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Res91 11487
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Res91 11487
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Last modified
10/13/2005 9:44:43 AM
Creation date
8/3/2005 3:24:09 PM
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Template:
CC Index
CC Index - Document Type
Resolution
Date
2/25/1991
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<br />DAL:I:1g102/:8/9:;' <br /> <br />(lJu4/4'J) <br /> <br />and that Lessee may be subject to the payment of property taxes <br /> <br />levied on such interest. <br /> <br />13. <br /> <br />Lessee shall keep the Leased Premises free from <br /> <br />LIENS. <br /> <br />any liens arising out of any work performed, materials furnished <br /> <br />incurred by <br /> <br />provided, <br /> <br />however, <br /> <br />nothing <br /> <br />or <br /> <br />obligations <br /> <br />Lessee; <br /> <br />herein shall prohibit Lessee from assigning its interest in the <br /> <br />Leased Premises to a trustee under a deed of trust for the sole <br /> <br />purpose of financing construction thereon. <br /> <br />14. <br /> <br />Lessee. may assign Lessee's interest in <br /> <br />DEED OF TRUST. <br /> <br />this Lease and the Leased Premises to a trustee under a deed of <br /> <br />trust ("Trust Deed") for the benefit of a lender (IILender") upon <br /> <br />and subject to the following terms and conditions: <br /> <br />(a) <br /> <br />(b) <br /> <br />said Trust Deed and said assignment and all rights <br />acquired thereunder shall be subject to each and all of <br />the terms and conditions set forth in this Lease and to <br />all rights and interest of the Lessor hereunder, and in <br />the event of any conflict between the provisions of <br />this Lease and the provisions of any such Trust Deed or <br />assignment, the provisions of this Lease shall control. <br /> <br />Any lender as a transferee under the provisions of this <br />paragraph shall be liable to perform the obligations of <br />the Lessee under this Lease only so long as such lender <br />holds title to the leasehold. Any subsequent transfer <br />of the leasehold hereunder shall be subject to the <br />terms and conditions relating thereto as set forth in <br />Paragraph 19. <br /> <br />(c) <br /> <br />Upon and immediately after the recording of the Trust <br />Deed or assignment covering the Lease Premises, Lessee, <br />at Lessee's expense, shall cause to be recorded in the <br />office of the Recorder of San Mateo County, California, <br />a written request for a copy, to the Lessor, of the <br />notice of default and of any notice of sale under the <br />Trust Deed as provided by the statutes of the State of <br />California relating thereto. Lessee shall furnish to <br />Lessor a complete copy of the Trust Deed and Note <br />secured thereby, together with the name and address of <br />the holder thereof. <br /> <br />8 <br /> <br />TT <br />
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