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covenants and agreements under this Security Instrument, the Note, Rental Housing <br />Rehabilitation Agreement, and Regulatory Agreement. For this purpose, Borrowers <br />irrevocably grants, transfers, assigns, and conveys to Trustee, in trust, with power of <br />sale and right of entry and possession all of Borrowers' rights, title and interest now <br />held or hereafter acquired in and to the property located in Alameda County, <br />California at 825 San Leandro Boulevard and further described in Exhibit 1. <br />TOGETHER WITH all the improvements now or hereafter erected on the <br />property, and all easements, appurtenances, and fixtures now or hereafter a part of <br />the property. All replacements and additions shall also be covered by this Security <br />Instrument. All of the foregoing is referred to in this Security Instrument as the <br />"Property". <br />Borrowers COVENANT that Borrowers are lawfully seized of the estate hereby <br />conveyed and has the right to grant and convey the Property and, except for a First <br />Deed of Trust, the Property is unencumbered. Borrowers warrant and will defend <br />generally the title to the Property against all claims and demands, subject to such <br />encumbrances of record. <br />THIS SECURITY INSTRUMENT combines uniform covenants for use and <br />non -uniform covenants with limited variations by jurisdiction to constitute a uniform <br />security instrument covering real property. <br />This Security Instrument applies to, inures to the benefit of, and binds all <br />parties hereto, their heirs, legatees, devises, administrators, executors, successors, and <br />assigns. <br />UNIFORM COVENANTS. Borrowers and Lender covenant and agree as <br />follows: <br />1. Payment of Principal and Interest. Borrowers shall promptly pay <br />when due the principal of and interest on the debt evidenced by the Note. <br />2. Application of Payments. All payments under paragraph 1 shall be <br />applied: first, to any interest due; and second, to any principal due. <br />3. Charges; Liens. The Borrowers shall perform all of the Borrowers' <br />obligations under the Promissory Note, including Borrowers' covenant to make <br />825 San Leandro Boulevard Page 2 of 9 <br />Deed of Trust <br />071999 <br />