AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 97 of 113 TO SECURE to the City the payment of the sums, and the performance of the covenants and agreements of the Trustor evidenced by (i) that certain unrecorded Affordable Housing Grant Agreement executed by and between Trustor and City, dated as of the date hereof (the "Grant Agreement") pursuant to which City agreed to provide funds to Trustor in the amount of Three Million, Three Hundred Eighty -Six Thousand Four Hundred and Ninety -Seven Dollars ($3,3 86,497) (the "Grant"), and (ii) that certain Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants ("Regulatory Agreement") dated as of the date hereof, executed by and between Trustor and City, and recorded substantially concurrently herewith, pursuant to which Developer agreed to sell the residential units developed on the Property to Eligible Households at Affordable Price (as defined in the Regulatory Agreement). The Grant Agreement and the Regulatory Agreement are incorporated herein by this reference; and TO SECURE the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Deed of Trust and the performance of the covenants and agreements of Trustor herein contained. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 1. Trustor's Estate. Trustor represents and warrants that Trustor is lawfully seized of the estate hereby conveyed, has the right to grant and convey the Security, and that other than this Deed of Trust, the Security is encumbered only by such prior liens and encumbrances as approved by City. Trustor agrees to warrant and defend generally the title to the Security against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring the City's interest in the Security, and Trustor shall pay all costs and expenses, including cost of evidence of title and attorneys' fees in a reasonable sum, in any such action or proceeding in which City or Trustee may appear, and in any suit brought by City to foreclose this Deed of Trust. 2. Grant Agreement and Regulatory Agreement. Trustor will perform all of Trustor' s covenants and obligations under the Grant Agreement, the Regulatory Agreement, and this Deed of Trust. 3. Charges and Liens. Trustor will promptly pay when due, the interest, principal, and all other charges accruing under any deed of trust, mortgage, or other instrument encumbering the Property, and will pay when due directly to the payee thereof all taxes, assessments and other charges, fines and impositions affecting the Property. Upon request by the City, Trustor will promptly furnish to the City copies of all notices of amounts due described in this Section and evidence of payment of such amounts. Trustor shall pay when due each obligation secured by or reducible to a lien, charge or encumbrance which now does or later may encumber or appear to encumber all or part of the Property or any interest therein, whether or not such lien, charge or encumbrance is or would be senior or subordinate to this Deed of Trust; provided however, Trustor will not be required to pay any tax, charge, lien or assessment described in this Section so long as Trustor is actively contesting its validity in good faith and by appropriate legal proceedings that will operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. Trustor shall post security for the payment of such contested claims as may be requested by REV: 01-22-21 PR OAK #4846-5005-9706 v6 110 ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 93 of 109)