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Inst 2009198747
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Inst 2009198747
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7/17/2009 3:29:09 PM
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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
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\City Clerk\City Council\Agreements\2009
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thereof. Trustor shall pay all fees of Trustee and all recordation fees related to such <br />reconveyance. <br />8. Default and Remedies <br />8.1 Events of Default. Trustor acknowledges and agrees that an Event of <br />Default shall occur under this Deed of Trust upon the occurrence of any one or more of <br />the following events: <br />(i) Beneficiary's declaration of an Event of Default under any Loan <br />Document, subject to the expiration of any applicable cure period set forth in such <br />document; <br />(ii) Trustor fails to perform any monetary obligation which arises under <br />this Deed of Trust, and does not cure that failure within ten (10) days following written <br />notice from Beneficiary or Trustee; <br />(iii) Reserved. <br />(iv) Trustor fails to maintain the insurance coverage required under the <br />Loan Agreement or otherwise fails to comply with the requirements of Section 7.10 <br />hereof and Trustor fails to cure such default within the time specified in Section 7.10; <br />(v) Subject to Trustor's right to contest such charges as provided <br />herein, Trustor fails to pay taxes or assessments due on the Land or the Improvements <br />or fails to pay any other charge that may result in a lien on the Land or the <br />Improvements, and Trustor fails to cure such default within fifteen (15) days. <br />(vi) Any representation or warranty of Trustor contained in or made in <br />connection with the execution and delivery of this Deed of Trust or in any certificate or <br />statement furnished pursuant hereto or in any other Loan Document proves to have <br />been false or misleading in any material adverse respect when made; <br />(vii) If, pursuant to or within the meaning of the United States <br />Bankruptcy Code or any other federal or state law relating to insolvency or relief of <br />debtors ("Bankruptcy Law"), Trustor (i) commences a voluntary case or proceeding; (ii) <br />consents to the entry of an order for relief against Trustor in an involuntary case; (iii) <br />consents to the appointment of a trustee, receiver, assignee, liquidator or similar official <br />for Trustor; (iv) makes an assignment for the benefit of its creditors; or (v) admits in <br />writing its inability to pay its debts as they become due. <br />(viii) If a court of competent jurisdiction enters an order or decree under <br />any Bankruptcy Law that (i) is for relief against Trustor in an involuntary case, (ii) <br />appoints a trustee, receiver, assignee, liquidator or similar official for Trustor or <br />substantially all of Trustor's assets, or (iii) issues or levies a judgment, writ, warrant of <br />attachment or similar process against the Property or the Project, and in each case the <br />order or decree is not released, vacated, dismissed or fully bonded within sixty (60) <br />days after its issuance. <br />1177360-2 12 <br />
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