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Deed of Trust 14873 Olivia Street
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Deed of Trust 14873 Olivia Street
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9/22/2020 10:05:49 AM
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9/22/2020 9:40:26 AM
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CM City Clerk-City Council
Document Date (6)
10/1/2018
Recorded Document Type
Performance Deed of Trust
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PERM
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Trustee may postpone the sale of all or any portion of the Property by public announcement made <br />at the initial time and place of sale, and from time to time thereafter by public announcement made <br />at the time and place of sale fixed by the preceding postponement. Trustee shall deliver to <br />Beneficiary at such sale its deed conveying the Property, but without any covenant or warranty, <br />express or implied. The recital in such deed of any matter of fact shall be conclusive proof of the <br />truthfulness thereof. After deducting all costs, fees, and expenses of Trustee under this section, <br />including costs of procuring evidence of title and Trustee's and Trustee's attorneys' fees incurred in <br />connection with such sale. Trustee shall deliver all proceeds up to the purchase price to Trustor <br />and any excess to Beneficiary. <br />9. Survival of Purchase Option Upon Transfer. <br />a. In General. The City's right to exercise its purchase option pursuant to Section 3 <br />of the Resale Restrictions shall survive any transfer of the Property by Owner. The purchase option <br />may be exercised against the Property whether owned, possessed or occupied by (i) an Eligible <br />Household, (ii) any successor, transferee, assignee, heir, executor, or administrator of an Eligible <br />Household, including a debtor-in-possession, debtor or trustee pursuant to Title 11 of the United <br />States Code, or (iii) any person owning, possessing or occupying the Property who does not meet <br />the eligibility criteria established by the City under the Program (collectively all referred to and defined <br />herein as "Owner"). Notwithstanding the foregoing, the purchase option shall not survive (1) the <br />sale and transfer of the Property under a judicial or non-judicial foreclosure or a deed-in-lieu of <br />foreclosure pursuant to a mortgage or deed of trust recorded against the Property in the Office of the <br />Recorder of the County of Alameda on or prior to the date of this Agreement, provided that the City <br />has received timely notice of such purchase option event and has failed to either reinstate said <br />mortgage or deed of trust or complete the purchase of the Property pursuant to its purchase option <br />prior to the date of the foreclosure sale, or (2) the recording of an instrument conveying Owner's <br />interest in the Property to the City, or its assignee, provided the conveyance is in accordance with <br />the terms of this Agreement. <br />b. HUD Insured or CalHFA Held Mortaaae. If Owner has acquired the Property by a <br />mortgage insured by the Secretary of the United States Department of Housing and Urban <br />Development or held by the California Housing Finance Agency, and provided that the City has <br />received timely notice of such purchase option event (which notice could include a notice of default <br />recorded pursuant to California Civil Code Section 2924 or successor provisions), then this Option <br />shall automatically terminate if title to the Property is transferred by foreclosure or deed-in-lieu of <br />foreclosure, or if the insured mortgage is assigned to the Secretary. <br />10. Subordination. This Deed of Trust shall be subordinate to the liens of the senior deeds of <br />trust to be recorded against the Property, and any deed of trust held by the California Housing <br />Finance Agency. <br />11. Obligation to Inform Beneficiary of Default. Trustor will notify Beneficiary in writing, at or <br />prior to the time of the occurrence of any Default event described in Section 7 hereof, of such event <br />and will promptly furnish Beneficiary with any and all information concerning such event which <br />Beneficiary may request. <br />Performance Deed of Trust 4
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