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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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• <br /> Trustor further represents and warrants that there are no pending, or to Trustor's knowledge, <br /> threatened actions or proceedings before any court or administrative agency which may <br /> adversely affect Trustor's ownership of the Property. <br /> 71 Payment and Performance of Secured Obligations. Trustor shall promptly pay <br /> when due the principal and any interest due on the indebtedness evidenced by the Agency Note, <br /> and shall promptly pay and perform all other obligations of Trustor arising in connection with <br /> the Secured Obligations or the Agency Documents in accordance with the respective terms <br /> thereof. <br /> 7.3 Use of Loan Proceeds: Preservation and Maintenance of Property; Compliance <br /> with Laws. Tnistor covenants that it shall use the Loan Proceeds solely for purpose of financing <br /> the Project in accordance with the Agency Documents. Trustor shall keep the Land and <br /> Improvements in good repair and condition, and from time to time shall make necessary repairs, <br /> renewals and replacements thereto so that the Property shall be preserved and maintained. <br /> Trustor covenants to comply with all federal, state and local laws, regulations, ordinances and <br /> rules applicable to the Property and the Project, including without limitation all applicable <br /> requirements of state and local building codes and regulations, Prevailing Wage Laws, and all <br /> applicable statutes and regulations relating to accessibility for the disabled. Trustor shall not <br /> remove, demolish or materially alter any Improvement without Beneficiary's consent, shall <br /> complete or restore promptly and in good and workmanlike manner any building, fixture or other <br /> improvement which may be constructed, damaged, or destroyed thereon, and shall pay when due <br /> all claims for labor performed and materials furnished therefor. Trustor shall use the Land and <br /> improvements solely for purposes authorized by the Agency Documents, shall not commit of <br /> allow waste of the Property, and shall not commit or allow any act upon or use of the Property <br /> which would violate any applicable law or order of any governmental authority, nor shall Trustor <br /> bring on or keep any article on the Property or cause or allow any condition to exist thereon <br /> which could invalidate or which would be prohibited by any insurance coverage required to be <br /> maintained on the Property pursuant to the Agency Documents. <br /> 7.4 Restrictions on Conveyance and Encumbrance: Acceleration. It shall be an Event <br /> of Default hereunder if any Transfer (as defined in the Regulatory Agreement) of the Property, <br /> any part thereof, or interest therein occurs in violation of the requirements of the Regulatory <br /> Agreement. If any such Transfer shall occur in violation of such requirements, without limiting <br /> the provisions of Section 8 hereof, all obligations secured by this Deed of Trust, irrespective of <br /> the maturity dates of such obligations, shall at the option of Beneficiary, and without demand, <br /> immediately become due and payable, subject to any applicable cure period. <br /> 7.5 Inspections; Books and Records. Beneficiary and its agents and representatives <br /> shall have the right at any reasonable time upon reasonable notice to enter upon the Land and <br /> inspect the Property to ensure compliance with the Agency Documents. Trustor shall maintain <br /> complete and accurate books of account and other records (including copies of supporting bills <br /> and invoices) adequate to document the use of the Loan Proceeds and the operation of the <br /> Property, together with copies of all written contracts, Leases and other instruments which affect <br /> the Property. The books, records, contracts, Leases and other instruments shall be subject to <br /> examination and inspection at any reasonable time by Beneficiary following two business days <br /> prior notice. <br /> 8180104 6 <br />
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