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Agmt25 1900 Broadway Owner LLC
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Agmt25 1900 Broadway Owner LLC
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Last modified
1/22/2025 10:54:25 AM
Creation date
1/22/2025 10:50:44 AM
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Agreement
PROJECT NAME
Affordable Housing Land Donation Agreement
RMP File Number
304
Date
1/21/2025
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(d) exercise all other rights and remedies provided herein, in the instruments by <br />which the Trustor acquires title to any Security, or in any other document or agreement now or <br />hereafter evidencing, creating or securing all or any portion of the obligations secured hereby, or <br />provided by law. <br />Section 2.14 Trustor's Right to Reinstate. Trustor will have the right to have any <br />proceedings begun by City to enforce this Deed of Trust discontinued at any time prior to five (5) <br />days before sale of the Security pursuant to the power of sale contained in this Deed of Trust or at <br />any time prior to entry of a judgment enforcing this Deed of Trust if. (a) Trustor cures all breaches <br />of any other covenants or agreements .of Trustor contained in the Regulatory Agreement or this <br />Deed of Trust; (b) Trustor pays all reasonable expenses incurred by City and Trustee in enforcing <br />the covenants and agreements of Trustor contained in the Regulatory Agreement or this Deed of <br />Trust, and in enforcing City's and Tiustee's remedies, including, but not limited to, reasonable <br />attorney's fees; and (c) Trustor takes such action as City may reasonably require to assure that the <br />lien of this Deed of Trust, City's interest in the Security and Trustor's obligation to pay the sums <br />secured by this Deed of Trust shall continue unimpaired. Upon such payment and cure by Trustor, <br />this Deed of Trust and the obligations secured hereby will remain in full force and effect as if no <br />acceleration had occurred. <br />Section 2.15 Reconveyance. Upon the expiration of the term of the Regulatory <br />Agreement if Trustor owns and occupies the Property and is not in violation of any provisions of <br />this Deed of Trust or the Regulatory Agreement, City will request Trustee to reconvey the Security <br />and will surrender this Deed of Trust and the Regulatory Agreement to Trustee. Trustee will <br />reconvey the Security without warranty and without charge to the person or persons legally entitled <br />thereto. Such person or persons will pay all costs of recordation, if any. <br />Section 2.16 Substitute Trustee. City, at City's option, may from time to time remove <br />Trustee and appoint a successor trustee to any Trustee appointed hereunder. The successor trustee <br />will succeed to all the title, power and duties conferred upon the Trustee herein and by applicable <br />law. <br />Section 2.17 Superiority of Approved Senior Liens Documents. Notwithstanding any <br />provision herein, this Deed of Trust shall not diminish or affect the rights of the City approved <br />senior lienholder under the senior deed of trust or any subsequent senior iienholder deeds of trust <br />hereafter recorded against the Security in compliance with the requirements of the Regulatory <br />Agreement. Notwithstanding any other provision hereof, the provisions of this Deed of Trust shall <br />be subordinate to the lien of the City approved senior lien deed of trust and shall not impair the <br />rights of the Senior Lienholder, or such lender's assignee or successor in interest, to exercise its <br />remedies under the senior lien deed of trust in the event of default under the senior lien Deed of <br />Trust by Trustor. Such remedies under the senior lien deed of trust include the right of foreclosure <br />or acceptance of a deed or assignment in lieu of foreclosure. After such foreclosure or acceptance <br />of a deed in lieu of foreclosure, this Deed of Trust shall be forever terminated and shall have no <br />further effect as to the Property or any transferee thereafter; provided, however, if the holder of <br />such senior lien deed of trust acquired title to the Property pursuant to a deed or assignment in lieu <br />of foreclosure, this Deed of Trust shall automatically terminate upon such acquisition of title, <br />provided that (i) City has been given written notice of default under such senior lien deed of trust <br />with a sixty (60) -day cure period and (ii) City shall not have cured or commenced to cure the <br />default within such sixty (60) -day period or commenced to cure and given its firm commitment to <br />ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT— EXHIBIT H — DEED OF TRUST & SECURITY AGR <br />REV: 10-22-24 VR <br />Page 8 of 15 <br />
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