Inst 2007334387 - Laserfiche WebLink

Home

Trustee to take action on account of any default of Trustor. Consent by Beneficiary or Trustee to any act or omission by Trustor shall not be construed as a consent to any other or subsequent act or omission or to waive the requirement for Beneficiary's or Trustee's consent to be obtained in any future or other instance. No amendment to or modification of this Deed of Trust shall be effective unless and until such amendment or modification is in writing, executed by Trustor and Beneficiary. Without limiting the generality of the foregoing, Beneficiary's acceptance of payment of any sum secured hereby after its due date shall not constitute a waiver by Beneficiary of its right either to require prompt payment when due of all other sums so secured or to declare default for failw-e so to pay. 10.8 Action By Beneficiary. Except as may be otherwise specifically provided herein, whenever any approval, notice, direction, or consent by the Beneficiary is required or permitted under this Agreement, such action shall be in writing, and such action may be given, made or taken by Beneficiary's Executive Director or by any person who shall have been designated by Beneficiary's Executive Director, without further approval by the governing board of Beneficiary. Beneficiary shall use reasonable best efforts to respond to requests for any such approval, notice, direction, or consent in a timely manner. In any approval, consent, or other determination by Beneficia-y required hereunder, Beneficiary shall act reasonably and in good faith. A 0.9 Joint and Several Liability. If Trustor consists of more than one person or entity_ each shall be jointly and severally liable for the faithful performance of ali ofTrustor's ~~biigations under this Deed of Trust. ] 0.10 Time is of the Essence. Time is of the essence for each provision of this Deed of Trust. 10.1 1 Partial Subordination to Extended Use Agreement. This section shall apply if Trustor or Trustor's successor in interest and the California Tax Credit Allocation Committee enter into a Regulatory Agreement ("TCAC Regulatory Agreement"j, that constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Inte--nal Revenue Code, as amended (the "Code"). In the event of a foreclosure of Beneficiary's interest under this Deed of Trust or delivery by the Trustor of a deed in lieu thereof (collectively, a "Foreclosure"), the following rule shall apply: In the event of a Foreclosure, throughout the extended use period specified in the TCAC Regulatory Agreement, with respect to any unit that had been regulated by the TCAC Regulatory Agreement, (i) none of the eligible tenants occupying those units at the time of Foreclosure may be evicted or their tenancy terminated (other than for good cause, including but not limited to, the tenants' ineligibility pursuant to regulations of the HOME Program or Section 42 of the Code), (ii) nor may any rent be increased except as otherwise permitted under Section 42 of the Code. 95756?-3 19