Laserfiche WebLink
provision, and to this end the provisions of the Deed of Trust and the City Loan Note are declared to <br />be severable. <br />17. Captions. The captions and headings in this Deed of Trust are for convenience only <br />and are not to be used to interpret or define the provisions hereof. <br />18. Default in Foreclosure; Remedies. Upon Trustor's breach of any covenant or <br />agreement of Trustor in this Deed of Trust or the CDBG Promissory Note secured by this Deed of <br />Trust, including, but not limited to, the covenants to pay, when due, any sums secured by this Deed <br />of Trust, the Beneficiary may declare all sums secured by this Deed of Trust immediately due and <br />payable by delivering to Truster notice thereof specifying: (1) The breach; (2) the action required to <br />cure such breach; (3) a date not less than 30 days from the date the notice is received by Truster as <br />shown on the return receipt, by which such breach is to be cured provided, however, that if such <br />default is not reasonable susceptible to being cured within 30 days, Truster shall have a reasonable <br />period to cure the defect so long as Truster is diligently prosecuting the cure to completion; and (4) <br />that failure to cure such breach on or before the date specified in the notice may result in <br />acceleration of the sums secured by this Deed of Trust and sale of the Security. The notice will also <br />inform Truster of Trustor's right to reinstate after acceleration and the right to bring a court action to <br />assert the non - existence of default or any other defense of Trustor to acceleration and sale. <br />Notwithstanding anything to the contrary contained herein, a "default" shall not include <br />(i) a transfer of a general partner's interest in Truster when made in connection with the exercise <br />by the Trustor's limited partner (the "Limited Partner ") of its rights upon a default by a general <br />partner under the Truster's Amended and Restated Limited Partnership Agreement (the <br />"Partnership Agreement ") or upon a general partner's withdrawal in violation of the Partnership <br />Agreement, so long as the removal and substitution of the defaulting general partner is made <br />within thirty (30) days of such default or, if such removal and substitution cannot reasonably be <br />completed within thirty (30) days, so long as the Limited Partner commences to take action to <br />remove and substitute the general partner with a reasonable period and thereafter diligently <br />proceeds to complete such substitution; (ii) any transfer of the Property to the managing general <br />partner of Truster pursuant to the right of first refusal or to the general partners of Truster <br />pursuant to the purchase option, as provided for in the Partnership Agreement; (iii) any transfer <br />of the Limited Partner's interest in connection with a default by the Limited Partner under and in <br />accordance with the Partnership Agreement; and (iv) any sale, transfer or other disposition of a <br />limited partner interest or an interest in a limited partner of the Truster, provided that after any <br />such sale, transfer or other disposition an affiliate of the Trustor's limited partner is the <br />managing member or general partner of such transferee limited partner. <br />If the breach is not cured on or before the date specified in the notice or such longer period <br />as provided above or in the CDBG Promissory Note or the Agreement, the Beneficiary, at the <br />Beneficiary's option, may: (a) declare all of the sums secured by this Deed of Trust to be <br />immediately due and payable without further demand and may invoke the power of sale and any <br />other remedies permitted by California law; (b) either in person or by agent, with or without <br />bringing any action or proceeding, or by a receiver appointed by a court, and without regard to the <br />adequacy of its security, enter upon the Security and take possession thereof (or any part thereof) <br />and of any of the Security, in its own name or in the name of the Trustee, and do any acts which it <br />deems necessary or desirable to preserve the value or marketability of the Property, or part thereof <br />or interest therein, increase the income therefrom or protect the security thereof. The entering upon <br />5 <br />25B -91 <br />