Laserfiche WebLink
B. Payment of any sums advanced by Beneficiary to protect the Security pursuant to <br /> the terms and provisions of this Deed of Trust following a breach of Trustor's obligation to <br /> advance said sums and the expiration of any applicable cure period, with interest thereon as <br /> provided herein; and <br /> C. Performance of every obligation, covenant or agreement of Trustor contained <br /> herein and in the Loan Documents (defined in Section 1.1 below). <br /> AND TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR <br /> COVENANTS AND AGREES: <br /> ARTICLE 1. <br /> DEFINITIONS <br /> 1.1 In addition to the terms defined elsewhere in this Deed of Trust, the following <br /> terms shall have the following meanings in this Deed of Trust: <br /> A. "Loan Agreement" means that certain Loan Agreement dated as of July <br /> 24, 2012 and amended on , 2014, executed by and between the Trustor and Beneficiary, <br /> providing for the Beneficiary to loan to Trustor Six Hundred Fifty Thousand Dollars($650,000) <br /> for the development of the Property. <br /> B. "Loan Documents" means this Deed of Trust, the Loan Agreement,the <br /> Note, and the Regulatory Agreement. <br /> C. "Note" means that certain promissory note in the amount of Six Hundred <br /> Fifty Thousand Dollars ($650,000) dated as of even date herewith, executed by the Trustor in <br /> favor of the Beneficiary,the payment of which is secured by this Deed of Trust. <br /> D. "Regulatory Agreement"means that certain Regulatory Agreement, <br /> dated as of even date herewith, executed by and between Trustor and Beneficiary, and which sets <br /> forth the household income and rent restrictions for the HOME assisted units. <br /> ARTICLE 2. <br /> MAINTENANCE AND MODIFICATION OF THE <br /> PROPERTY AND SECURITY; ASSIGNMENT OF RENTS <br /> 2.1 Maintenance and Modification of the Property by Trustor. The Trustor agrees that <br /> at all times prior to full payment of the sum owed under the Note, the Trustor will, at the <br /> Trustor's own expense, maintain,preserve and keep the Security or cause the Security to be <br /> maintained and preserved in good condition. The Trustor will from time to time make or cause <br /> to be made all repairs,replacements and renewals deemed proper and necessary by it. The <br /> Beneficiary shall have no responsibility in any of these matters or for the making of <br /> improvements or additions to the Security. <br /> Trustor agrees to pay fully and discharge (or cause to be paid fully and discharged) all <br /> claims for labor done and for material and services furnished in connection with the Security, <br /> diligently to file or procure the filing of a valid notice of cessation upon the event of a cessation <br /> 3 <br /> 144\221\1488737.2 <br />