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10A Action 2014 0616
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10A Action 2014 0616
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2/8/2018 10:11:00 AM
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6/11/2014 10:55:43 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
6/16/2014
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_CC Agenda 2014 0616 CS+RG
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0616
Inst 2016145589
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2016
Reso 2014-065
(Reference)
Path:
\City Clerk\City Council\Resolutions\2014
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11 <br />a.Notice of Claims. Trustor shall provide written notice to Beneficiary of any <br />uninsured or partially uninsured loss affecting the Property through fire, theft, liability, or <br />property damage in excess of an aggregate of Fifty Thousand Dollars ($50,000) within three <br />business days of the occurrence of such loss. Trustor shall ensure that Beneficiary shall receive <br />timely notice of, and shall have a right to cure, any default under any other financing document <br />or other lien affecting the Property and shall use best efforts to ensure that provisions mandating <br />such notice and allowing such right to cure shall be included in all such documents. Within three <br />business days of Trustor’s receipt thereof, Trustor shall provide Beneficiary with a copy of any <br />notice of default Trustor receives in connection with any financing document secured by the <br />Property or any part thereof. <br />b.Defense of Security. At Trustor's sole expense, Trustor shall protect, preserve and <br />defend the Property and title to and right of possession of the Property, the security of this Deed <br />of Trust and the rights and powers of Beneficiary and Trustee created under it, against all <br />adverse claims. <br />c.Compensation; Reimbursement of Costs. Trustor agrees to pay all reasonable <br />fees, costs and expenses charged by Beneficiary or Trustee for any service thatBeneficiary or <br />Trustee may render in connection with this Deed of Trust, including without limitation, fees and <br />expenses related to provision of a statement of obligations or related to a reconveyance. Trustor <br />further agrees to pay or reimburse Beneficiary for all costs, expenses and other advances which <br />may be incurred or made by Beneficiary or Trustee in any efforts to enforce any terms of this <br />Deed of Trust, including without limitation any rights or remedies afforded to Beneficiary or <br />Trustee or both of them under Sections 7.18and 8.2, whether or not any lawsuit is filed, or in <br />defending any action or proceeding arising under or relating to this Deed of Trust, including <br />reasonable attorneys’ fees and other legal costs, costs of any disposition of the Property under the <br />power of sale granted hereunder or any judicial foreclosure, and any cost of evidence of title. <br />d.Notice of Changes. Trustor shall give Beneficiary prior written notice of any <br />change in the address of Trustor and the location of any Property, including books and records <br />pertaining to the Property. <br />7.13 Indemnification. Trustor shall indemnify, defend (with counsel reasonably <br />acceptable to Beneficiary), and hold harmless the Trustee and the Indemnitees (as defined in <br />Section 7.11) from and against all Claims arising directly or indirectly in any manner in <br />connection with or as a result of (a) any breach of Trustor’s covenants under any Loan <br />Document, (b) any representation by Trustor in any LoanDocument which proves to be false or <br />misleading in any material respect when made, (c) injury or death to persons or damage to <br />property or other loss occurring on the Land or in any improvement located thereon, whether <br />caused by the negligence or any other act or omission of Trustor or any other person or by <br />negligent, faulty, inadequate or defective design, building, construction or maintenance or any <br />other condition or otherwise, (d) any claim, demand or cause of action, or any action or other <br />proceeding, whether meritorious or not, brought or asserted against any Indemnitee which relates <br />to or arises out of the Property, or any LoanDocument or any transaction contemplated thereby, <br />or any failure of Trustor to comply with all applicable state, federal and local laws and <br />regulations applicable to the Property, provided that no Indemnitee shall be entitled to <br />indemnification under this Section for matters caused by such Indemnitee's gross negligence or
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