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Inst 2009198747
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Inst 2009198747
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Last modified
7/17/2009 3:29:09 PM
Creation date
7/17/2009 3:29:08 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
5/7/2009
Recorded Document Type
Deed of Trust
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PERM
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RDA Agmt 2009 Scribner Family Partnership Ltd
(Reference)
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\City Clerk\City Council\Agreements\2009
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survive the repayment of the Loan and shall be secured by this Deed of Trust. <br />Notwithstanding any contrary provision contained herein, the obligations of Trustor <br />under this Section shall survive any foreclosure proceeding, any foreclosure sale, any <br />delivery of a deed in lieu of foreclosure, and any release or reconveyance of this Deed <br />of Trust. <br />(b) Limitation of Liability. Beneficiary shall not be directly or indirectly liable to <br />Trustor or any other Person as a consequence of any of the following: (i) Beneficiary's <br />exercise of or failure to exercise any rights, remedies or powers granted to Beneficiary <br />in this Deed of Trust; (ii) Beneficiary's failure or refusal to perform or discharge any <br />obligation or liability of Trustor under any agreement related to the Property or under <br />this Deed of Trust; (iii) any waste committed by lessees of the Property or any third <br />parties, or any dangerous or defective condition of the Property; or (iv) any loss <br />sustained by Trustor or any third party resulting from any act or omission of Beneficiary <br />in managing the Property after an Event of Default, unless the loss is caused by the <br />willful misconduct, gross negligence, or bad faith of Beneficiary. Trustor hereby <br />expressly waives and releases all liability of the types described in this Section 7.13(b), <br />and agrees that Trustor shall assert no claim related to any of the foregoing against <br />Beneficiary. <br />7.14 Insurance and Condemnation Proceeds. Any award of damages in <br />connection with any condemnation for public use of, or injury to the Property or any part <br />thereof is hereby assigned and shall be paid to Beneficiary who may apply such <br />moneys to any indebtedness secured hereby in such order as Beneficiary may <br />determine, or at the option of Beneficiary the entire amount so collected or any part <br />thereof may be released to Trustor. Such application or release shall not cure or waive <br />any default or notice of default hereunder or invalidate any act done pursuant to such <br />notice. <br />7.15 Release, Extension, Modification. At any time and from time to time, <br />without liability therefor and without notice, upon written request of Beneficiary and <br />presentation of this Deed of Trust and the Note for endorsement, Trustee may release <br />or reconvey all or any part of the Property, consent to the making of any map or plat of <br />the Land or part thereof, join in granting any easement or creating any restriction <br />affecting the Property, or join in any extension agreement or other agreement affecting <br />the lien or charge hereof. At any time and from time to time, without liability therefor <br />and without notice, Beneficiary may (i) release any person liable for payment of any <br />Secured Obligation, (ii) extend the time for payment or otherwise alter the terms of <br />payment of any Secured Obligation; (iii) accept additional real or personal property of <br />any kind as security for any Secured Obligation, or (iv) substitute or release any <br />property securing the Secured Obligations. <br />7.16 Reconveyance. Upon written request of Beneficiary stating that all of the <br />Secured Obligations have been paid in full, and upon surrender of this Deed of Trust, <br />and the Note, Trustee shall reconvey, without warranty, the Property or so much of it as <br />is then held under this Deed of Trust. The recitals in any reconveyance executed under <br />this Deed of Trust of any matters or facts shall be conclusive proof of the truthfulness <br />117'73602 11 <br />
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