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10A Action 2014 0616
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10A Action 2014 0616
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Last modified
2/8/2018 10:11:00 AM
Creation date
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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1 <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />Space above this line for Recorder’s use. <br />DEED OF TRUST, ASSIGNMENT OF RENTS, <br />SECURITY AGREEMENT AND FIXTURE FILING <br />THIS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND <br />FIXTURE FILING (“Deed of Trust”) is made as of ___________, 2014by Davis Street Family <br />Resource Center, a California non-profit organization(“Trustor”) to the City of San Leandro, a <br />charter city formed under the laws of the State of California,as trustee (“Trustee”), for the <br />benefit of the City of San Leandro(“Beneficiary”). <br />RECITALS <br />A.Trustorowns fee simple title to thelandlocated at 1190 DavisStreetin San <br />Leandro,Californiaand more particularlydescribed in Exhibit Aattached hereto and <br />incorporated herein by this reference (the “Land”). <br />B.Beneficiary and Trustor have entered into a Loan Agreement dated as of the date <br />hereof (the “Loan Agreement”) pursuant to which Beneficiary will provide a loan to Trustor in <br />the amount of one million five hundred thousand Dollars ($1,500,000.00) (the “Loan”) for the <br />purpose of bridge financing for Trustor to establish a medical clinic. Trustor has issued to <br />Beneficiary a secured promissory note dated as of the date hereof (the “Note”) to evidence <br />Trustor’s obligation to repay the Loan. <br />C.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 Note. <br />NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which are hereby acknowledged, it is agreed as follows. <br />1.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:
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