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Inst 2007334387
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Inst 2007334387
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Last modified
6/25/2008 3:52:27 PM
Creation date
10/15/2007 3:16:27 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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order or decree is not released, vacated, dismissed or fully bonded within 60 days after its <br />issuance. <br />i. The holder of any other debt instrument secured by a mortgage or deed of <br />trust on the Property or part thereof declares an event of default thereunder and exercises a right <br />to declare all amounts due under that debt instrument immediately due and payable, subject to <br />the expiration of any applicable cure period set forth in such holder's documents; or <br />j. Trustor fails to perform any obligation arising under this Deed of Trust <br />other than one enumerated in this Section 8.1, and does not cure that failure either within ten (10) <br />days after written notice from Beneficiary or Trustee in the event of a monetary default, or <br />within thirty (30) days after such written notice in the event of a nonmonetary default, provided <br />that in the case of a nonmonetary default that in Beneficiary's reasonable judgment cannot <br />reasonably be cured within thirty (30) days, an Event of Default shall not arise hereunder if <br />Trustor commences to cure such default within thirty (30) days and thereafter prosecutes such <br />cure to completion with due diligence and in good faith and in no event later than ninety (90j <br />days, or such longer period as the City may approve, following receipt of notice of default. <br />8.2 Remedies. Subject to the applicable notice and cure provisions set forth herein, at <br />any time after an Tvent of Default, Beneficiary and Trustee shall be entitled to invoke any and al, <br />of the rights and remedies described below, and may exercise any one or more or all, of the <br />remedies set forth in any City Document, and any other remedy existing at ia~.-= or in equity or L}~ <br />statute, subject to the nonrecourse provisions set forth in the Note. Ail of 13eneticiary's rights <br />and remedies shall be cumulative, and the exercise of any one or more of them shall not <br />constitute an election of remedies. Beneficiary shall be entitled to collect all expenses incurred <br />in pursuing the reme~sies provided hereunder, including without limitation reas~,mable attorne}~~'~ <br />fees and costs. <br />a. Acceleration. Beneficiary may declare any or a!1 of the Secured <br />Obligations, including without limitation all sums payable under the Note and this Deed of Trust, <br />to be due and payable immediately. <br />b. Receiver. Beneficiary may apply to any court of competent jurisdiction <br />for, and obtain appointment of, a receiver for the Property. <br />c. Entry. Beneficiary, in person, by agent or by court-appointed receiver, <br />may enter, take possession of, manage and operate all or any part of the Property, and may also <br />do any and all other things in connection with those actions that Beneficiary may in its sole <br />discretion consider necessary and appropriate to protect the security of this Deed of Trust. Such <br />other things may include: taking and possessing copies of all of Trustor's or the then owner's <br />books and records concerning the Property; entering into, enforcing, modifying, or canceling <br />Leases on such terms and conditions as Beneficiary may consider proper; obtaining and evicting <br />tenants; fixing or modifying Rents; collecting and receiving any payment of money owing to <br />Trustor; completing any unfinished construction; and/or contracting for and making repairs and <br />alterations. If Beneficiary so requests, Trustor shall assemble all of the Property that has been <br />removed from the Land and make all of it available to Beneficiary at the site of the Land. Trustor <br />hereby irrevocably constitutes and appoints Beneficiary as Trustor's attorney-in-fact to perform <br />~5~5~2-s ] 4 <br />
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