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Deed of Trust 15101 Washington Ave 07192022
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Deed of Trust 15101 Washington Ave 07192022
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Last modified
6/26/2024 5:27:21 PM
Creation date
6/24/2024 1:54:54 PM
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CM City Clerk-City Council
Document Date (6)
7/19/2022
Recorded Document Type
Deed of Trust
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PERM
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Document, subject to the expiration of any applicable cure period set forth in such document; <br />b. Trustor fails to perform any monetary obligation which arises under this <br />Deed of Trust, and does not cure that failure within ten (10) days following written notice from <br />Beneficiary or Trustee; <br />C. If Trustor's interest in the Property or any part thereof is voluntarily or <br />involuntarily sold, transferred, leased, encumbered, or otherwise conveyed in violation of <br />Section 7.4 hereof or if any other Transfer occurs in violation of the Loan Agreement; <br />d. Trustor fails to maintain the insurance coverage required under the City <br />Documents or otherwise fails to comply with the requirements of Section 7.8 hereof and Trustor <br />fails to cure such default within the time specified in Section 7.8; <br />e. Subject to Trustor's right to contest such charges as provided herein, <br />Trustor fails to pay taxes or assessments due on the Land or the Improvements or fails to pay any <br />other charge that may result in a lien on the Land or the Improvements, and Trustor fails to cure <br />such default within ten (10) days. <br />f. Any representation or warranty of Trustor contained in or made in <br />connection with the execution and delivery of this Deed of Trust or in any certificate or <br />statement furnished pursuant hereto or in any other City Document proves to have been false or <br />misleading in any material adverse respect when made; <br />g. If, pursuant to or within the meaning of the United States Bankruptcy <br />Code or any other federal or state law relating to insolvency or relief of debtors ("Bankruptcy <br />Law"), Trustor or any general partner thereof (i) commences a voluntary case or proceeding; (ii) <br />consents to the entry of an order for relief against Trustor or any general partner thereof in an <br />involuntary case; (iii) consents to the appointment of a trustee, receiver, assignee, liquidator or <br />similar official for Trustor or any general partner thereof, (iv) makes an assignment for the <br />benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become due. <br />h. If a court of competent jurisdiction enters an order or decree under any <br />Bankruptcy Law that (i) is for relief against Trustor or any general partner thereof in an <br />involuntary case, (ii) appoints a trustee, receiver, assignee, liquidator or similar official for <br />Trustor or any general partner thereof or substantially all of such entity's assets, (iii) orders the <br />liquidation of Trustor or any general partner thereof, or (iv) issues or levies a judgment, writ, <br />warrant of attachment or similar process against the Property or the Project, and in each case the <br />order or decree is not released, vacated, dismissed or fully bonded within 60 days after its <br />issuance. <br />i. The holder of any other debt instrument secured by a mortgage or deed of <br />trust on the Property or part thereof declares an event of default thereunder and exercises a right <br />to declare all amounts due under that debt instrument immediately due and payable, subject to <br />the expiration of any applicable cure period set forth in such holder's documents; or <br />j. Trustor fails to perform any obligation arising under this Deed of Trust <br />other than one enumerated in this Section 8.1, and does not cure that failure either within ten (10) <br />13 <br />
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