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JAMBOREE HOUSING CORPORATION
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Last modified
9/26/2018 12:18:46 PM
Creation date
9/24/2018 12:31:18 PM
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Contracts
Company Name
JAMBOREE HOUSING CORPORATION
Contract #
A-2018-198
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
8/21/2018
Destruction Year
0
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20. Acceptance by Trustee. Trustee accepts this Trust when this City Deed of <br />Trust, duly executed and acknowledged, is made a public record as provided by law. <br />Trustee is not obligated to notify any party to this City Deed of Trust of pending sale under <br />any other deed of trust or any action or proceeding in which Trustor, Beneficiary, or Trustee <br />shall be a party unless brought by Trustee. <br />21, Reconveyance. Upon payment or forgiveness of all sums secured by this <br />City Deed of Trust, the Beneficiary will request the Trustee to reconvey the Security and <br />will surrender this City Deed of Trust and the City Loan Note to the Trustee. The Trustee <br />will reconvey the Security without warranty and without charge to the person or persons <br />legally entitled thereto. Such person or persons will pay all costs of recordation, if any. <br />22. Substitute Trustee. The Beneficiary, at the Beneficiary's option, may from <br />time to time remove the Trustee and appoint a successor trustee to any Trustee appointed <br />hereunder. The successor trustee will succeed to all the title, power and duties conferred <br />upon the Trustee herein and by applicable law. <br />23. Request for Notice. Trustor requests that copies of the notice of default and <br />notice of sale be sent to Trustee at the address set forth in Section 14 above. <br />24. Nonrecourse Liability. Neither Trustor nor any partner of Trustor shall <br />have any personal liability under the Loan Agreement, City Loan Note, and this City Deed <br />of Trust and any judgment, decree or order for payment of money obtained in any action to <br />enforce the obligation of Trustor to repay the loan evidenced by such documents shall be <br />enforceable against Trustor only to the extent of Truster's interest in the Property. <br />25. Extended Use Agreement. Beneficiary acknowledges that Trustor and <br />the California Tax Credit Allocation Committee have or intend to enter into an extended <br />use agreement. Beneficiary acknowledges and agrees that, in the event of a foreclosure <br />of its interest under this Deed of Trust or delivery by Trustor of a deed in lieu thereof <br />(collectively, a "Foreclosure"), the following rule contained in Section 42(h)(6)(E)(ii) of <br />the Code shall apply: <br />For a period of three (3) years from the date of Foreclosure, with <br />respect to any unit that had been regulated by the extended use agreement, <br />(i) none of the eligible tenants occupying those units at the time of <br />Foreclosure may be evicted or their tenancy terminated (other than for <br />good cause, including but not limited to, the tenants' ineligibility pursuant <br />to Section 42 of the Code), (ii) nor may any rent be increased except as <br />otherwise permitted under Section 42 of the Code. <br />VA <br />
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