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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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7.6 Charges, Liens, Taxes and Assessments. Trustor shall pay before delinquency all <br /> taxes, levies, assessments and other charges affecting the Property that are (or if not paid may <br /> become) a lien on all or part of the Property. Trustor may, at Trustor's expense, contest the <br /> validity or application of any tax, levy, assessment or charge affecting the Property by <br /> appropriate legal proceedings promptly initiated and conducted in good faith and with due <br /> diligence, provided that (i) Beneficiary is reasonably satisfied that neither the Property nor any <br /> part thereof or interest therein will be in danger of being sold, forfeited, or lost as a result of such <br /> contest, and (ii) Trustor shall have posted a bond or furnished other security as may reasonably <br /> be required from time to time by Beneficiary; and provided further that Trustor shall timely <br /> make any payment necessary to prevent a lien foreclosure, sale, forfeiture or loss of the Property. <br /> Trustor shall immediately discharge or cause to be discharged any lien on the Property <br /> (other than encumbrances approved by Beneficiary as of the date hereof in writing). Trustor <br /> shall pay when due each obligation secured by or reducible to a lien, charge or encumbrance <br /> which now does or later may encumber or appear to encumber all or part of the Property or any <br /> interest in it, whether or not such lien, charge or encumbrance is or would be senior or <br /> subordinate to this Deed of Trust. Trustor shall not be required to pay any tax, levy, charge or <br /> assessment so long as its validity is being actively contested in good faith and by appropriate <br /> actions and /or proceedings. <br /> 7.7 Subrogation. Beneficiary shall be subrogated to the liens of all encumbrances, <br /> whether released of record or not, which are discharged in whole or in part by Beneficiary in <br /> accordance with this Deed of Trust. <br /> 7.8 Hazard, Liability and Workers' Compensation Insurance. At all times during the <br /> term hereof, Trustor shall at Trustor's expense, maintain insurance policies in accordance with <br /> the requirements set forth in the Agency Documents. Trustor shall file with Beneficiary prior to <br /> the commencement of the tern hereof, certificates (or such other proof as Beneficiary may <br /> reasonably require, (including without limitation copies of the required insurance policies) <br /> evidencing each of the insurance policies and endorsements thereto as required pursuant to the <br /> Agency Documents, and such certificates (or policies) shall provide that at least thirty (30) days' <br /> prior written notice shall be provided to Beneficiary prior to the expiration, cancellation or <br /> change in coverage under each such policy. If any insurance policy required pursuant to the._ <br /> Agency Documents is canceled or the coverage provided thereunder is reduced, Trustor shall, <br /> within ten (10) days after receipt of written notice of such cancellation or reduction in coverage, <br /> but in no event later than the effective date of cancellation or reduction, file with Beneficiary a <br /> certificate showing that the required insurance has been reinstated or provided through another <br /> insurance company or companies. Upon failure to so file such certificate, Beneficiary may, <br /> without further notice and at its option, procure such insurance coverage at Trustor's expense, <br /> and Trustor shall promptly reimburse Beneficiary for such expense upon receipt of billing from <br /> Beneficiary. <br /> 7.9 Hazardous Materials. Trustor shall not cause or permit any Hazardous Material • <br /> (as defined in Section 4.13.1 of the Agency Loan Agreement) to be brought upon, kept, stored or <br /> used in, on, under, or about the Land by Trustor, its agents, employees, contractors or invitees <br /> except for incidental supplies ordinarily used in the construction and operation of the Project in <br /> compliance with all applicable laws, and shall not cause any release of Hazardous Materials into, <br /> 818010 -4 7 <br />
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