|
the obligation) to perform all acts necessary to cure such condition, and to establish or
<br />enforce a lien or other encumbrance against the Property to recover its cost of cure.
<br />10. Occupangy. Trustor shall occupy the Property as Trustor's primary residence, and
<br />the Property shall be used as the primary residence of Trustor and Trustor's household and for no
<br />other purpose. The Property shall not be leased or rented by Trustor to any person or entity other
<br />than as expressly permitted by the Resale Restriction Agreement. The City shall have the right to
<br />monitor whether the Property is owner -occupied by requesting that Trustor provide City with a
<br />written certification under penalty of perjury that the Property is owner -occupied, accompanied by
<br />supporting documentation reasonably satisfactory to the City. 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 Resale
<br />Restriction Agreement, including without limitation all procedural requirements and all limitations
<br />upon the sale price set forth therein.
<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 Resale Restriction Agreement, City hereby
<br />confers upon Trustor a license to collect and retain such rents, issues,revenue and profits, as they
<br />become due and payable prior to any Default hereunder. Upon the occurrence of any such Default,
<br />City may terminate such license without notice to or demand upon Trustor and without regard to
<br />the adequacy of any security for the indebtedness hereby secured, and may either in person, by
<br />agent, or by a receiver to be appointed by a court, enter upon and take possession of the Property
<br />or any part thereof, and sue for or otherwise collect such rents, issues, and profits, including those
<br />past due and unpaid, and apply the same, less costs and expenses of operation and collection,
<br />including reasonable attorneys' fees, to any indebtedness secured hereby, and in such order as City
<br />may determine. City's right to the rents, issues, revenue and profits of the Property does not
<br />depend 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 />REV: 08-17-22 SK
<br />ATTY/AGR,2022.287/Habitat 612 Jefferson 402 (05_City Housing Grant Deed of Trust 402) (Page 5 of 15)
<br />
|