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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 37 <br /> may (but shall be under no obligation to) take out the required policies of insurance and pay the <br /> premium on the same or may make such repairs or replacements as are necessary and provide <br /> for payment thereof; and, provided that the Beneficiary provides five (5) business days' notice to <br /> the Trustor all amounts so advanced thereof or by the Beneficiary shall become an additional <br /> obligation of the Trustor to the Beneficiary (together with interest as set forth below) and shall be <br /> secured hereby, which amounts the Trustor agrees to pay on demand of the Beneficiary, and if <br /> not so paid, shall bear interest from the date of the advance at the maximum rate permitted by <br /> law. <br /> ARTICLE III <br /> DAMAGE, DESTRUCTION AND CONDEMNATION <br /> Section 3.1. Damaae and Destruction <br /> If, prior to the Expiration Date, the Property or any portion thereof is destroyed (in whole or in <br /> part) or is damaged by fire or other casualty, the Trustor shall (a) cause any insurance proceeds <br /> arising from insurance referred to in Section 3.2 hereof and any other coverage acquired by the <br /> Trustor to be used to promptly rebuild and replace the Property, and (b) repair and replace the <br /> Property as necessary. The foregoing covenants shall be subordinated to the provisions of all <br /> senior obligations to which this Deed of Trust is subordinate. There shall be no abatement in, <br /> and Trustor shall be obligated to continue to pay, the amounts payable under the Loan <br /> Agreement, the Note, and this Deed of Trust. <br /> Section 3.2. Condemnation <br /> Subject to the provisions of senior obligations to which this Deed of Trust is subordinate, if title <br /> to or any interest in or the temporary use of the Property or any part thereof shall be taken <br /> under the exercise of the power of eminent domain by any governmental body or by any person, <br /> firm or corporation acting under governmental authority, including any proceedings or purchase <br /> in lieu thereof, the proceeds as a result of such taking shall be paid as provided by the law of <br /> the State of California to all persons or entities as their interests appear of record. <br /> ARTICLE IV <br /> REPRESENTATIONS, COVENANTS AND WARRANTIES OF THE TRUSTOR <br /> Section 4.1. Defense of Title <br /> The Trustor, for itself and its successors and assigns, warrants and will forever defend the right <br /> and title to the foregoing described and conveyed property unto Beneficiary, its successors and <br /> assigns, against the claims of all persons, excepting only encumbrances approved by <br /> Beneficiary. <br /> Section 4.2. Inspection of the Properiv <br /> Trustor covenants and agrees that at any and all reasonable times and upon reasonable notice, <br /> Beneficiary, its duly authorized agents, attorneys, experts, engineers, and representatives shall <br /> have the right, without payment of charges or fees, to inspect the Property. <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 6 of 19 <br /> 31 RESO.#15428 <br /> MUFF#705 <br />
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