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Inst 2006181159
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Inst 2006181159
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Last modified
12/22/2010 5:10:26 PM
Creation date
12/22/2010 5:10:25 PM
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CM City Clerk-City Council
Document Date (6)
4/26/2006
Recorded Document Type
Deed of Trust
Retention
PERM
Document Relationships
Inst 2010336107
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2010
Inst 2010336109
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2010
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7.14 Reconveyance. Upon written request of Beneficiary stating that all of the Secured <br /> Obligations have been paid in full, and upon surrender of this Deed of Trust, and the Agency <br /> Note, Trustee shall reconvey, without warranty, the Property or so much of it as is then held <br /> under this Deed of Trust. The recitals in any reconveyance executed under this Deed of Trust of <br /> any matters or facts shall be conclusive proof of the truthfulness thereof. Trustor shall pay all <br /> fees of Trustee and all recordation fees related to such reconveyance. <br /> 7.15 Cure; Protection of Security. Either Beneficiary or Trustee may cure any breach <br /> or default of Trustor, and if it chooses to do so in connection with any such cure, Beneficiary or <br /> Trustee may also enter the Property and/or do any and all other things which it may in its sole <br /> discretion consider necessary and appropriate to protect the security of this Deed of Trust. Such <br /> other things may include: appearing in and /or defending any action or proceeding which purports <br /> to affect the security of, or the rights or powers of Beneficiary or Trustee under, this Deed of <br /> Trust; paying, purchasing, contesting or compromising any encumbrance, charge, lien or claim <br /> of lien which in Beneficiary's or Trustee's sole judgment is or may be senior in priority to this <br /> Deed of Trust, such judgment of Beneficiary or Trustee to be conclusive as among Beneficiary, <br /> Trustee and Trustor; obtaining insurance and/or paying any premiums or charges for insurance <br /> required to be carried hereunder; otherwise caring for and protecting any and all of the Property; <br /> and /or employing counsel, accountants, contractors and other appropriate persons to assist <br /> Beneficiary or Trustee. Beneficiary and Trustee may take any of the actions permitted under this <br /> Section 7.15 either with or without giving notice, except for notices required under applicable <br /> law. Any amounts disbursed by Beneficiary pursuant to this paragraph shall become additional <br /> indebtedness secured by this Deed of Trust. <br /> _ <br /> 8. Default and Remedies. <br /> 8.1 Events of Default. Trustor acknowledges and agrees that an Event of Default <br /> shall occur under this Deed of Trust upon the occurrence of any one or more of the following <br /> events: <br /> a. Beneficiary's declaration of an Event of Default under any Agency <br /> Document, subject to the expiration of any applicable cure period set forth in such document; <br /> b. Trustor fails to perform any monetary obligation.which arises under this <br /> Deed of Trust, and does not cure that failure within ten (10) days following written notice from <br /> Beneficiary or Trustee; <br /> c. if Trustor's interest in the Property or any part thereof is voluntarily or <br /> involuntarily sold, transferred, leased, encumbered, or otherwise conveyed in violation of <br /> Section 7.4 hereof or if any other Transfer occurs in violation of the Regulatory Agreement; <br /> d. Trustor fails to maintain the insurance coverage required under the <br /> Agency Documents or otherwise fails to comply with the requirements of Section 7.8 hereof and <br /> Trustor fails to cure such default within the time specified in Section 7.8: <br /> e. Subject to Trustor's right to contest such charges as provided herein, <br /> Trustor fails to pay taxes or assessments due on the Land or the Improvements or fails to pay any <br /> 818010 -4 12 <br />
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