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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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Recording Requested by: <br />Doma Title of California, Inc. <br />Recording requested by and when recorded mail <br />to: <br />City of San Leandro <br />835 East 141" Street <br />San Leandro, CA 94577 <br />Attn: City Clerk <br />EXEMPT FROM RECORDING FEES PER <br />GOVERNMENT CODE S&6103. 27383 <br />C-c L !Sim <br />2022129420 0 J12022 09:23 AM 22 PGS <br />OFFICIAL RECORDS OF ALAMEDA COUNTY <br />MELISSA WILK, CLERK -RECORDER <br />moo. fP RECORDING FEES: $0.00 <br />CITY OF SAN LEANDR <br />JUL 2 9 2022 <br />ELECTRONICALLY RECORDED <br />Space above this line for Recorder's use. <br />DEED OF TRUST, ASSIGNMENT OF RENTS, <br />SECURITY AGREEMENT AND FIXTURE FILING <br />(15101 Washington — Housing Asset Fund Loan) <br />THIS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND <br />FIXTURE FILING (this "Deed of Trust") is made as of July 18, 2022, by WASHINGTON <br />AVENUE, L.P., a California limited partnership ("Trustor") to Doma Title Company of <br />California, Inc. as trustee ("Trustee"), for the benefit of the City of San Leandro, a municipal <br />corporation ("Beneficiary"). <br />RECITALS <br />A. Trustor owns fee simple title to the land described in Exhibit A attached hereto <br />and incorporated herein by this reference (the "Land"). Trustor intends to construct a 72-unit <br />multifamily residential development on the Land and related improvements (the "Project"). <br />B. Beneficiary and Trustor have entered into an Loan Agreement dated as of July 18, <br />2022 (the "Loan Agreement") pursuant to which Beneficiary will provide a loan to Trustor in <br />the amount of up to One Million Six Hundred Thirty Five Thousand Forty Dollars ($1,635,040) <br />("Loan") for the purpose of partially financing the Project. Trustor has issued to Beneficiary a <br />secured promissory note dated as of the date hereof (the "Note") to evidence Trustor's obligation <br />to repay the Loan. This Deed of Trust, the Loan Agreement, the Note and the Regulatory <br />Agreement (defined below) are collectively referred to herein as the "City Documents." <br />C. As a condition precedent to the making of the Loan, Beneficiary has required that <br />Trustor enter into this Deed of Trust and grant to Trustee for the benefit of Beneficiary, a lien <br />and security interest in the Project and in Trustor's fee simple interest in the Land to secure <br />repayment of the Note and performance of Trustor's obligations under the Loan Agreement and <br />the other City Documents. <br />NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which are hereby acknowledged, it is agreed as follows. <br />l . Grant in Trust. In consideration of the foregoing and for the purpose of securing payment <br />and performance of the Secured Obligations defined and described in Section 2, Trustor hereby <br />irrevocably and unconditionally grants, conveys, transfers and assigns to Trustee, in trust for the <br />benefit of Beneficiary, with power of sale and right of entry and possession, all estate, right, title <br />
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