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Last modified
9/30/2025 3:42:16 PM
Creation date
12/19/2022 4:05:09 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agenda
Document Date (6)
12/19/2022
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Reso 2022-225 3rd Amendment to Shoreline DDA_PSA KB
(Amended)
Path:
\City Clerk\City Council\Resolutions\2022
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<br /> 3 <br />under the Loan Documents (defined in Section 1.2 below). Said principal and other payments <br />shall be due and payable as provided in the Note or other Loan Documents, as applicable. The <br />Note and all its terms are incorporated herein by reference, and this conveyance shall secure any <br />and all extensions thereof, however evidenced; <br />(b) Payment of any sums advanced by Beneficiary to protect the Security pursuant to <br />the terms and provisions of this Deed of Trust following a breach of Trustor's obligation to <br />advance said sums and the expiration of any applicable cure period, with interest thereon as <br />provided herein; <br />(c) Performance of every obligation, covenant or agreement of Trustor contained <br />herein and in the Loan Documents; and <br />(d) All modifications, extensions and renewals of any of the Secured Obligations <br />(including without limitation, (i) modifications, extensions or renewals at a different rate of <br />interest, or (ii) deferrals or accelerations of the required principal payment dates or interest <br />payment dates or both, in whole or in part), however evidenced, whether or not any such <br />modification, extension or renewal is evidenced by a new or additional promissory note or notes. <br />AND TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR <br />COVENANTS AND AGREES: <br /> <br /> <br />ARTICLE 1 <br />DEFINITIONS <br /> <br />In addition to the terms defined elsewhere in this Deed of Trust, the following terms shall <br />have the following meanings in this Deed of Trust: <br />Section 1.1 The term "Loan Agreement" means that certain Third Amendment to <br />Purchase and Sale Agreement and Disposition and Development Agreement between Trustor <br />and Beneficiary, dated December 19, 2022, providing for the Beneficiary to loan to Trustor <br />Twenty-Four Million Eight Hundred Eighty-Two Thousand Nine Hundred Fifty-Eight Dollars <br />($24,882,958). <br /> <br />Section 1.2 The term "Loan Documents" means this Deed of Trust, the Note, the Loan <br />Agreement, the Single Family PSA and the DDA (as defined in the Loan Agreement), and any <br />other debt, loan or security instruments between Trustor and the Beneficiary relating to the <br />Property. <br /> <br />Section 1.3 The term "Note" means the Promissory Note in the principal amount of <br />Twenty-Four Million Eight Hundred Eighty-Two Thousand Nine Hundred Fifty-Eight Dollars <br />($24,882,958), of even date herewith, executed by Trustor in favor of Beneficiary, as it may be <br />amended or restated, the payment of which is secured by this Deed of Trust. (A copy of the Note <br />is on file with the Beneficiary and terms and provisions of the Note are incorporated herein by <br />reference.) <br />
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