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Inst 2018004642
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Inst 2018004642
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Last modified
3/9/2018 4:37:49 PM
Creation date
3/9/2018 4:28:39 PM
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CM City Clerk-City Council
Document Date (6)
1/8/2018
Recorded Document Type
Deed of Trust
Assignment of Rents
Retention
PERM
Document Relationships
Agmt 2017 Dan and Gina Dillman Loan Agreement
(Reference)
Path:
\City Clerk\City Council\Agreements\2017
Reso 2017-150
(Reference)
Path:
\City Clerk\City Council\Resolutions\2017
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defective condition of the Property or any negligence in the management, repair or control of the <br /> Property. Absent Beneficiary's written consent, Trustor shall not accept prepayment of Rents for <br /> any rental period exceeding one month. <br /> 4. Security Agreement. The parties intend for this Deed of Trust to create a lien on the <br /> Property, and an absolute assignment of the Rents and Leases, all in favor of Beneficiary. The <br /> parties acknowledge that some of the Property may be determined under applicable law to be <br /> personal property or fixtures. To the extent that any Property maybe or be determined to be <br /> personal property, Trustor as debtor hereby grants to Beneficiary as secured party a security <br /> interest in all such Property to secure payment and performance of the Secured Obligations. This <br /> Deed of Trust constitutes a security agreement under the California Uniform Commercial Code, <br /> as amended or recodified from time to time(the "UCC"), covering all such Property. To the <br /> extent such Property is not real property encumbered by the lien granted above, and is not <br /> absolutely assigned by the assignment set forth above, it is the intention of the parties that such <br /> Property shall constitute "proceeds,products, offspring, rents, or profits" (as defined in and for <br /> the purposes of Section 552(b)of the United States Bankruptcy Code, as such section may be <br /> modified or supplemented) of the Land and Improvements. <br /> 5. Financing Statements. Pursuant to the UCC, Trustor, as debtor, hereby authorizes <br /> Beneficiary, as secured party,to file such financing statements and amendments thereof and such <br /> continuation statements with respect thereto as Beneficiary may deem appropriate to perfect and <br /> preserve Beneficiary's security interest in the Property and Rents,without requiring any signature <br /> or further authorization by Trustor. If any financing statement or other document is filed in the <br /> records normally pertaining to personal property,that filing shall not be construed as in any way <br /> derogating from or impairing this Deed of Trust or the rights or obligations of the parties under <br /> it. <br /> Everything used in connection with the Property and/or adapted for use therein and/or which is <br /> described or reflected in this Deed of Trust is, and at all times and for all purposes and in all <br /> proceedings both legal or equitable shall be regarded as part of the estate encumbered by this <br /> Deed of Trust irrespective of whether(i) any such item is physically attached to the <br /> Improvements, (ii) serial numbers are used for the better identification of certain equipment <br /> items capable of being thus identified in a recital contained herein or in any list filed with <br /> Beneficiary, or=(iii) any such item is referred to or reflected in any such financing statement so <br /> filed at any time. Similarly,the mention in any such financing statement of(1) rights in or to the <br /> proceeds of any fire and/or hazard insurance policy, or(2) any award in eminent domain <br /> proceedings for a taking or for lessening of value, or(3) Trustor's interest as lessor in any present <br /> or future lease or rights to income growing out of the use and/or occupancy of the property <br /> conveyed hereby, whether pursuant to lease or otherwise, shall not be construed as in any way <br /> altering any of the rights of Beneficiary as determined by this instrument or impugning the <br /> priority of Beneficiary's lien granted hereby or by any other recorded document. Such mention <br /> in any financing statement is declared to be solely for the protection of Beneficiary in the event <br /> any court or judge shall at any time hold, with respect to the matters set forth in the foregoing <br /> clauses (1), (2), and(3), that notice of Beneficiary's priority of interest is required in order to be <br /> effective against a particular class of persons, including but not limited to the federal government <br /> and any subdivisions or entity of the federal government. <br /> 25 <br />
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