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6.13. - Page 100 of 113
<br />governmental regulation, nor of any covenant, condition or restriction affecting the Property. If
<br />there arises a condition in contravention of this Section, and if the Trustor has not cured such
<br />condition within thirty (30) days after receiving a notice from City of such a condition, then in
<br />addition to any other rights available to City, City shall have the right (but not the obligation) to
<br />perform all acts necessary to cure such condition, and to establish or enforce a lien or other
<br />encumbrance against the Property to recover its cost of cure.
<br />10. Intentionally omitted.
<br />11. Transfer. Trustor shall not transfer, lease, sell, assign, refinance, encumber or
<br />convey any interest in the Property without complying with all requirements of the Regulatory
<br />Agreement. The residential units constructed on the Property may only be sold to Eligible
<br />Households at Affordable Price as defined in, and in accordance with, the Regulatory Agreement.
<br />12. Assignment of Rents. Trustor hereby irrevocably, absolutely, presently and
<br />unconditionally assigns to City the rents, issues, revenue and profits of the Property. This is an
<br />absolute assignment and not an assignment for security only. Subject to the limitations on lease
<br />or rental of the Property as set forth herein and in the Regulatory Agreement, City hereby confers
<br />upon Trustor a license to collect and retain such rents, issues,revenue and profits, as they become
<br />due and payable prior to any Default hereunder. Upon the occurrence of any such Default, City
<br />may terminate such license without notice to or demand upon Trustor and without regard to the
<br />adequacy of any security for the indebtedness hereby secured, and may either in person, by agent,
<br />or by a receiver to be appointed by a court, enter upon and take possession of the Property or any
<br />part thereof, and sue for or otherwise collect such rents, issues, and profits, including those past
<br />due and unpaid, and apply the same, less costs and expenses of operation and collection, including
<br />reasonable attorneys ' fees, to any indebtedness secured hereby, and in such order as City may
<br />determine. City' s right to the rents, issues, revenue and profits of the Property does not depend
<br />upon whether or not City takes possession of the Property. The entering upon and taking
<br />possession of the Property, the collection of such rents, issues, revenue and profits, and the
<br />application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder
<br />or invalidate any act done pursuant to such notice. If a Default occurs while City is in possession
<br />of all or part of the Property and/or is collecting and applying rents as permitted under this Deed
<br />of Trust, City, Trustee and any receiver shall nevertheless be entitled to exercise and invoke every
<br />right and remedy afforded any of them under this Deed of Trust and at law or in equity, including
<br />the right to exercise the power of sale granted hereunder. Regardless of whether or not City, in
<br />person or by agent, takes actual possession of the Property, City shall not be deemed to be a "
<br />mortgagee in possession," shall not be responsible for performing any obligation of the lessor
<br />under any lease , shall not be liable in any manner for the Property, or the use, occupancy,
<br />enjoyment or operation of any part of it, and unless due solely to the willful misconduct or gross
<br />negligence of City, shall not be responsible for any dangerous or defective condition of the
<br />Property or any negligence in the management, repair or control of the Property.
<br />13. Default. An event of default ("Default") shall arise hereunder upon the occurrence
<br />of any one or more of the following and the expiration of any applicable cure period:
<br />(a) Trustor fails to complete construction of the Project as defined in, and in
<br />REV: 01-22-21 PR
<br />OAK #4846-5005-9706 v6
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<br />ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 96 of 109)
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