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Reso 1996-166 to 170
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Reso 1996-166 to 170
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
12/31/1996
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thereon, at the Note rate, shall become additional indebtedness of Borrower secured <br />by this Deed of Trust. Unless Borrower and Lender agree to other terms of payment, <br />such amounts shall be payable upon notice from Lender to Borrower requesting <br />payment thereof. Nothing contained in this paragraph 6 shall require Lender to incur <br />any expense or take any action hereunder. <br />7. Inspection. Lender may make or cause to be made reasonable entries <br />upon and inspections of the Property, provided that Lender shall give Borrower <br />notice prior to any such inspection specifying reasonable cause therefor related to <br />Lender's interest in the Property. <br />8. Condemnation. The proceeds of any award or claim for damages, direct <br />or consequential, in connection with any condemnation or other taking of the <br />Property, or part thereof, or for conveyance in lieu of condemnation, are hereby <br />assigned and shall be paid to Lender. <br />9. Borrower Not Released.• Forbearance by Lender Not a Waiver. <br />Extension of the time for payment or modification or amortization of the sums <br />secured by this Deed of Trust granted by Lender to any successor in interest of <br />Borrower shall not operate to release, in any manner, the liability of the original <br />Borrower and Borrower's successors in interest. Lender shall not be required to <br />commence proceedings against such successor or refuse to extend time for payment or <br />otherwise modify amortization of the sums secured by this Deed of Trust by reason <br />of any demand made by the original Borrower and Borrower's successors in interest. <br />Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise <br />afforded by applicable law, shall not be a waiver of or preclude the exercise of any <br />such right or remedy. <br />10. Successors and Assigns Bound: Joint and Several LiabilityCo-signers. <br />The covenants and agreements herein contained shall bind, and the rights hereunder <br />shall inure to the benefit of, the respective successors and assigns of Lender and <br />Borrower, subject to the provisions of paragraph 14 hereof. All covenants and <br />agreements of Borrower shall be joint and several. <br />11. Notice. Except for any notice required under applicable law to be given <br />in another manner, (a) any notice to Borrower provided for in this Deed of Trust <br />shall be given by delivering it or by mailing such notice by certified mail return <br />receipt requested addressed to Borrower at Lloyd Wise Company, 10550 East 14th <br />Redevelopment Agency (Automall) <br />Deed of Trust <br />October 2, 1996 <br />Page 5 of 10 <br />
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