RecDoc 2019-047035 Deed of Trust, assignnment of rents

Browse Search

payment of any sum secured hereby after its due date shall not constitute a waiver by Beneficiary of its right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. 10.8 Action by Beneficiary. Except as may be otherwise specifically provided herein, whenever any approval, notice, direction, or consent by the Beneficiary is required or permitted under this Agreement, such action shall be in writing, and such action may be given, made or taken by Beneficiary's City Manager or by any person who shall have been designated by Beneficiary's City Manager, without further approval by the governing board of Beneficiary. 10.9 Joint and Several Liability. If Trustor consists of more than one person or entity, each shall be jointly and severally liable for the faithful performance of all of Trustor's obligations under this Deed of Trust. 10.10 Time is of the Essence. Time is of the essence for each provision of this Deed of Trust. 10.11 Counterparts. This Deed of Trust maybe executed in multiple counterparts, each of which shall be an original and all of which together shall constitute one agreement. 10.12 Partial Subordination to Extended Use A¢eement. Trustor and the California Tax Credit Allocation Committee may enter into a Regulatory Agreement (the "ICAC Regulatory Agreement") which constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Internal Revenue Code of 1986, as amended (the "Code"). In the event of a foreclosure of Beneficiary's interest under this Deed of Trust or delivery by the Trustor of a deed in lieu thereof (collectively, a "Foreclosure"), the following rule shall apply pursuant to Section 42(h)(6)(e)(ii) of the Code: With respect to dwelling units that had been regulated by the TCAC Regulatory Agreement, for a period of three (3) years following a Foreclosure: none of the tenants occupying such units at the time of the Foreclosure may be evicted or have their tenancy terminated other than for good cause, nor may any rent be increased except as otherwise permitted under Section 42 of the Code. [SIGNATURES ONFOLLOWING PAGE] Page 20 of 24 REV: 05-29.19 VR ATTY/AGR.2019.147/Redwood Oaks Associates 11 LP - Deed of Trust