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Deed of Trust Simas Trust
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Deed of Trust Simas Trust
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Last modified
7/9/2024 8:35:34 AM
Creation date
9/22/2020 9:41:22 AM
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CM City Clerk-City Council
Document Date (6)
7/18/2019
Recorded Document Type
Deed of Trust
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PERM
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, (vii) If, pursuant to or within the meaning of the United States Bankruptcy <br />Code or any other federal or state la,w relating to insolvency or relief of debtors <br />("Bankruptcy Law"), Trustor (i) commences a voluntary case or proceeding; (ii) consents <br />to the entry of an order for relief against Trustor in an involuntary case; (iii) consents to the <br />appointment of a trustee, receiver, assignee, liquidator or similar official for Trustor; (iv) <br />makes an assignment for the benefit of its creditors; or (v) admits in writing its inability to <br />pay its debts as they become due. <br />(viii) If a court of competent jurisdiction enters an order or decree under any <br />Bankruptcy Law that (i) is for relief against Trustor in an involuntary case, (ii) appoints a <br />trustee, receiver, assignee, liquidator or similar official for Trustor or substantially all of <br />Trustor's assets, or (iii) issues or levies a judgment, writ, warrant of attachment or similar ' <br />process against the Property or the Project, and in each case the order or decree is not <br />released, vacated, dismissed or fully bonded within sixty (60) days after its issuance. <br />(ix) The holder of any other debt instrument secured by a mortgage or <br />Deed of Trust on the Property or part thereof declares an event of default thereunder and <br />exercises a right to declare all amounts due under that debt instrument immediately due <br />and payable, subject to the expiration of any applicable cure period set forth in such <br />holder's documents; or <br />(x) Trustor fails to perform any obligation arising under this Deed of Trust <br />other than one enumerated in this Section 8.1, and does not cure that failure either within <br />ten (10) days ("Initial Cure Period") after written notice from Beneficiary or Trustee in the <br />event of a monetary default, or within thirty (30) days after such written notice in the event <br />of a nonmonetary default (or such longer time as Beneficiary may agree upon in writing), <br />provided that Trustor commences to cure the default within the Initial Cure Period and <br />thereafter prosecutes such cure with due diligence and in good faith and Beneficiary in the <br />exercise of reasonable judgment determines that a cure cannot reasonably be completed <br />prior to expiration of the Initial Cure Period. <br />8.2 Remedies. Subject to the applicable notice and cure provisions set forth <br />herein, at any time after an Event of Default, Beneficiary and Trustee shall be entitled to <br />invoke any and all of the rights and remedies described below, and may exercise any one <br />or more or all, of the remedies set forth in any Loan Document, and any other remedy <br />existing at law or in equity or by statute. All of Beneficiary's rights and remedies shall be <br />cumulative, and the exercise of any one or more of them shall not constitute an election of <br />remedies. Beneficiary shall be entitled to collect all expenses incurred in pursuing the <br />remedies provided hereunder, including without limitation reasonable attorneys' fees and <br />costs of title evidence. <br />(a) . Acceleration. Beneficiary may declare any or all of the Secured <br />Obligations to be due and payable immediately. <br />(b) Receiver. Beneficiary may apply to any court of competent jurisdiction <br />for, and obtain appointment o( a receiver for the Property. <br />(c) Entry. Beneficiary, in person, by agent or by court-appointed receiver, <br />may enter, take possession of, manage and operate all or any part of the Property, and
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