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Deed of Trust Shoreline Single Family Element
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Deed of Trust Shoreline Single Family Element
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8/4/2023 2:51:15 PM
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8/4/2023 2:50:50 PM
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CM City Clerk-City Council
Document Date (6)
3/7/2023
Recorded Document Type
Deed of Trust
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attributable to diminution in the value of the Property; (2) loss or restriction of use of rentable <br />space on the Property; (3) adverse effect on the marketing of any rental space on the Property; <br />and (4) penalties and fines levied by, and remedial or enforcement actions of any kind issued by <br />any regulatory agency (including but not limited to the costs of any required testing, remediation, <br />repair, removal, cleanup or detoxification of the Property and surrounding properties). <br />Notwithstanding the foregoing, Trustor's indemnity obligations under this paragraph shall not <br />apply with respect to any loss, damage, cost, expense, liability or suit to the extent the same <br />either (i) results from the gross negligence or willful misconduct of the Beneficiary or its agents, <br />or (ii) occurs after the dispossession of the Trustor from the Property pursuant to foreclosure <br />proceedings or a deed in lieu thereof. <br />Without Beneficiary's prior written consent, which shall not be unreasonably delayed or <br />withheld, Trustor shall not take any Environmental Measure or other remedial action in response <br />to the presence of any Hazardous Materials on, under or about the Property, nor enter into any <br />settlement agreement, consent decree, or other compromise in respect to any Hazardous Material <br />Claims, which remedial action, settlement, consent decree or compromise might, in Beneficiary's <br />reasonable judgement, impair the value of the Beneficiary's security hereunder; provided, <br />however, that Beneficiary's prior consent shall not be necessary in the event that the presence of <br />Hazardous Materials on, under, or about the Property either poses an immediate threat to the <br />health, safety or welfare of any individual or is of such a nature that an immediate remedial <br />response is necessary and it is not reasonably possible to obtain Beneficiary's consent before <br />taking such action, provided that in such event Trustor shall notify Beneficiary as soon as <br />practicable of any action so taken. Beneficiary agrees not to withhold its consent, where such <br />consent is required hereunder, if (i) a particular remedial action is ordered by a court of <br />competent jurisdiction, (ii) Trustor will or may be subjected to civil or criminal sanctions or <br />penalties if it fails to take a required action; (iii) Trustor establishes to the reasonable satisfaction <br />of Beneficiary that there is no reasonable alternative to such remedial action which would result <br />in less impairment of Beneficiary's security hereunder; or (iv) the action has been agreed to by <br />Beneficiary. <br />The Trustor hereby acknowledges and agrees that (i) this Article is intended as the <br />Beneficiary's written request for information (and the Trustor's response) concerning the <br />environmental condition of the Property as required by California Code of Civil Procedure <br />Section 726.5, and (ii) each representation and warranty in this Deed of Trust or any of the other <br />Loan Documents (together with any indemnity applicable to a breach of any such representation <br />and warranty) with respect to the environmental condition of the property is intended by the <br />Beneficiary and the Trustor to be an "environmental provision" for purposes of California Code <br />of Civil Procedure Section 736. <br />In the event that any portion of the Property is determined to be "environmentally <br />impaired" (as that term is defined in California Code of Civil Procedure Section 726.5(e)(3)) or <br />to be an "affected parcel" (as that term is defined in California Code of Civil Procedure Section <br />726.5(e)(1)), then, without otherwise limiting or in any way affecting the Beneficiary's or the <br />Trustee's rights and remedies under this Deed of Trust, the Beneficiary may elect to exercise its <br />rights under California Code of Civil Procedure Section 726.5(a) to (1) waive its lien on such <br />environmentally impaired or affected portion of the Property and (2) exercise (a) the rights and <br />remedies of an unsecured creditor, including reduction of its claim against the Trustor to <br />11 <br />
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