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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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6/26/2024 5:27:21 PM
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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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occurred under the City Documents, and if in connection with such Event of Default Beneficiary <br />exercises its right to foreclose on the Property, then: (i) Beneficiary shall be entitled to declare <br />all amounts due under the Note immediately due and payable, and (ii) the proceeds of any sale of <br />the Property in connection with such foreclosure shall be used to pay all Secured Obligations, <br />including without limitation, the outstanding principal balance and all other amounts due under <br />the Note. <br />At any foreclosure sale, any person, including Trustor, Trustee or Beneficiary, may bid <br />for and acquire the Property or any part of it to the extent permitted by then applicable law. <br />Instead of paying cash for such property, Beneficiary may settle for the purchase price by <br />crediting the sales price of the property against the following obligations: <br />a. First, the portion of the Secured Obligations attributable to the expenses of <br />sale, costs of any action and any other sums for which Trustor is obligated to pay or reimburse <br />Beneficiary or Trustee under Section 7.11(c); and <br />b. Second, the remaining balance of all other Secured Obligations in any <br />order and proportions as Beneficiary in its sole discretion may choose. <br />8.4 Trustor's Right to Reinstate. Notwithstanding Beneficiary's acceleration of the <br />sums secured by this Deed of Trust, Trustor shall have the right to have any proceedings begun <br />by Beneficiary to enforce this Deed of Trust discontinued at any time prior to five days before <br />sale of the Property pursuant to the power of sale contained in this Deed of Trust or at any time <br />prior to entry of a judgment enforcing this Deed of Trust if. (a) Trustor pays Beneficiary all sums <br />which would be then due under the Loan Documents if the Secured Obligations had no <br />acceleration provision; (b) Trustor cures all breaches of any other covenants or agreements of <br />Trustor contained in this Deed of Trust; (c) Trustor pays all reasonable expenses incurred by <br />Beneficiary and Trustee in enforcing the covenants and agreements of Trustor contained in this <br />Deed of Trust, and in enforcing Beneficiary's and Trustee's remedies as provided herein, <br />including, but not limited to, reasonable attorney's fees; and (d) Trustor takes such action as <br />Beneficiary may reasonably require to assure that the lien of this Deed of Trust, Beneficiary's <br />interest in the Property and Trustor's obligation to pay the sums secured by this Deed of Trust <br />shall continue unimpaired. Upon such payment and cure by Trustor, this Deed of Trust and the <br />obligations secured hereby shall remain in full force and effect as if no acceleration had <br />occurred. <br />Nothing contained in Sections 8.3 and 8.4 is intended to expand upon or limit the rights of <br />Trustor and Beneficiary under California law regarding Beneficiary's exercise of the power of <br />sale or Trustor's reinstatement rights. <br />9. Trustor's Waivers. To the fullest extent permitted by law, Trustor waives: (a) all <br />statutes of limitations as a defense to any action or proceeding brought against Trustor by <br />Beneficiary; (b) the benefit of all laws now existing or which may hereafter be enacted providing <br />for any appraisement, valuation, stay, extension, redemption or moratorium; (c) all rights of <br />marshalling in the event of foreclosure; and (d) all presentments, demands for performance, <br />notices of nonperformance, protests, notices of protest, notices of dishonor, notices of acceptance <br />16 <br />
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