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Inst 2009195594
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Inst 2009195594
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Last modified
7/17/2009 10:51:44 AM
Creation date
7/17/2009 10:51:43 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
4/1/2009
Recorded Document Type
Deed of Trust
Retention
PERM
Document Relationships
Inst 2007334383
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2007334384
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2007334385
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2007334387
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2009067181
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2009
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requirements of this sentence and if Borrower or any transferee fails to include <br />such assumption in transfer documents, such failure shall not affect the validity of <br />the transfer. The City and/or Agency shall have the right to specifically enforce <br />the requirement that any transferee assume the Borrower's obligations under the <br />City and Agency Loan Documents. In the absence of such written assumption, no <br />transfer shall be deemed to relieve the transferor from any obligations under the <br />City and Agency Loan Documents. <br />Default under City and Agency Loan Documents. The City shall not declare a <br />default under the City and Agency Loan Documents unless it has received the <br />prior written approval of HUD, and the right of the City to accelerate the <br />Amended and Restated City Note during the term of the HUD Loan Documents <br />shall be enforceable only with the prior written approval of HUD. The Agency <br />shall not declare a default under the City and Agency Loan Documents unless it <br />has received the prior written approval of HUD, and the right of the Agency to <br />accelerate the Amended and Restated Agency Note during the term of the HUD <br />Loan Documents shall be enforceable only with the prior written approval of <br />HUD. <br />9. Receiver. The City and the Agency, each for itself, their respective successors <br />and assigns, further covenant and agree that in the event of the appointment of a <br />receiver in any action by the City and/or the Agency, or their respective <br />successors and assigns, to foreclose the City Deed of Trust and/or the Agency <br />Deed of Trust, no rents, revenue or other income of the Project collected by the <br />receiver or by the mortgagee-in-possession shall be utilized for the payment of <br />interest, principal, or any other charges due and payable under the City Deed of <br />Trust and/or the Agency Deed of Trust, except from Residual Receipts, if any, as <br />the term is defined in the HUD Regulatory Agreement. The appointment of a <br />receiver shall require approval by the Secretary of HUD, and pursuant to HUD <br />regulations, as long as the City is beneficiary under the City Deed of Trust, the <br />City cannot be mortgagee-in-possession and as long as the Agency is beneficiary <br />under the Agency Deed of Trust, the Agency cannot be mortgagee-in-possession. <br />In the event of the appointment, by any court, of any person, other than HUD, the <br />City and/or Agency, as a receiver or a mortgagee or party in possession, or in the <br />event of any enforcement of any assignment of leases, rents, issues, profits, or <br />contracts contained in the City and Agency Loan Documents, with or without <br />court action, no rents, revenue or other income of the Project collected by the <br />receiver, person in possession or person pursuing enforcement as aforesaid, shall <br />be utilized for the payment of interest, principal or any other amount due and <br />payable under the provisions of the City and Agency Loan Documents, except <br />from Residual Receipts in accordance with the HUD Regulatory Agreement. The <br />receiver, person in possession or person pursuing enforcement shall operate the <br />Project in accordance with all provisions of the HUD Loan Documents. <br />10. Deed-in-Lieu of Foreclosure. In the event that HUD acquires title to the Project <br />by deed-in-lieu of foreclosure, the lien of the City Deed of Trust and the lien of <br />
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