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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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// ( <br />\ <br />beer;i duly.authorized, executed, and delivered by Trustor; (b) are binding obligations of <br />Trustor; and (c) do not violate ,the prpvisions of any agreement to which Trustor is a party or <br />which affects the Property. Trustor further represents and warrants that there are no <br />pending, or to Truster's knowledge, threatened actions or proceedings before any court or <br />administrative agency which may adversely affect Truster's ownership of the Property. <br />7.4 Payment and Performance of Secured Obligations. Trustor shall promptly <br />pay and perform all obligations of Trustor arising in connection with the Secured ·· <br />Obligations in accordance with the respective terms thereof. <br />7.5 Use of Loan Proceeds; Preservation and Maintenance of Property; <br />Compliance with Laws. Trustor covenants that it shall use the Loan Proceeds solely for <br />purpose of financing the Project in accordance with the Loan Agreement. Trustor shall keep <br />the Land and Improvements in good repair and condition, and from time to time shall make <br />necessary repairs, renewals and replacements thereto so that the Property shall be <br />preserved and maintained. Trustor covenants to comply with all federal, state and local <br />laws, regulations, ordinances and rules applicable to the Property and the Project, including <br />without limitation all applicable requirements of state and local building codes and <br />regulations, Prevailing Wage Laws, and all applicable statutes and regulations relating to <br />accessibility for the disabled. Trustor shall not remove, demolish or materially alter any <br />Improvement without Beneficiary's consent, shall complete or restore promptly and in good <br />and workmanlike manner any building, fixture or other improvement which may be <br />constructed, damaged, or destroyed thereon, and shall pay when due all claims for labor <br />performed and materials furnished therefor. Trustor shall use the Land and Improvements <br />solely for purposes authorized by the Loan Documents, shall not commit or allow waste of <br />the Property, and shall not commit or allow any act upon or use of the Property which would <br />violate any applicable law or order of any governmental authority, nor shall Trustor bring on <br />or keep any article on the Property or cause or allow any condition to exist thereon which <br />could invalidate or which would be prohibited by any insurance coverage required to be <br />maintained on the Property pursuant to the Loan Documents. <br />7.6 Reserved. <br />7.7 Inspections; Books and Records. Beneficiary and its agents and <br />representatives shall have the right at any reasonable time upon reasonable notice to enter <br />upon and inspect the Property to ensure compliance with the Loan Documents. Trustor <br />shall maintain complete and accurate books of account and other records (including copies <br />of supporting bills and invoices) adequate to document the use of the Loan Proceeds and <br />the operation of the Property, together with copies of all written contracts, Leases and other <br />instruments which affect the Property. The books, records, contracts, Leases and other <br />instruments shall be subject to examination and inspection at any reasonable time by <br />Beneficiary.following two business days prior notice. <br />7.8 Charges. Liens. Taxes and Assessments. Trustor shall pay before <br />delinquency all taxes, levies, assessments and other charges affecting the Property that <br />are (or if not paid may become) a lien on all or part of the Property. Trustor may, at <br />Truster's expense, contest the validity or application of any tax, levy, assessment or charge <br />affecting the Property by appropriate legal proceedings promptly initiated and conducted in <br />good faith and with due diligence, provided that (i) Beneficiary is reasonable satisfied that
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