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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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the Agency Deed of Trust will automatically terminate subject to the conditions as <br />hereinafter described. HUD may cure a default under the HUD Deed of Trust <br />prior to conveyance by deed-in-lieu of foreclosure. HUD shall give written notice <br />to the City and Agency of a proposed tender of title in the event HUD decides to <br />accept adeed-in-lieu of foreclosure. HUD will only give such written notice if, at <br />the time of the placing of the subordinate lien against the Property, HUD receives <br />a copy of an endorsement to the title policy of the Borrower, the City or Agency <br />which indicates that (a) the City Deed of Trust and the Agency Deed of Trust <br />have been recorded, and (b) HUD is required to give notice of any proposed <br />election or tender of a deed-in-lieu of foreclosure. Such notice shall be given at <br />the addresses stated in the City Deed of Trust and the Agency Deed of Trust or <br />such other addresses as later on provided to HUD by written notice, and <br />designated by the City and/or Agency as its legal business address. The City and <br />Agency shall have thirty (30) days to cure the default after notice of intent to <br />accept adeed-in-lieu of foreclosure is mailed. <br />11. Borrower's Notice to City and Agency. Notwithstanding the requirements set <br />forth in Paragraph 10 above, in the event that Borrower contemplates executing a <br />deed-in-lieu of foreclosure, Borrower shall first give the City and Agency thirty <br />(30) days prior written notice; provided, however, that the failure of the Borrower <br />to give said notice shall have no effect on the right of HUD to accept adeed-in- <br />lieu of foreclosure. <br />12. Sale Transfer or Assignment of the Amended and Restated City and Agency <br />Notes. The Amended and Restated City Note and the Amended and Restated <br />Agency Note are non-negotiable and may not be sold, transferred, assigned or <br />pledged by the City or Agency except with the prior written approval of HUD. <br />13. Amendment. No amendment to the City and Agency Loan Documents made after <br />the date of this Rider shall have any force or affect until and unless such <br />amendment is approved in writing by HUD. <br />[Signatures on following page.] <br />
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