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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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Property. Trustor further represents and warrants that there are no pending, or to Trustor's <br />knowledge, threatened actions or proceedings before any court or administrative agency which <br />may adversely affect Trustor's ownership of the Property. <br />7.4 Payment and Performance of Secured Obligations. Trustor shall promptly pay <br />when due the principal and any interest due on the indebtedness evidenced by the Note, and shall <br />promptly pay and perform all other obligations of Trustor arising in connection with the Secured <br />Obligations or the Loan Documents in accordance with the respective terms thereof. <br />7.5 Use of Loan Proceeds; Preservation and Maintenance of Property; Compliance <br />with Laws. Trustor covenants that it shall use the Loan Proceeds solely for purposes authorized <br />by the Loan Documents. Trustor covenants that it shall keep the Land and Improvements in <br />good repair and condition, and from time to time shall make necessary repairs, renewals and <br />replacements thereto so that the Property shall be preserved and maintained. Trustor covenants <br />to comply with all federal, state and local laws, regulations, ordinances and rules applicable to <br />the Property, including without limitation all applicable requirements of state and local building <br />codes and regulations, and all applicable statutes and regulations relating to accessibility for the <br />disabled. Trustor shall not remove, demolish or materially alter any Improvement without <br />Beneficiary's consent, shall complete or restore promptly and in good and workmanlike manner <br />any building, fixture or other improvement which may be constructed, damaged, or destroyed <br />thereon, and shall pay when due all claims for labor performed and materials furnished therefor. <br />Trustor shall use the Land and the Improvements solely for purposes authorized by the Loan <br />Documents, shall not commit or allow waste of the Property, and shall not commit or allow any <br />act upon or use of the Property which would violate any applicable law or order of any <br />governmental authority, nor shall Trustor bring on or keep any article on the Property or cause or <br />allow any condition to exist thereon which could invalidate or which would be prohibited by any <br />insurance coverage required to be maintained on the Property pursuant to the Loan Documents. <br />7.6 Restrictions on Conveyance and Encumbrance; Acceleration. It shall be an Event <br />of Default hereunder if the Property, any part thereof, or interest therein is sold, assigned, <br />conveyed, transferred, hypothecated, leased, licensed, or encumbered in violation of the Loan <br />Documents or if any other Transfer (as defined in the Loan Agreement) occurs in violation of the <br />Loan Documents. If any such Transfer shall occur in violation of such requirements, without <br />limiting the provisions of Section 8 hereof, all obligations secured by this Deed of Trust, <br />irrespective of the maturity dates of such obligations, shall at the option of Beneficiary, and <br />without demand, immediately become due and payable, subject to any applicable cure period. <br />7.7 Inspections; Books and Records. Beneficiary and its agents and representatives <br />shall have the right at any reasonable time upon reasonable notice to enter upon the Land and <br />inspect the Property to ensure compliance with the Loan Documents. Trustor shall maintain <br />complete and accurate books of account and other records (including copies of supporting bills <br />and invoices) adequate to document the use of the Loan Proceeds and the operation of the <br />Property, together with copies of all written contracts, Leases and other instruments which affect <br />the Property. The books, records, contracts, Leases and other instruments shall be subject to <br />examination and inspection by Beneficiary at any reasonable time following two business days <br />prior notice. <br />0 <br />
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