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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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4 <br />4.Security Agreement. The parties intend for this Deed of Trust to create a lien on the <br />Property, and an absolute assignment of the Rents and Leases, all in favor of Beneficiary. The <br />parties acknowledge that some of the Property may be determined under applicable law to be <br />personal property or fixtures. To the extent that any Property may be or be determined to be <br />personal property, Trustor as debtor hereby grants to Beneficiary as secured party a security <br />interest in all such Property to secure payment and performance of the Secured Obligations. This <br />Deed of Trust constitutes a security agreement under the California Uniform Commercial Code, <br />as amended or recodified from time to time (the “UCC”), covering all such Property. To the <br />extent such Property is not real property encumbered by the lien granted above, and is not <br />absolutely assigned by the assignment set forth above, it is the intention of the parties that such <br />Property shall constitute "proceeds, products, offspring, rents, or profits" (as defined in and for <br />the purposes of Section 552(b) of the United States Bankruptcy Code, as such section may be <br />modified or supplemented) of the Land and Improvements. <br />5.Financing Statements. Pursuant to the UCC, Trustor, as debtor, hereby authorizes <br />Beneficiary, as secured party, to file such financing statements andamendments thereof and such <br />continuation statements with respect thereto as Beneficiary may deem appropriate to perfect and <br />preserve Beneficiary's security interest in the Property and Rents, without requiring any signature <br />or further authorization by Trustor. If requested by Beneficiary, Trustor shall pay all fees and <br />costs that Beneficiary may incur in filing such documents in public offices and in obtaining such <br />record searches as Beneficiary may reasonably require. If any financing statement or other <br />document is filed in the records normally pertaining to personal property, that filing shall not be <br />construed as in any way derogating from or impairing this Deed of Trust or the rights or <br />obligations of the parties under it. <br />Everything used in connection with the Property and/or adapted for use therein and/or which is <br />described or reflected in this Deed of Trust is, and at all times and for all purposes and in all <br />proceedings both legal or equitable shall be regarded as part of the estate encumbered bythis <br />Deed of Trust irrespective of whether (i) any such item is physically attached to the <br />Improvements, (ii) serial numbers are used for the better identification of certain equipment <br />items capable of being thus identified in a recital contained herein or in any list filed with <br />Beneficiary, or (iii) any such item is referred to or reflected in any such financing statement so <br />filed at any time. Similarly, the mention in any such financing statement of (1) rights in or to the <br />proceeds of any fire and/or hazard insurance policy, or (2) any award in eminent domain <br />proceedings for a taking or for lessening of value, or (3) Trustor's interest as lessor in any present <br />or future lease or rights to income growing out of the use and/or occupancy of the property <br />conveyed hereby, whether pursuant to lease or otherwise, shall not be construed as in any way <br />altering any of the rights of Beneficiary as determined by this instrument or impugning the <br />priority of Beneficiary’s lien granted hereby or by any other recorded document. Such mention <br />in any financing statement is declared to be solely for the protection of Beneficiary in the event <br />any court or judge shall at any time hold, with respect to the matters set forth in the foregoing <br />clauses (1), (2), and (3), that notice of Beneficiary's priority of interest is required in order to be <br />effective against a particular class of persons, including but not limited to the federal government <br />and any subdivisions or entity of the federal government. <br />6.Fixture Filing. This Deed of Trust is intended to be and constitutes a fixture filing <br />pursuant to the provisions of the UCC with respect to all of the Property constituting fixtures, is
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