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80A - HOUSING AND SUBORDINATION LOANS
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09/17/2019
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80A - HOUSING AND SUBORDINATION LOANS
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Last modified
9/12/2019 6:11:12 PM
Creation date
9/12/2019 5:58:33 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
9/17/2019
Destruction Year
2024
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EXHIBIT 3 <br />all of which, including replacements and additions thereto, shall be deemed to be and remain <br />a part of the Property covered by this City Deed of Trust; <br />TOGETHER with the right, power and authority during the continuance of these <br />Trusts, to collect the rents, issues, and profits of the Property, reserving unto the Trustor the <br />right, prior to any default by Trustor in payment of the indebtedness secured by this City Deed <br />of Trust or in the performance of any agreement under this City Deed of Trust, to collect and <br />retain these rents, issues and profits as they become due and payable; and, <br />TOGETHER with all articles of personal property or fixtures now or hereafter <br />attached to or used in and about the building or buildings now erected, or hereafter to be <br />erected, on the Property which are necessary to the complete and comfortable use and <br />occupancy of such building or buildings for the purposes for which they were or are to be <br />erected, including all other goods and chattels and personal property as are ever used or <br />famished in operating a building, or the activities conducted therein, similar to the one herein <br />described and referred to, and all renewals or replacements thereof or articles in substitution <br />therefor, whether or not the same are, or shall be attached to said building or buildings in any <br />manner; and all of the foregoing, together with the Property, is herein referred to as the <br />"Security"; <br />To have and to hold the Security together with acquittances to the Trustee, its <br />successors and assigns forever; <br />TO SECURE to the Beneficiary (a) the repayment of the sums evidenced by an <br />amended and restated promissory note to the Beneficiary executed by Trustor of even date <br />herewith in the principal amount of FIVE MILLION, ONE HUNDRED, TWENTY-EIGHT <br />THOUSAND, ONE HUNDRED AND FIFTY-TWO DOLLARS ($5,128,152) (the "City <br />Loan Note"); (b) the performance of the covenants and agreements of Borrower contained in <br />the Agreement (as hereinafter defined); and (c) the payment of all other sums, with interest <br />thereon, advanced in accordance herewith to protect the security of this City Deed of Trust; <br />and the performance of the covenants and agreements of Trustor contained herein. <br />TRUSTOR AND THE BENEFICIARY COVENANT AND AGREE AS FOLLOWS: <br />1. The Loan Agreement. This City Deed of Trust is executed and delivered, <br />along with the City Loan Note and the Amended and Restated Loan Agreement, to benefit <br />the Property. A copy of said Amended and Restated Loan Agreement is on file as a public <br />record with the Beneficiary and is incorporated herein by reference (the "Agreement'). <br />Trustor acknowledges that but for the execution of this City Deed of Trust, the Beneficiary <br />would not enter into the Agreement or City Loan Note secured by this City Deed of Trust. <br />2. Trustees Estate. Trustor is lawfully seized of the estate hereby conveyed and <br />has the right to grant and convey the Security; that except as disclosed on the Title Policy <br />insuring this City Deed of Trust, the Security is not encumbered except for obligations secured <br />by deeds of trust, or any other security agreement, to secure financing or refinancing for the <br />purchase and rehabilitation of the Property. <br />
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