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Inst 2018245844
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Inst 2018245844
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Last modified
6/5/2019 7:16:12 AM
Creation date
1/25/2019 4:51:38 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
12/28/2018
Recorded Document Type
Performance Deed of Trust
Retention
PERM
Document Relationships
Inst 2019001029
(Reference)
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\City Clerk\City Council\Recorded Documents\2019
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directly questioned in such action or proceeding, including, without limitation, any action for the <br />condemnation or partition of all or any portion of the Property and any action brought by <br />Beneficiary to foreclose this Deed of Trust or to enforce any of its terms or provisions. <br />6. Failure of Trustor to Comply with Deed of Trust. Should Trustor fail to do any act required <br />by this Deed of Trust, or should there be any action or proceeding (including, without limitation, any <br />judicial or non -judicial proceeding to foreclose the line of a junior or senior mortgage or deed of <br />trust) affecting or purporting to affect the Property or this Deed of Trust, Beneficiary or Trustee may <br />(but is not obligated to): <br />a. Make any such payment or do any such act in such manner and to such extent as <br />either deems necessary to preserve or protect the Property or this Deed of Trust, Beneficiary and <br />Trustee being authorized to enter upon the Property for any such purpose; and <br />b. In exercising any such power, pay necessary expenses, employ attorneys and pay <br />reasonable attorneys' fees incurred in connection therewith, without notice to or demand upon <br />Trustor and without releasing Trustor from any obligation hereunder. <br />7. Default. Each of the following shall constitute a "Default" under this Deed of Trust: <br />a. The filing by Trustor of any petition or action for relief under any bankruptcy, <br />reorganization, insolvency or moratorium law, or any other law or laws for the relief of, or relating <br />to, debtors; or <br />b. In the event that after the date hereof Trustor sells, contracts to sell, gives an <br />option to purchase, conveys, transfers or alienates the Property, or suffers its title to, or any <br />interest in the Property to be divested, whether voluntarily or involuntarily; or <br />Trustor defaults under the terms and conditions of the Resale Restrictions. <br />8. Remedies on Default. In the event any Default hereunder which remains uncured <br />following notice from Beneficiary and any cure period for each Default set forth herein, Beneficiary, <br />at Beneficiary's option, and to the extent permitted by applicable law, may, by delivering to Trustee <br />a written declaration of default and demand for sale, executed by Beneficiary and reciting facts <br />demonstrating that such default by Trustor, together with a written notice of default, cure any <br />defaults or purchase the Property pursuant to the terms of the Resale Restrictions. Beneficiary <br />shall also deposit with Trustee the Resale Restrictions (including any amendments thereto), this <br />Deed of Trust and such other documents necessary or appropriate. Upon receipt by Trustee of <br />such affidavit or declaration of default and such notice of default and election to sell, Trustee shall <br />accept as true and conclusive all facts and statements contained in such affidavit or declaration of <br />default and shall cause such notice of default and election to sell to be recorded as required by <br />applicable law. Upon the expiration of such period as may then be required as applicable law <br />following recordation of such notice of default, and after notice of sale has been given in the <br />manner and for the period required by applicable law, Trustee, without demand on Trustor, shall <br />sell the entire Property at the time and place fixed in such notice of sale, to Beneficiary, subject to <br />the minimum bid requirement, for cash in lawful money of the United States, payable at the time of <br />sale. Such sale shall be subject to all of the terms and conditions of the Resale Restrictions. <br />Performance Deed of Crust <br />
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