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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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07/27/2015 <br /> 7.3.A. - Page 35 <br /> or may become a lien affecting the Security or any part thereof; provided, however, that Trustor <br /> shall not be required to pay and discharge any such tax, assessment, charge or levy so long as <br /> the legality thereof shall be promptly and actively contested in good faith and by appropriate <br /> proceedings. With respect to special assessments or other similar governmental charges, <br /> Trustor shall pay such amount in whole or in installments over a period of years. <br /> Trustor shall pay or cause to be paid at least ten (10) days prior to delinquency, all <br /> encumbrances (including any debt secured by deed of trust), liens, and/or charges, with <br /> interest, on the Property or any part thereof which appear to Beneficiary to be prior or superior <br /> hereto; and to pay immediately and in full all such encumbrances, liens and/or charges, if any, <br /> which may now be due or payable. <br /> In the event that Trustor shall fail to pay any of the foregoing items required by this Section to be <br /> paid by Trustor, Beneficiary may (but shall be under no obligation to) pay the same, after the <br /> Beneficiary has notified the Trustor of such failure to pay and the Trustor fails to fully pay any <br /> such item within seven (7) business days following the earlier of the receipt or mailing of such <br /> notice. Any amount so advanced therefore by Beneficiary, together with interest thereon from <br /> the date of such advance at the maximum rate permitted under law shall become an additional <br /> obligation of Trustor to the Beneficiary and shall be secured hereby, and Trustor hereby agrees <br /> to pay all such amounts. <br /> Section 2.2. Insurance <br /> A. Trustor shall keep the improvements now existing or hereafter erected on the <br /> Property insured through an insurance policy written to provide replacement cost <br /> and to include conditions or endorsements to include the perils covered by the terms <br /> "fire", "extended coverage", and "special form", and such other hazards as <br /> Beneficiary may require and in such amounts and for the duration of the loan <br /> secured by this Deed of Trust. <br /> Flood insurance will be required by Beneficiary if property is located in a 100-year <br /> flood zone, as designated by FEMA. <br /> B. Trustor agrees, at its sole cost and expense, for the mutual benefit of Trustor and <br /> Beneficiary to secure public liability insurance covering the Property and the <br /> ownership, use, occupancy and maintenance of the Property. <br /> C. All such insurance policies and coverages shall: <br /> (i) be maintained at Trustor's sole cost and expense so long as any part of the <br /> amounts secured by this Deed of Trust have not been paid, <br /> (ii) be with insurers of recognized responsibility, and in form and substance <br /> satisfactory to the Beneficiary, <br /> (iii) name Beneficiary as additional insured and loss payee, and <br /> (iv) contain a provision to the effect that the insurer shall not cancel the policy or <br /> modify it materially and adversely to the interest of Beneficiary without first <br /> giving Beneficiary at least thirty (30) days' prior written notice thereof. <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 4 of 19 <br /> 29 RESO.#15428 <br /> MUFF#705 <br />
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