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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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rules applicable to the Property and the Project, including without limitation all applicable <br />requirements of state and local building codes and regulations, and all applicable statutes and <br />regulations relating to accessibility for the disabled. Trustor shall not remove, demolish or <br />materially alter any Improvement without Beneficiary's consent, shall complete or restore <br />promptly and in good and workmanlike manner any building, fixture or other improvement <br />which may be constructed, damaged, or destroyed thereon, and shall pay when due all claims for <br />labor performed and materials furnished therefor. Trustor shall use the Land and Improvements <br />solely for purposes authorized by the City Documents, shall not commit or allow waste of the <br />Property, and shall not commit or allow any act upon or use of the Property which would violate <br />any applicable law or order of any governmental authority, nor shall Trustor bring on or keep <br />any article on the Property or cause or allow any condition to exist thereon which could <br />invalidate or which would be prohibited by any insurance coverage required to be maintained on <br />the Property pursuant to the City Documents. <br />7.4 Restrictions on Conveyance and Encumbrance; Acceleration. It shall be an Event <br />of Default hereunder if any Transfer (as defined in the Loan Agreement) of the Property, any <br />part thereof or any interest therein occurs in violation of the requirements of the City Documents. <br />If any such Transfer occurs in violation of such requirements, without limiting the provisions of <br />Section 8 hereof, all obligations secured by this Deed of Trust, irrespective of the maturity dates <br />of such obligations, shall at the option of Beneficiary, and without demand, immediately become <br />due and payable, subject to any applicable cure period. <br />7.5 Inspections; Books and Records. Beneficiary and its agents and representatives <br />shall have the right at any reasonable time upon reasonable notice to enter upon the Land and <br />inspect the Property to ensure compliance with the City Documents. Trustor shall maintain <br />complete and accurate books of account and other records (including copies of supporting bills <br />and invoices) adequate to document the use of the Loan Proceeds and the operation of the <br />Property, together with copies of all written contracts, Leases and other instruments which affect <br />the Property. The books, records, contracts, Leases and other instruments shall be subject to <br />examination and inspection at any reasonable time by Beneficiary following two business days <br />prior notice. <br />7.6 Charges, Liens, Taxes and Assessments. Trustor shall pay before delinquency all <br />taxes, levies, assessments and other charges affecting the Property that are (or if not paid may <br />become) a lien on all or part of the Property. Trustor may, at Trustor's expense, contest the <br />validity or application of any tax, levy, assessment or charge affecting the Property by <br />appropriate legal proceedings promptly initiated and conducted in good faith and with due <br />diligence, provided that (i) Beneficiary is reasonably satisfied that neither the Property nor any <br />part thereof or interest therein will be in danger of being sold, forfeited, or lost as a result of such <br />contest, and (ii) Trustor shall have posted a bond or furnished other security as may reasonably <br />be required from time to time by Beneficiary; and provided further that Trustor shall timely <br />make any payment necessary to prevent a lien foreclosure, sale, forfeiture or loss of the Property. <br />7.7 Subrogation. Beneficiary shall be subrogated to the liens of all encumbrances, <br />whether released of record or not, which are discharged in whole or in part by Beneficiary in <br />accordance with this Deed of Trust. <br />0 <br />
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