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80A - TRANSIT CODE AND STATION DISTRICT - EXHIBIT J
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80A - TRANSIT CODE AND STATION DISTRICT - EXHIBIT J
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Last modified
1/3/2012 4:05:19 PM
Creation date
6/10/2010 1:10:58 PM
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City Clerk
Doc Type
Agenda Packet
Item #
80A
Date
6/7/2010
Destruction Year
2015
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lti~lf~~ 1 ~ ~L' L` ~ T~~ <br /> Tl~is ~~~]~R T~ ~~~D U~ T~~T is lnade and delivered p~trsuat~t to and in <br /> it~rplemer~tatior~ of the Horrrebuyer Lean A,t`eement entered and between the Tr~rstot" and the <br /> ~erre~ciar~r dated ~ ~ ::~`:::.:~4.:`.: ~"A1'eet~~et~t"~, a cop}r Df ~~lric}~ is on f le as a <br /> .s.:..- <br /> publicr'ecor`d v~ith the ~et~ef~ciat`y at 2~ civic tenter` Playa, Santa Ana, alrforr~ia 92~~1 and is <br /> incarpot'ated herein by refer`encef Unless defilritiot~s of ter"t~s have been e~~resl~ set out t <br /> length herein, each tetra slrall have tlae same de#"inltlon as set fo~~t}~ rn flee At`een~et~t~ Trrrstor <br /> at~d beneficiary f~rr`tlret` covenant alyd agree as folla~v: <br /> 1, Aeceler~a#roli of Payment. The whole of t}~e Note Alnount and all other <br /> paytrretlts due heteutrder at~d under the Agreement shall become dtte alyd be imtrrediately payab}~ <br /> to the ~eneficiaty by the Tt`trstar upon the occur"t`ence of any otre of t}~e follo~~ing evetrts of <br /> acceleration: <br /> ~a~ the sale or tr`ansfer' of the Prapet'~y dot` at~y pant thereat by any means, <br /> tl~cludrn, ~vtthout lttnltatlor~, t}~e }ease, excl~at~ge o~" other` dtspastttorr of tl~e Property ar` ley <br /> ilrter'est thereil~, ~vlrether` vol~tntat"y or involulrtat`y, except ~A} a sale of the ~'~'opet"ty to a qualified <br /> Modet'atc ~ncol~te Hortsel~old at an Affat"dable Hausirig host with tl~e Betre~cial`y's prior" ~~~ritten <br /> approval accorrtpii~ied its strict conforlity ~vit}~ ectiatr ~ of tie Areet~etrt, or` the tt'ansfer <br /> of the Property solely as a result of the marriage divorce, incotrrpetetrce at" death of one or snore <br /> lt~drvrdrtals col~S~ttuttng the Tr"llstat", so long as the tt'ansferee~s} ~lve ~vt`tttet~ notrce sllppol'ted <br /> r'easarrable evidence of suclr event to tine ~et~ef iciar*~r v~lt}~lt~ thta~y dais o~ lts occ~tt•t't~ce at~d <br /> the trarrsferee~s~ assttme~s} the Tt'ttstor's obltatron utrder t}~e Agreet~~ent, by execution of an <br /> assit~n~ent and ass~rrnptior~ at`eement fa be provided by t}ie Berreficiat`y, at" sale ar transfer <br /> which ltnder" federal la~v ~rould trot, by itself, pet"mit the Beneficiary to exercise a due on sate ar <br /> due otr enc~rn~brance clause; <br /> fib} t}~e Triustar t`efinar~ces any pur'clrase tnotxey lien or eticutrtbratrce to which <br /> t}le Aet~cy Deed of Tt'ust is s~€bor`ditlate ~eacl~ suc}~ lien, a "First Lieu"} fat" a loan atnaulrt itr <br /> excess aft}~e them cut`r`elrt loan balance secut`ed by srtc}~ lien ar errcumbt`at~ce and loan clositrg <br /> costs; alydlot` <br /> ~c} t}~e Trttstat' ~alyd ai ca~ignors and co-rnot~tgaars, tf any} fatly to o~~rn and <br /> occupy the Property as tl~eir" principal residence pltrsrtatrt to ectiar~ ? of the Agreement ar is its <br /> ~~vrxer'si~ip T~efault as defilred its ectiotr I~ oftlre Agr`eet~retrt. <br /> At the request of tl~e Tr'utar, and for' a specific occasion, the »etreficiary may, in <br /> its sa}e and absolute discretion, in writing waive t}~e req~titer~retrts of these subparagraplrs, Al~y <br /> waiver or defermetrt slrall be on a case by case basis, and no future t`ig}its for waiver` or defertrretrt <br /> shall anise or' be implied, Nat~vttlrstal~dtn the faregoilrg, tine Trrrstor gray, upon pr`ior' ~vr"itten <br /> approval by the Bel~eficiar"y, refitlarrce alry ~it'st Lieu far a lawn atnoatnt egltal to ar less than tie <br /> their c~rrt'et~t }oan balance secured by such First Lien, <br /> otr#ia~e~~t Eq~ii~ Par#icipatlorr Atrrotz~l~, ~n the event the Note Atrtount <br /> becomes drte and payable p~tr`srtant to ectiot~ i, Tr'utar shall pay to tl~e Beneficiary t}le ~vllole of <br /> B~HIBiT T~ ATTAH.Nt~NT~~. l l <br /> To Deed of Tr"ust with Assignrrrent ofRents <br /> Rldet" to Deed Of Tl'~tst <br /> <br /> ~~trs~~~~ ~~~~~~L'1~~~~~~~~-~~~ ~ <br /> <br />
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