Agmt25 1900 Broadway Owner LLC - Laserfiche WebLink

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(3) Unless otherwise permitted by City in writing, insurance proceeds, will be applied to restoration or repair of the Security damaged. If permitted by City, the insurance proceeds shall be used to repay any amounts due under the Regulatory Agreement, with the excess, if any, paid to Trustor. If the Security is abandoned by Trustor, or if Trustor fails to respond to City, or its designated agent, within thirty (30) days from the date notice is mailed by either of them to Trustor that the insurance carrier offers to settle a claim for insurance benefits, City, or its designated agent, is authorized to collect and apply the insurance proceeds at City's option either to restoration or repair of the Security or to pay amounts due under Regulatory Agreement. (4) If the Sa¢curity is acquired by City, all right, title and interest of Trustor in and to any insurance policy and in and to the proceeds thereof resulting from damage to the Security prior to the sale or acq'u'isition will pass to City to the extent of the sums secured by this Deed of Trust immediately pribn to such sale or acquisition, subject to the rights of the Approved senior lienholder. (b) During the codrse of any rehabilitation of the improvements located on the Property, Trustor shall hire only licinsed contractors who maintain the fallowing forms of insurance: (1) ' LiabiIity, Insurance. Comprehensive general liability insurance against liability for bodily injury to or death of any person or property damage arising out of an occurrence on or about the Property. The limits of such insurance shall be not less than Two Million Dollars ($2,000,000) per occurrence and Four Million ($4,000,000) annual aggregate. (2) Worker's Compensation Insurance. Worker's compensation insurance covering all persons employed in connection with any work on the Property. Section 2.7 Preservation and Maintenance of Security. Trustor will keep the Security in good repair and in a neat, clean, and orderly condition and will not commit material waste or permit impairment or deterioration of the Security. If there arises a condition in contravention of this Section, and if Trustor has not cured such condition within thirty (30) days after receiving a City notice of such a condition, then in addition to any other rights available to City, City shall have the right (but not the obligation) to perform all acts necessary to cure such condition, and to establish or enforce a lien or other encumbrance against the Security to recover its cost of curing. Section 2.8 Protection of City's Security. If Trustor fails to perform the covenants and agreements contained in this Deed of Trust or if any action or proceeding is commenced which materially affects City's interest in the Security, including, but not limited to, default under senior lien, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then City, at City's option, without releasing Trustor from any obligation hereunder, may make such appearances, disburse such sums and take such action as it determines necessary to protect City's interest, including but not limited to, disbursement of reasonable attorneys' fees and entry upon the Security to make repairs. Any amounts disbursed by City pursuant to this paragraph, with interest thereon, will become an indebtedness of Trustor secured by this Deed of Trust. Unless Trustor and City agree to other terms of payment, such amount will be payable upon notice from the City to Trustor requesting payment thereof, and will bear interest from the date of disbursement at the lesser of (i) ten percent (10%); or (ii) the highest rate ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT— EXHIBIT H— DEED OF TRUST & SECURITY AGR REV: 10-22-24 VR Page 5 of 15