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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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7.8 Charges, Liens, Taxes and Assessments. Trustor shall pay before delinquency all <br />taxes, levies, assessments and other charges affecting the Property that are (or if not paid may <br />become) a lien on all or part of the Property. Trustor may, at Trustor's expense, contest the <br />validity or application of any tax, levy, assessment or charge affecting the Property by <br />appropriate legal proceedings promptly initiated and conducted in good faith and with due <br />diligence, provided that (i) Beneficiary is reasonably satisfied that neither the Property nor any <br />part thereof or interest therein will be in danger of being sold, forfeited, or lost as a result of such <br />contest, and (ii) Trustor shall have posted a bond or furnished other security as may reasonably <br />be required from time to time by Beneficiary; and provided further that Trustor shall timely <br />make any payment necessary to prevent a lien foreclosure, sale, forfeiture or loss of the Property. <br />Trustor shall immediately discharge or cause to be discharged any lien on the Property <br />(other than encumbrances approved by Beneficiary as of the date hereof in writing). Trustor <br />shall pay when due each obligation secured by or reducible to a lien, charge or encumbrance <br />which now does or later may encumber or appear to encumber all or part of the Property or any <br />interest in it, whether or not such lien, charge or encumbrance is or would be senior or <br />subordinate to this Deed of Trust. Trustor shall not be required to pay any tax, levy, charge or <br />assessment so long as its validity is being actively contested in good faith and by appropriate <br />actions and/or proceedings. <br />7.9 Subrogation. Beneficiary shall be subrogated to the liens of all encumbrances, <br />whether released of record or not, which are discharged in whole or in part by Beneficiary in <br />accordance with this Deed of Trust. <br />7.10 Hazard, Liability and Workers' Compensation Insurance. At all times during the <br />term hereof, Trustor shall at Trustor's expense, maintain insurance policies in accordance with <br />the requirements set forth in the Loan Documents. Trustor shall file with Beneficiary prior to the <br />commencement of the term hereof, certificates (or such other proof as Beneficiary may <br />reasonably require, including without limitation copies of the required insurance policies) <br />evidencing each of the insurance policies and endorsements thereto as required pursuant to the <br />Loan Documents, and such certificates (or policies) shall provide that at least thirty (30) days' <br />prior written notice shall be provided to Beneficiary prior to the expiration, cancellation or <br />change in coverage under each such policy. If any insurance policy required pursuant to the <br />Loan Documents is canceled or the coverage provided thereunder is reduced, Trustor shall, <br />within ten (10) days after receipt of written notice of such cancellation or reduction in coverage, <br />but in no event later than the effective date of cancellation or reduction, file with Beneficiary a <br />certificate showing that the required insurance has been reinstated or provided through another <br />insurance company or companies. Upon failure to so file such certificate, Beneficiary may, <br />without further notice and at its option, procure such insurance coverage at Trustor's expense, <br />and Trustor shall promptly reimburse Beneficiary for such expense upon receipt of billing from <br />Beneficiary. <br />7.11 Hazardous Materials. Trustor represents and warrants that except as disclosed to <br />Beneficiary in writing, as of the date hereof to the best knowledge of Trustor: (i) the Land is free <br />and has always been free of Hazardous Materials (as defined below) and is not and has never <br />been in violation of any Environmental Law (as defined below); (ii) there are no buried or <br />partially buried storage tanks located on the Land; (iii) Trustor has received no notice, warning, <br />7 <br />
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