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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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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 />reasonable expenses incurred by the Beneficiary and the Trustee in enforcing the covenants <br />and agreements of Trustor contained in this City Deed of Trust and the Affordability <br />Restrictions, and in enforcing the Beneficiary's and the Trustee's remedies, including, but not <br />limited to, reasonable attorneys' fees; and (d) Trustor takes such action as the Beneficiary may <br />reasonably require to assure that the lien of this City Deed of Trust, the Beneficiary's interest <br />in the Security and Trustor's obligation to pay the sums secured by this City Deed of Trust <br />shall continue unimpaired. Upon such payment and cure by Trustor, this City Deed of Trust <br />and the obligations secured hereby will remain in full force and effect as if no acceleration <br />had occurred. <br />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. Trustee <br />is not obligated to notify any party to this City Deed of Trust of pending sale under any other <br />deed of trust or any action or proceeding in which Trustor, Beneficiary, or Trustee shall be a <br />party unless brought by Trustee. <br />21. Reconveyance. Upon payment or forgiveness of all sums secured by this City <br />Deed of Trust, the Beneficiary will request the Trustee to reconvey the Security and will <br />surrender this City Deed of Trust and the City Loan Note to the Trustee. The Trustee will <br />reconvey the Security without warranty and without charge to the person or persons legally <br />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 upon <br />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 Liabilitv. Neither Trustor nor any partner of Trustor shall <br />have any personal liability under the Agreement, City Loan Note, and this City Deed of Trust <br />and any judgment, decree or order for payment of money obtained in any action to enforce <br />the obligation of Trustor to repay the loan evidenced by such documents shall be enforceable <br />against Trustor only to the extent of Trustor's interest in the Property. <br />25. Extended Use Agreement. Beneficiary acknowledges that Trustor and the <br />California Tax Credit Allocation Committee have or intend to enter into an extended use <br />agreement. Beneficiary acknowledges and agrees that, in the event of a foreclosure of its <br />interest under this City 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 respect to any unit <br />that had been regulated by the extended use agreement, (i) none of the eligible tenants <br />occupying those units at the time of Foreclosure may be evicted or their tenancy terminated <br />
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