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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
Document Relationships
RDA Agmt 2009 Scribner Family Partnership Ltd
(Reference)
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\City Clerk\City Council\Agreements\2009
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(ix) The holder of any other debt instrument secured by a mortgage or <br />deed of trust on the Property or part thereof declares an event of default thereunder and <br />exercises a right to declare all amounts due under that debt instrument immediately due <br />and payable, subject to the expiration of any applicable cure period set forth in such <br />holder's documents; or <br />(x) Trustor fails to perform any obligation arising under this Deed of <br />Trust other than one enumerated in this Section 8.1, and does not cure that failure <br />either within ten (10) days ("Initial Cure Period") after written notice from Beneficiary or <br />Trustee in the event of a monetary default, or within thirty (30) days after such written <br />notice in the event of a nonmonetary default (or such longer time as Beneficiary may <br />agree upon in writing), provided that Trustor commences to cure the default within the <br />Initial Cure Period and thereafter prosecutes such cure with due diligence and in good <br />faith and Beneficiary in the exercise of reasonable judgment determines that a cure <br />cannot reasonably be completed prior to expiration of the Initial Cure Period. <br />8.2 Remedies. Subject to the applicable notice and cure provisions set forth <br />herein, at any time after an Event of Default, Beneficiary and Trustee shall be entitled to <br />invoke any and all of the rights and remedies described below, and may exercise any <br />one or more or all, of the remedies set forth in any Loan Document, and any other <br />remedy existing at law or in equity or by statute. All of Beneficiary's rights and remedies <br />shall be cumulative, and the exercise of any one or more of them shall not constitute an <br />election of remedies. Beneficiary shall be entitled to collect all expenses incurred in <br />pursuing the remedies provided hereunder, including without limitation reasonable <br />attorneys' fees and costs of title evidence. <br />(a) Acceleration. Beneficiary may declare any or all of the Secured <br />Obligations to be due and payable immediately. <br />(b) Receiver. Beneficiary may apply to any court of competent <br />jurisdiction for, and obtain appointment of, a receiver for the Property. <br />(c) Entry. Beneficiary, in person, by agent or by court-appointed <br />receiver, may enter, take possession of, manage and operate all or any part of the <br />Property, and may also do any and all other things in connection with those actions that <br />Beneficiary may in its sole discretion consider necessary and appropriate to protect the <br />security of this Deed of Trust. Such other things may include: taking and possessing <br />copies of all of Trustor's or the then owner's books and records concerning the Property; <br />entering into, enforcing, modifying, or canceling Leases on such terms and conditions <br />as Beneficiary may consider proper; obtaining and evicting tenants; fixing or modifying <br />Rents; collecting and receiving any payment of money owing to Trustor; completing any <br />unfinished construction; and/or contracting for and making repairs and alterations. If <br />Beneficiary so requests, Trustor shall assemble all of the Property that has been <br />removed from the Land and make all of it available to Beneficiary at the site of the Land. <br />Trustor hereby irrevocably constitutes and appoints Beneficiary as Trustor's attorney- in- <br />fact to perform such acts and execute such documents as Beneficiary in its sole <br />discretion may consider to be appropriate in connection with taking these measures, <br />1177360-2 13 <br />
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