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Inst 2016145589
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Inst 2016145589
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Last modified
2/8/2018 8:58:09 AM
Creation date
7/7/2016 2:42:53 PM
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CM City Clerk-City Council
Document Date (6)
6/9/2016
Recorded Document Type
Deed of Trust
Assignment of Rents
Retention
PERM
Document Relationships
_CC Agenda 2014 0616 CS+RG
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0616
10A Action 2014 0616
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0616
Reso 2014-065
(Reference)
Path:
\City Clerk\City Council\Resolutions\2014
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misleading in any material adverse respect when made; <br />g. If, pursuant to or within the meaning of the United States Bankruptcy <br />Code or any other federal or state law relating to insolvency or relief of debtors ("Bankruptcy <br />Law"), Trustor (i) commences a voluntary case or proceeding; (ii) consents to the entry of an <br />order for relief against Trustor in an involuntary case; (iii) consents to the appointment of a <br />trustee, receiver, assignee, liquidator or similar official for Trustor; (iv) makes an assignment for <br />the benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become <br />due. <br />h. If a court of competent jurisdiction enters an order or decree under any <br />Bankruptcy Law that (i) is for relief against Trustor in an involuntary case, (ii) appoints a trustee, <br />receiver, assignee, liquidator or similar official for Trustor or substantially all of such Trustor's <br />assets, (iii) orders the liquidation of Trustor, or (iv) issues or levies a judgment, writ, warrant of <br />attachment or similar process against the Property or the Project, and in each case the order or <br />decree is not released, vacated, dismissed or fully bonded within 60 days after its issuance. <br />i. The holder of any other debt instrument secured by a mortgage or deed of <br />trust on the Property or part thereof declares an event of default thereunder and exercises a right <br />to declare all amounts due under that debt instrument immediately due and payable, subject to <br />the expiration of any applicable cure period set forth in such holder's documents; or <br />j. Trustor fails to perform any obligation arising under this Deed of Trust <br />other than one enumerated in this Section 8.1, and does not cure that failure either within ten (10) <br />days after written notice from Beneficiary or Trustee in the event of a monetary default, or <br />within thirty (30) days after such written notice in the event of a nonmonetary default, provided <br />that in the case of a nonmonetary default that in Beneficiary's reasonable judgment cannot <br />reasonably be cured within thirty (30) days, an Event of Default shall not arise hereunder if <br />Trustor commences to cure such default within thirty (30) days and thereafter prosecutes such <br />cure to completion with due diligence and in good faith and in no event later than sixty (60) days <br />following receipt of notice of default. <br />8.2 Remedies. Subject to the applicable notice and cure provisions set forth herein, at <br />any time after an Event of Default, Beneficiary and Trustee shall be entitled to invoke any and all <br />of the rights and remedies described below, and may exercise any one or more or all, of the <br />remedies set forth in any Loan Document, and any other remedy existing at law or in equity or <br />by statute. All of Beneficiary's rights and remedies shall be cumulative, and the exercise of any <br />one or more of them shall not constitute an election of remedies. Beneficiary shall be entitled to <br />collect all expenses incurred in pursuing the remedies provided hereunder, including without <br />limitation reasonable attorneys' fees and costs. <br />a. Acceleration. Beneficiary may declare any or all of the Secured <br />Obligations, including without limitation all sums payable under the Note and this Deed of Trust, <br />to be due and payable immediately. <br />b. Receiver. Beneficiary may apply to any court of competent jurisdiction <br />for, and obtain appointment of, a receiver for the Property. <br />14 <br />
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