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Res15 15428
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Res15 15428
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Last modified
10/11/2019 7:53:09 AM
Creation date
10/11/2019 7:53:02 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
Description
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY ADOPTING FIRE SAFETY FIRST PILOT PROGRAM
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� <br /> 07/27/2015 <br /> 7.3.A. - Page 33 <br /> TOGETHER WITH all right, title and interest of Trustor, now owned or hereafter <br /> acquired, in and to any land lying within the right-of-way of any street, open or proposed, <br /> adjoining the Property, and any and all sidewalks, alleys and strips of land adjacent to or used in <br /> connection with the Property; <br /> TOGETHER WITH all the estate, interest, right, title, other claim or demand, of every <br /> nature, in and to the Property, both in law and in equity, including, but not limited to, all deposits <br /> made with or other security given by Trustor to utility companies, the proceeds from any or all of <br /> such Property, claims or demands with respect to the proceeds of insurance in effect with <br /> respect thereto, which Trustor now has or may hereafter acquire, any and all awards made for <br /> the taking by eminent domain or by any proceeding or purchase in lieu thereof of the whole or <br /> any party of such property, including without limitation, any awards resulting from a change of <br /> grade of streets and awards for severance damages; <br /> All of the foregoing is herein referred to as the "Security". <br /> THIS DEED OF TRUST is made for the purpose of securing: <br /> a) Payment of the indebtedness secured by that certain Promissory Note secured by <br /> this Deed of Trust in the face amount of $ , executed by Trustor as <br /> Borrower for the benefit of Beneficiary (hereafter, the "Note"). <br /> b) Payment of such additional sums and interest thereon which may be advanced on <br /> behalf of Trustor pursuant to this Deed of Trust, or which Beneficiary may hereafter <br /> loan to Trustor, or its successors or assigns pursuant to a promissory note or notes <br /> or other documents reciting that they are secured by this Deed of Trust; and <br /> c) Performance of every obligation, covenant or agreement of Trustor incorporated by <br /> reference or contained herein, including but not limited to that certain Loan <br /> Agreement ("Loan AgreemenY') executed by and between Trustor and Beneficiary <br /> dated as of the date hereof, notice of which has been given to and received by <br /> Trustor, and any amendments to any of the foregoing. <br /> THIS DEED OF TRUST is and shall be junior and subordinate to a first lien on the <br /> Property held by ("Senior Lender"), and shall not impair the rights <br /> of the Senior Lender, or any assignee or successor in interest to the Senior Lender, to exercise <br /> its remedies under any deed of trust held by Senior Lender ("Senior Deed of Trust") in the <br /> event of a default by Trustor. In the event of a foreclosure or deed in lieu of foreclosure of the <br /> Senior Deed of Trust, this Deed of Trust shall be terminated and shall have no further force or <br /> effect on subsequent owners of the Property. Any person, including his or her successors or <br /> assigns (other than Trustor or a related person or entity of Trustor), receiving title to the <br /> Property through a foreclosure or deed in lieu of foreclosure of the Senior Deed of Trust shall <br /> receive title to the Property free and clear from the restrictions in this Deed of Trust. <br /> Further, if the Senior Lender acquires title to the Property pursuant to a deed in lieu of <br /> foreclosure, this Deed of Trust shall be terminated upon acquisition of title by the Senior Lender, <br /> provided that (i) Beneficiary has been given written notice of a default under the Senior Deed of <br /> Trust (which requirement may be satisfied by recordation of a notice of default under California <br /> Civil Code Section 2924), and (ii) Beneficiary shall not have cured the default under the Senior <br /> Deed of Trust within sixty (60) days of such notice sent to Beneficiary. <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 /> Page 2 of 19 <br /> 27 RESO.#15428 <br /> MUFF#705 <br />
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