Inst 2007334387 - Laserfiche WebLink

Home

RECORDING REQUESTED BY: '!iI NORTH AINERICAN TITLE COMPANY ~5~b ~ a~ ~~ ZU 5~iy 5 ~ Recording requested by and when recorded mail to: City of San Leandro 835 East 14'h Street San Leandro, CA 94577 Attn: Executive Director EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE §§6103, 27383 - ' n 2007334387 09 i 1812007 08 ; 30 ~~ ~" t7FFICIfi~L RECOi?DS OF ALRMEDA COUNTY PATRICK O'CONNELL ~~L~FOae~* RECORDING FEE: 0.00 i ~ y ~~ ~~ I ~ ~ ~~ 24 PGS y(~ 7 Space above this line for Recorder's use. DEED OF TRU5T, 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 Septari~r 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 City of San Leandro, a municipal corporation ("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 illiprovet~nents (the "Project"). B. Beneficiary, Trustor and the Redevelopment Agency of the City of San Leandro (``Agency") have entered into an Owner Participation and Loan Agreement dated as of ~ept~er 10 , 2007 (the "OPA") pursuant to which Beneficiary will provide a loan to Trustor in the amount of up to Two Million Twenty-Two Thousand Dollars ($2,022,000) ("City 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 City 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 `'City Documents." C. As a condition precedent to the making of the City 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 City Documents. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows. 957562-3 ~~