Trust or in any certificate or <br />statement furnished pursuant hereto or in any other Agency Document proves to have been false <br />or misleading in any material adverse respect when made; <br />g. If, pursuant to or within the meaning of the United States Bankruptcy <br />Code or any other federal or state law relating to insolvency or relief of debtors (°`Bankruptcy <br />Law"), Trustor or any general partner thereof (i) commences a voluntary case or proceeding; <br />(ii) consents to the entry of an order for relief against Trustor or any general partner thereof in an <br />involuntary case; (iii) consents to the appointment of a trustee, receiver, assignee, liquidator or <br />similar official for Trustor or any general partner thereof; (iv) makes an assignment for the <br />benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become due. <br />h. If a court of competent jurisdiction enters an order or decree under any <br />Bankruptcy Law that (i) is for relief against Trustor or any general partner thereof in an <br />involuntary case, (ii) appoints a trustee, receiver, assignee, liquidator or similar official for <br />Trustor or any general partner thereof or substantially all of such entity's assets, (iii) orders the <br />liquidation of Trustor or any general partner thereof, or (iv) issues or levies a judgment, writ, <br />warrant of attachment or similar process against the Property or the Project, and in each case the <br />956218-3 ~ ~ <br />
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