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AgdaPkt 2015-05-18 Closed and Joint SA and PFA
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AgdaPkt 2015-05-18 Closed and Joint SA and PFA
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Last modified
7/17/2015 3:06:59 PM
Creation date
5/14/2015 4:16:47 PM
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
5/8/2015
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9.A. - Page 53 <br /> Section 5.4. Payment to the Beneficiary <br /> The Trustor shall pay to the Beneficiary all amounts identified in the Note in the amount(s) and <br /> at the time(s) specified in such document. The failure to do so constitutes an Event of Default <br /> authorizing and permitting the Beneficiary to exercise the remedies set forth in Article VII hereof. <br /> Section 5.5. Notice of Default; Right to Cure <br /> Trustor shall ensure that any permanent loan or other financing instrument the proceeds of <br /> which are used in the financing of the Property, which loan is secured by a security interest in <br /> the Trustor's interest in the Property ("Mortgage") secured by the Property includes provisions: <br /> a) requiring delivery to Beneficiary of a copy of any notice of default given to Trustor <br /> under such Mortgage concurrently with service of such notice to Trustor, and <br /> b) providing Beneficiary with the right (but not the obligation) to cure or remedy, or to <br /> commence to cure or remedy such default during the period available to Trustor <br /> pursuant to such Mortgage plus sixty (60) additional days. <br /> Section 5.6. Due on Sale, Rent, or Lease <br /> The Note secured by this Deed of Trust is due upon the occurrence of any transfer of title to the <br /> Property whether by sale or lease (other than a lease to a residential tenant), or the execution of <br /> an installment sale contract giving the purchaser a right to possess the Property before transfer <br /> of title. <br /> ARTICLE VI <br /> EVENTS OF DEFAULT AND REMEDIES <br /> Section 6.1. Events of Default Defined <br /> The following shall be Events of Default under this Deed of Trust: (a) the occurrence of an Event <br /> of Default under the Loan Agreement; (b) any representation or warranty made by Trustor <br /> hereunder is false or misleading in any material respect as of the date on which the <br /> representation is made; or (c) the failure of the Trustor to perform or comply with any obligation, <br /> covenant, agreement or warranty under this Deed of Trust, the Note, or the Loan Agreement. <br /> The continuation of said failure for a period of seven (7) calendar days as to monetary <br /> obligations and thirty (30) calendar days as to non-monetary obligations, after written notice <br /> specifying such failure and requesting that it be remedied (such notice being referred to herein <br /> as a "notice of default") shall have been given to Trustor from the Beneficiary. <br /> Section 6.2. Acceleration of Maturity <br /> If an Event of Default shall have occurred and be continuing or not be cured, then the entire <br /> indebtedness secured hereby shall, at the option of the Beneficiary, immediately become due <br /> and payable without notice or demand (which are hereby expressly waived), and no omission <br /> on the part of the Beneficiary to exercise such option when entitled to do so shall be construed <br /> as a waiver of such right. <br /> ATTY/RESO.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-DEED OF TRUST <br /> REV:05-11-15 VR <br /> Page 8 of 19 <br />
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