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Form of Deed of Trust
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Form of Deed of Trust
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Last modified
11/18/2024 12:18:04 PM
Creation date
11/15/2024 3:06:25 PM
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CM City Clerk-City Council
Document Date (6)
9/4/2024
Recorded Document Type
Deed of Trust
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PERM
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indemnify the Indemnitees under this Section shall survive any repayment or discharge of <br />the Secured Obligations, any foreclosure proceeding, any foreclosure sale, any delivery of <br />any deed in lieu of foreclosure, and any release of record of the lien of this Deed of Trust. <br />Without limiting any of the remedies provided in this Deed of Trust, Trustor <br />acknowledges and agrees that each of the provisions in this Section 7.11 is an <br />environmental provision (as defined in Section 736(f)(2) of the California Code of Civil <br />Procedure) made by Trustor relating to real property security (the "Environmental <br />Provisions"), and that Trustor's failure to comply with any of the Environmental Provisions <br />will be a breach of contract that will entitle Beneficiary to pursue the remedies provided by <br />Section 736 of the California Code of Civil Procedure ("Section 736") for the recovery of <br />damages and for the enforcement of the Environmental Provisions. Pursuant to Section <br />736, Beneficiary's action for recovery of damages or enforcement of the Environmental <br />Provisions shall not constitute an action within the meaning of Section 726(a) of the <br />California Code of Civil Procedure or constitute a money judgment for a deficiency or a <br />deficiency judgment within the meaning of Sections 580a, 580b, 580d, or 726(b) of the <br />California Code of Civil Procedure. <br />7.12 Notice of Claims; Defense of Security; Reimbursement of Costs. <br />(a) Notice of Claims. Trustor shall provide written notice to Beneficiary of any <br />uninsured or partially uninsured loss affecting the Property through fire, theft, liability, or <br />property damage in excess of an aggregate of Fifty Thousand Dollars ($50,000) within <br />three business days of the occurrence of such loss. Trustor shall ensure that Beneficiary <br />shall receive timely notice of, and shall have a right to cure, any default under any other <br />financing document or other lien affecting the Property and shall use best efforts to ensure <br />that provisions mandating such notice and allowing such right to cure shall be included in <br />all such documents. Within three business days of Trustor's receipt thereof, Trustor shall <br />provide Beneficiary with a copy of any notice of default Trustor receives in connection with <br />any financing document secured by the Property or any part thereof. <br />(b) Defense of Security. At Trustor's sole expense, Trustor shall protect, <br />preserve and defend the Property and title to and right of possession of the Property, the <br />security of this Deed of Trust and the rights and powers of Beneficiary and Trustee created <br />under it, against all adverse claims. <br />(c) Compensation; Reimbursement of Costs. Trustor agrees to pay all <br />reasonable fees, costs and expenses charged by Beneficiary or Trustee for any service that <br />Beneficiary or Trustee may render in connection with this Deed of Trust, including without <br />limitation, fees and expenses related to provision of a statement of obligations or related to <br />a reconveyance. Trustor further agrees to pay or reimburse Beneficiary for all costs, <br />expenses and other advances which may be incurred or made by Beneficiary or Trustee in <br />any efforts to enforce any terms of this Deed of Trust, including any rights or remedies <br />afforded to Beneficiary or Trustee or both of them under Section 8.2, whether or not any <br />lawsuit is filed, or in defending any action or proceeding arising under or relating to this <br />Deed of Trust, including reasonable attorneys' fees and other legal costs, costs of any <br />disposition of the Property under the power of sale granted hereunder or any judicial <br />foreclosure, and any cost of evidence of title. <br />
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