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Reso25 16296
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Reso25 16296
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Last modified
4/29/2025 3:59:13 PM
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4/29/2025 3:56:21 PM
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CC Index
CC Index - Document Type
Resolution
Date
4/28/2025
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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 />complete the cure in form and substance acceptable to the senior lienholder. <br /> <br />ARTICLE 3: <br />MISCELLANEOUS <br /> <br />Section 3.1 Other Agreements Affecting Property. The Trustor shall duly and <br />punctually perform all terms, covenants, conditions and agreements binding upon it under the City <br />Documents and any other agreement of any nature whatsoever now or hereafter involving or <br />affecting the Security or any part thereof. <br /> <br />Section 3.2 Agreement to Pay Attorneys' Fees and Expenses. In the event of any Event <br />of Default hereunder, and if the Beneficiary employs attorneys or incurs other expenses for the <br />collection of amounts due or the enforcement of performance or observance of an obligation or <br />agreement on the part of the Trustor in this Deed of Trust, the Trustor agrees that it will, on demand <br />therefor, pay to the Beneficiary the reasonable fees of such attorneys and such other reasonable <br />expenses so incurred by the Beneficiary (including, but not limited to, other professional services <br />fees and costs). Any such amounts paid by the Beneficiary will be added to the Secured <br />Obligations, and will bear interest from the date such expenses are incurred at the lesser of ten <br />percent (10%) per annum or the maximum rate permitted by law. <br /> <br />Section 3.3 Personal Property. To the maximum extent permitted by law, the <br />personal property subject to this Deed of Trust is deemed to be fixtures and part of the real property <br />and this Deed of Trust constitutes a fixtures filing under the California Commercial Code. As to <br />any personal property not deemed or permitted to be fixtures, this Deed of Trust constitutes a <br />security agreement under the California Commercial Code. The Trustor hereby grants the <br />Beneficiary a security interest in such items. <br /> <br />Section 3.4 Operation of the Security. The Trustor shall operate the Security (and, in <br />case of a transfer of a portion of the Security subject to this Deed of Trust, the transferee shall <br />operate such portion of the Security) in full compliance with the City Documents. <br /> <br />Section 3.5 Nondiscrimination. Trustor herein covenants by and for itself, its <br />successors and assigns, and all persons claiming under or through them, that there will be no <br />discrimination against or segregation of, any person or group of persons on account of any basis <br />listed in subdivision (a) and (d) of Section 12955 of the Government Code, as those bases are <br />defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of <br />ATTY/RESO.0029/CC RESO APPROVING ARCHITECTUAL PERMIT, TENTATIVE PARCEL MAP (920 SHASTA) - EXHIBIT C <br />REV: 04-22-25 VR <br /> <br />Page 217 of 224
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