Reso25-02 0024 PC Reso 901 El Camino Real

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Page 2 of 16 E. The Regulatory Agreement also provides (among other provisions) that: (i) Trustor is obligated to notify Beneficiary of Trustor's intent to sell the Property and (ii) Beneficiary has an option to purchase the Property under the Regulatory Agreement. NOW, THEREFORE, to secure the full and timely performance by Trustor of Secured Obligations (defined in Section 2.3 below), it is agreed as follows: ARTICLE 1: DEFINITIONS Section 1.1 Definitions. In addition to the terms defined elsewhere in this Deed of Trust, the following terms have the following meanings in this Deed of Trust: (a) “City Documents” means this Deed of Trust, the Regulatory Agreement, the Irrevocable Offer to Dedicate, the Land Donation Agreement, and any other debt, loan or security instruments between Trustor and the Beneficiary relating to the Property. (b) “Irrevocable Offer to Dedicate” means that certain Irrevocable Offer to Dedicate between Trustor and Beneficiary, recorded in the Official Records against the Developer's fee interest of the Property as Document No. ______, recorded on _________ __, 20__. (c) “Regulatory Agreement” means that certain Regulatory Agreement and Declaration of Restrictive Covenants that will be recorded in the Official Records against the Developer's fee interest of the Property upon the Close of Escrow. ARTICLE 2: AGREEMENT AND SECURITY Section 2.1 Incorporation by Reference. The recitals and the Regulatory Agreement are incorporated herein by this reference. Section 2.2 Grant In Trust. Trustor, in consideration of the promises herein recited and the trust herein created, hereby irrevocably and unconditionally grants, transfers, conveys and assigns to Trustee, in trust for the benefit of Beneficiary, with power of sale, all estate, right title and interest which Trustor now has or may later acquire in and to the Property, described in the attached Exhibit A, together with all of the following: (a) all improvements now or hereafter located or constructed on the Property and all replacements and additions thereto (“Improvements”); (b) all easements, rights of way, appurtenances and other rights used in connection with the Property or as a means of access thereto (“Appurtenances”); (c) all fixtures now or hereafter attached to or used in and about the Property or the improvements located thereon or hereafter located or constructed on the Property, and all renewals ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR