Reso 1996-166 to 170 - Laserfiche WebLink

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TO SECURE to Lender the repayment of the indebtedness evidenced by a promissory note, or even date herewith, and extensions and renewals thereof (herein "Note"), in the principal sum of ONE MILLION HUNDRED THOUSAND DOLLARS ($1,_00,000.00), with interest due on that portion of the principal sum of the Note not intended to be forgiven and exonerated pursuant to Section 3.03 of the Disposition and Development Agreement ("DDA") executed by and between The Batarse Family Trust, U.T.A. dated May 7, 1987, Anthony A. Batarse, Jr., Trustee, and the Redevelopment Agency of the City of San Leandro, dated October 7 , 1996, providing for monthly installments of interest beginning upon execution of the Note, and interest forgivable upon fulfillment of the provisions of the Note; with the outstanding principal balance and accrued interest, if any, if not sooner paid, due and payable on October 2001; the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust; and the performance of the covenants and agreements of Borrower herein contained. Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Property, and that the Property is unencumbered except for encumbrances of record. Borrower covenants that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to encumbrances of record. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal and interest indebtedness evidenced by the Note, together with late charges and other accruals as provided in the Note. 2. Application and Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and Paragraph 1 hereof shall be applied by Lender first in payment of interest payable on the Note, and then to the principal of the Note. 3. Changes: Liens. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the property which may attain a priority over this Deed of Trust, and leasehold payments or ground rents, if any. Borrower shall give prompt notice to Lender of any default Redevelopment Agency (Automall) Deed of Trust October 2, 1996 Page 2 of 10