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erected, including all other goods and chattels and personal property as are ever used or <br />furnished in operating a building, or the activities conducted therein, similar to the one <br />herein described and referred to, and all renewals or replacements thereof or articles in <br />substitution therefor, whether or not the same are, or shall be attached to said building or <br />buildings in any manner; and all of the foregoing, together with the Property, is herein <br />referred to as the "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 a <br />promissory note to the Beneficiary executed by Trustor of even date herewith in the <br />principal amount of ONE MILLION, SIX HUNDRED EIGHTY-SEVEN THOUSAND, <br />AND FORTY-SEVEN DOLLARS ($1,687,047) (the "City CDBG Loan Note"); (b) the <br />performance of the covenants and agreements of Borrower contained in a certain Loan <br />Agreement and attached exhibits, including the Affordability Restrictions, as hereinafter <br />defined; and (c) the payment of all other sums, with interest thereon, advanced in <br />accordance herewith to protect the security of this City Deed of Trust; and the performance <br />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 Loan Agreement, to benefit the Property. A copy of <br />said Loan Agreement is on file as a public record with the Beneficiary and is incorporated <br />herein by reference (the "Agreement"). Trustor acknowledges that but for the execution of <br />this City Deed of Trust, the Beneficiary would not enter into the Agreement or City Loan <br />Note secured by this City Deed of Trust. <br />2. Trustor's 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 the City Deed of Trust, the Security is not encumbered except for obligations <br />secured by deeds of trust, or any other security agreement, to secure financing or refinancing <br />for the purchase and rehabilitation of the Property. <br />3. Repayment of the Loan. Trustor will promptly repay, when due, the <br />principal and interest, as required by the City Loan Note secured by this City Deed of Trust. <br />4. Subordination. This obligation secured by this City Deed of Trust shall be <br />subordinated to the Senior Loan. <br />5. Prior Mortgages and Deeds of Trust; Charges; Liens. Trustor shall perform <br />all of Trustor's obligations under any mortgage, deed of trust or other security agreement <br />with a lien which has priority over this Instrument, including Trustor's covenants to make <br />payments when due (subject to an applicable notice and cure provisions). Trustor will pay <br />all taxes, assessments and other charges, fines and impositions attributable to the Security <br />