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Inst 2014298539
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Inst 2014298539
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2/6/2015 10:15:27 AM
Creation date
2/6/2015 10:14:58 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
9/23/2014
Recorded Document Type
Deed of Trust
Assignment of Rents
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PERM
Document Relationships
Agmt 2014 Alameda Housing Associates LP
(Reference)
Path:
\City Clerk\City Council\Agreements\2014
Inst 2014298538
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2014
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Without Beneficiary's prior written consent,which shall not be unreasonably withheld, <br /> Trustor shall not take any remedial action in response to the presence of any Hazardous <br /> Materials on,under or about the Property,nor enter into any settlement agreement, consent <br /> decree, or other compromise in respect to any Hazardous Material Claims,which remedial <br /> action, settlement, consent decree or compromise might, in Beneficiary's reasonable judgment, <br /> impair the value of the Beneficiary's security hereunder;provided, however,that Beneficiary's <br /> prior consent shall not be necessary in the event that the presence of Hazardous Materials on, <br /> under, or about the Property either poses an immediate threat to the health, safety or welfare of <br /> any individual or is of such a nature that an immediate remedial response is necessary and it is <br /> not reasonably possible to obtain Beneficiary's consent before taking such action,provided that <br /> in such event Trustor shall notify Beneficiary as soon as practicable of any action so taken. <br /> Beneficiary agrees not to withhold its consent,where such consent is required hereunder, if <br /> either(i) a particular remedial action is ordered by a court of competent jurisdiction, (ii) Trustor <br /> will or may be subjected to civil or criminal sanctions or penalties if it fails to take a required <br /> action; (iii)Trustor establishes to the reasonable satisfaction of Beneficiary that there is no <br /> reasonable alternative to such remedial action which would result in less impairment of <br /> Beneficiary's security hereunder; or(iv)the action has been agreed to by Beneficiary. <br /> The Trustor hereby acknowledges and agrees that(i)this Article is intended as the <br /> Beneficiary's written request for information(and the Trustor's response) concerning the <br /> environmental condition of the Property as required by California Code of Civil Procedure <br /> Section 726.5, and(ii) each representation and warranty in this Deed of Trust or any of the other <br /> Loan Documents (together with any indemnity applicable to a breach of any such representation <br /> and warranty)with respect to the environmental condition of the property is intended by the <br /> Beneficiary and the Trustor to be an"environmental provision" for purposes of California Code <br /> of Civil Procedure Section 736. <br /> In the event that any portion of the Property is determined to be "environmentally <br /> impaired" (as that term is defined in California Code of Civil Procedure Section 726.5(e)(3)) or <br /> to be an"affected parcel" (as that term is defined in California Code of Civil Procedure Section <br /> 726.5(e)(1)), then, without otherwise limiting or in any way affecting the Beneficiary's or the <br /> Trustee's rights and remedies under this Deed of Trust, the Beneficiary may elect to exercise its <br /> rights under California Code of Civil Procedure Section 726.5(a)to (1) waive its lien on such <br /> environmentally impaired or affected portion of the Property and(2) exercise(a)the rights and <br /> remedies of an unsecured creditor, including reduction of its claim against the Trustor to <br /> judgment, and(b) any other rights and remedies permitted by law. For purposes of determining <br /> the Beneficiary's right to proceed as an unsecured creditor under California Code of Civil <br /> Procedure Section 726.5(a), the Trustor shall be deemed to have willfully permitted or <br /> acquiesced in a release or threatened release of hazardous materials,within the meaning of <br /> California Code of Civil Procedure Section 726.5(d)(1), if the release or threatened release of <br /> hazardous materials was knowingly or negligently caused or contributed to by any lessee, <br /> occupant, or user of any portion of the Property and the Trustor knew or should have known of <br /> the activity by such lessee, occupant, or user which caused or contributed to the release or <br /> threatened release. All costs and expenses, including(but not limited to) attorneys' fees, incurred <br /> by the Beneficiary in connection with any action commenced under this paragraph, including any <br /> action required by California Code of Civil Procedure Section 726.5(b)to determine the degree <br /> to which the Property is environmentally impaired,plus interest thereon at the lesser of ten <br /> 10 <br /> 144\221\1488737.2 <br />
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