|
($100,000) (the "Loan ") for the purpose of partially financing the rehabilitation of the Project.
<br /> Trustor has issued to 13eneficiary a secured promissory note dated as of the date hereof (the
<br /> "Note ") to evidence Trustor's obligation to repay the Loan.
<br /> D. As a condition precedent to the making of the Loan, Beneficiary has required that
<br /> Trustor enter into this Deed of Trust and grant to Trustee for the benefit of Beneficiary, a lien
<br /> and security interest in the Property (defined below) to secure repayment of the Amended Note
<br /> and the Note, and performance of Trustor's obligations under the Loan Agreement and the Loan
<br /> Documents (defined below).
<br /> NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
<br /> which are hereby acknowledged, it is agreed as follows.
<br /> I . Grant in Trust. In consideration of the foregoing and for the purpose of securing payment
<br /> and performance of the Secured Obligations defined and described in Section 2, Trustor hereby
<br /> irrevocably and unconditionally grants, conveys, transfers and assigns to Trustee, in trust for the
<br /> benefit of Beneficiary, with power of sale and right of entry and possession, all estate, right, title
<br /> and interest which Trustor now has or may later acquire in and to the Land, and all of the
<br /> following, whether presently owned or hereafter acquired:
<br /> a. All buildings, structures, and improvements, now or hereafter located or
<br /> constructed on the Land ( "Improvements ");
<br /> b. All appurtenances, easements, rights of way, pipes, transmission lines or wires
<br /> and other rights used in connection with the Land or the Improvements or as a means of access
<br /> thereto, whether now or hereafter owned or constructed or placed upon or in the Land or
<br /> Improvements and all existing and future privileges, rights, franchises and tenements of the
<br /> Land, including all minerals, oils, gas and other commercially valuable substances which may be
<br /> in, under or produced from any part of the Land, and all water rights, rights of way, gores or
<br /> strips of land, and any land lying in the streets, ways, and alleys, open or proposed, in front of or
<br /> adjoining the Land and Improvements (collectively, "Appurtenances ");
<br /> c. All machinery, equipment, fixtures, goods and other personal property of the
<br /> Trustor, whether moveable or not, now owned or hereafter acquired by the Trustor and now or
<br /> hereafter located at or used in connection with the Land, the Improvements or Appurtenances,
<br /> and all improvements, restorations, replacements, repairs, additions or substitutions thereto
<br /> (collectively, "Equipment ");
<br /> d. All existing and future leases, subleases, licenses, and other agreements relating to
<br /> the use or occupancy of all or any portion of the Land or Improvements (collectively, "Leases "),
<br /> all amendments, extensions, renewals or modifications thereof, and all rent, royalties, or other
<br /> payments which may now or hereafter accrue or otherwise become payable thereunder to or for
<br /> the benefit of Trustor, including but not limited to security deposits (collectively, "Rents");
<br /> e. All insurance proceeds and any other proceeds from the Land, Improvements,
<br /> Appurtenances, Equipment, Leases, and Rents, including without limitation, all deposits made
<br /> with or other security deposits given to utility companies, all claims or demands relating to
<br /> insurance awards which the Trustor now has or may hereafter acquire, including all advance
<br /> 1755157.4 2
<br />
|