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Inst 2014298539
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Inst 2014298539
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2/6/2015 10:15:27 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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percent(10%) or the maximum rate permitted by law,until paid, shall be added to the <br /> indebtedness secured by this Deed of Trust and shall be due and payable to the Beneficiary upon <br /> its demand made at any time following the conclusion of such action. <br /> ARTICLE 7. <br /> EVENTS OF DEFAULT AND REMEDIES <br /> 7.1 Events of Default. The following shall constitute Events of Default: (1) failure to <br /> make any payment to be paid by Trustor under the Loan Documents following expiration of <br /> applicable notice and cure periods; (2) failure to observe or perform any of Trustor's other <br /> covenants, agreements or obligations under the Loan Documents, including, without limitation, <br /> the provisions concerning discrimination following the expiration of applicable notice and cure <br /> periods; or(3) failure to make any payment or perform any of Trustor's other covenants, <br /> agreements, or obligations under any other debt instruments or regulatory agreement secured by <br /> the Property; which defaults shall not be cured within the times and in the manner provided <br /> therein. <br /> 7.2 Acceleration of Maturity. If an Event of Default shall have occurred and be <br /> continuing,then at the option of the Beneficiary, the amount of any payment related to the Event <br /> of Default and the unpaid Principal of the Note shall immediately become due and payable,upon <br /> written notice by the Beneficiary to the Trustor(or automatically where so specified in the Loan <br /> Documents), and no omission on the part of the Beneficiary to exercise such option when <br /> entitled to do so shall be construed as a waiver of such right. Notwithstanding anything to the <br /> contrary contained herein, the Beneficiary hereby agrees that any cure of any default made or <br /> tendered by one or more of Trustor's limited partners shall be deemed to be a cure by Trustor and <br /> shall be accepted or rejected on the same basis as if made or tendered by Trustor. <br /> 7.3 The Beneficiary's Right to Enter and Take Possession. If an Event of Default <br /> shall have occurred and be continuing, the Beneficiary may: <br /> A. Either in person or by agent,with or without bringing any action or <br /> proceeding,or by a receiver appointed by a court, and without regard to the adequacy of its <br /> security, enter upon the Security and take possession thereof(or any part thereof) and of any of <br /> the Security, in its own name or in the name of Trustee, and do any acts which it deems <br /> necessary or desirable to preserve the value or marketability of the Property, or part thereof or <br /> interest therein, increase the income therefrom or protect the security thereof. The entering upon <br /> and taking possession of the Security shall not cure or waive any Event of Default or Notice of <br /> Default(as defined below)hereunder or invalidate any act done in response to such Default or <br /> pursuant to such Notice of Default and,notwithstanding the continuance in possession of the <br /> Security, Beneficiary shall be entitled to exercise every right provided for in this Deed of Trust, <br /> or by law upon occurrence of any Event of Default, including the right to exercise the power of <br /> sale; <br /> B. Commence an action to foreclose this Deed of Trust as a mortgage, <br /> appoint a receiver, or specifically enforce any of the covenants hereof; <br /> 11 <br /> 144\221\1488737.2 <br />
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