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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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Beneficiary, in person or by agent, takes actual possession of the Land or the Improvements, <br />Beneficiary shall not be deemed to be a "mortgagee in possession," shall not be responsible for <br />performing any obligation of Trustor under any Lease, shall not be liable in any manner for the <br />Property, or the use, occupancy, enjoyment or operation of any part of it, and shall not be <br />responsible for any waste committed by Trustor, lessees or any third parties, or for dangerous or <br />defective condition of the Property or any negligence in the management, repair or control of the <br />Property. Absent Beneficiary's written consent, Trustor shall not accept prepayment of Rents for <br />any rental period exceeding one month. <br />4. Security Agreement. The parties intend for this Deed of Trust to create a lien on the <br />Property, and an absolute assignment of the Rents and Leases, all in favor of Beneficiary, subject <br />to the rights of any beneficiaries under deeds of trust senior in priority to this Deed of Trust <br />("Senior Deeds of Trust")- The parties acknowledge that some of the Property may be <br />determined under applicable law to be personal property or fixtures. To the extent that any <br />Property may be or be determined to be personal property, Trustor as debtor hereby grants to <br />Beneficiary as secured party a security interest in all such Property to secure payment and <br />performance of the Secured Obligations- This Deed of Trust constitutes a security agreement <br />under the California Uniform Commercial Code, as amended or recodified from time to time (the <br />"UCC'"), covering all such Property. To the extent such Property is not real property <br />encumbered by the lien granted above, and is not absolutely assigned by the assignment set forth <br />above, it is the intention of the parties that such Property shall constitute "proceeds, products, <br />oftspring, rents, or profits" (as defined in and for the purposes of Section 552(b) of the United <br />States Bankruptcy Code, as such section may be modified or supplemented] of the Land and <br />lmproveme.nts. <br />5. Financing Statements. Pursuant to the UCC, Trustor, as debtor, hereby authorizes <br />Beneficiary, as secured party, to file such financing statements and amendments thereof and such <br />continuation statements with respect thereto as Beneficiary may deem appropriate to perfect and <br />preserve Beneficiary's security interest in the Property and Rents, without requiring any signature <br />or further authorization by Trustor. If requested by Beneficiary, Trustor shall pay al! fees and <br />costs that Beneficiary may incur in filing such documents in public offices and in obtaining such <br />record searches as Beneficiary may reasonably require. If any financing statement or other <br />document is filed in the records normally pertaining to personal property, that filing shall not be <br />construed as in any way derogating from or impairing this Deed of Trust or the rights or <br />obligations of the parties under it. <br />Everything used in connection with the Property and/or adapted for use therein and/or which is <br />described or reflected in this Deed of Trust is, and at all times and for all purposes and in all <br />proceedings both legal or equitable shall be regarded as part of the estate encumbered by this <br />Deed of Trust irrespective of whether (i) any such item is physically attached to the <br />Improvements, (ii) serial numbers are used for the better identification of certain equipment <br />items capable of being thus identified in a recital contained herein or in any list filed with <br />Beneficiary, or (iii) any such item is referred to or reflected in any such financing statement so <br />filed at any time. Similarly, the mention in any such financing statement of (1) rights in or to the <br />proceeds of any fire and/or hazard insurance policy, or (2) any award in eminent domain <br />proceedings for a taking or for lessening of value, or (3) Trustor's interest as lessor in any present <br />or future lease or rights to income growing out of the use and/or occupancy of the property <br />957562-3 <br />
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