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Res15 15428
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Res15 15428
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Last modified
7/31/2015 9:05:22 AM
Creation date
7/31/2015 9:05:19 AM
Metadata
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Template:
CC Index
CC Index - Document Type
Resolution
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
7/27/2015
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07/27/2015 <br /> 7.3.A. - Page 40 <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 /> Section 6.3. The Beneficiarv's Riaht to Enter and Take Possession <br /> If an Event of Default shall have occurred and be continuing or not be cured, the Beneficiary <br /> may: <br /> A. Either in person or by agent, with or without bringing any action or proceeding, or by <br /> a receiver appointed by a court, and without regard to the adequacy of its security, <br /> enter upon the Property and take possession thereof (or any part thereofl and of <br /> any of the Security, in its own name or in the name of Trustee, and do any acts <br /> which it deems necessary or desirable to preserve the value, marketability or <br /> rentability of the Property, or part thereof or interest therein, increase the income <br /> therefrom or protect the Security hereof and with or without taking possession of the <br /> Property, sue for or otherwise collect rents, issues and profits thereof, including <br /> those past due and unpaid, and apply the same, less costs and expense of <br /> operation and collection, including attorneys' fees, upon any indebtedness secured <br /> hereby, all in such order as Beneficiary may determine. The entering upon and <br /> taking possession of the Property, the collection of such rents, issues and profits <br /> and the application thereof, as aforesaid, shall not cure or waive any Event of <br /> Default or notice of Event of Default hereunder or invalidate any act done in <br /> response to such Event of Default or pursuant to such notice of Event of Default <br /> and, notwithstanding the continuance in possession of the Property or the collection, <br /> receipt and application of rents, issues or profits, Beneficiary shall be entitled to <br /> exercise every right provided for in this Deed of Trust or by law upon occurrence of <br /> any Event of Default, including the right to exercise the power of sale. Trustor <br /> requests that a copy of any notice of default and a copy of any Notice of Trustee's <br /> Sale hereunder be mailed to Trustor at the address herein given; <br /> B. Commence an action to foreclose this Deed of Trust as a mortgage, appoint a <br /> receiver, or specifically enforce any of the covenants hereof; <br /> C. Deliver to Trustee a written declaration of default and demand for sale, and a written <br /> notice of default and election to cause Trustor's interest in the Property to be sold, <br /> which notice Trustee or Beneficiary shall cause to be duly recorded in the Official <br /> Records of San Mateo County; or <br /> D. Exercise all other rights and remedies provided herein, in the instruments by which <br /> the Trustor acquires title to the Property, including any Security, or in any other <br /> document or agreement now or hereafter evidencing, creating or securing all or any <br /> portion of the obligations secured hereby, or provided by law. <br /> Section 6.4. Foreclosure bv Power of Sale <br /> Should the Beneficiary elect to foreclose by exercise of the power of sale herein contained, the <br /> Beneficiary shall notify Trustee and shall deposit with Trustee this Deed of Trust which is <br /> secured hereby (and the deposit of which shall be deemed to constitute evidence that the Note <br /> amount is immediately due and payable), and such receipts and evidence of any expenditures <br /> made that are additionally secured hereby as Trustee may require. <br /> OAK#4852-3988-7653 v1 <br /> ATTY/RES0.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-4 DEED OF TRUST <br /> REV:07-22-15 VR <br /> Page9of19 <br /> 34 RESO.#15428 <br /> MUFF#705 <br />
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