Inst 2016145589 - Laserfiche WebLink

Home

RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Space above this line for Recorder's use. DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING THIS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING ("Deed of Trust") is made as of Au st 1 , 2014 by Davis Street Family Resource Center, a California non-profit organization ("Trustor") to the City of San Leandro, a charter city formed under the laws of the State of California, as trustee ("Trustee"), for the benefit of the City of San Leandro ("Beneficiary"). RECITALS A. Trustor owns fee simple title to the land located at 1190 Davis Street in San Leandro, California and more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the "Land"). B. Beneficiary and Trustor have entered into a Loan Agreement dated as of the date hereof (the "Loan Agreement") pursuant to which Beneficiary will provide a loan to Trustor in the amount of one million five hundred thousand Dollars ($1,500,000.00) (the "Loan") for the purpose of bridge financing for Trustor to establish a medical clinic. Trustor has issued to Beneficiary a secured promissory note dated as of the date hereof (the "Note") to evidence Trustor's obligation to repay the Loan. C. As a condition precedent to the making of the Loan, Beneficiary has required that Trustor enter into this Deed of Trust and grant to Trustee for the benefit of Beneficiary, a lien and security interest in the Property (defined below) to secure repayment of the Note. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows. 1. Grant in Trust. In consideration of the foregoing and for the purpose of securing payment and performance of the Secured Obligations defined and described in Section 2, Trustor hereby irrevocably and unconditionally grants, conveys, transfers and assigns to Trustee, in trust for the benefit of Beneficiary, with power of sale and right of entry and possession, all estate, right, title and interest which Trustor now has or may later acquire in and to the Land, and all of the following, whether presently owned or hereafter acquired: