Laserfiche WebLink
ARTICLES <br />1. Grant in Trust. Trustor, in consideration of the promises herein recited <br />and the trust herein created, hereby irrevocably and unconditionally grants, <br />transfers, conveys and assigns to Trustee, in trust for the benefit of Beneficiary, <br />with power of sale, all estate, right title and interest which Trustor now has or may <br />later acquire the Property together with all of the following: all improvements now <br />or hereafter located or constructed on the Property and all replacements and <br />additions thereto; all easements, rights of way, appurtenances and other rights <br />used In connection with the Property or as a means of access thereto; all fixtures <br />now or hereafter attached to or used in and about the Property or the <br />improvements located thereon or hereafter located or constructed on the <br />Property, and all renewals or replacements thereof or articles in substitution <br />therefor, whether or not the same are„ or shall be attached to the improvements in <br />any manner; and all leases, subleases, licenses and other agreements relating to <br />use or occupancy of the Property„ and all rents or other payments that may now <br />or hereafter accrue or otherwise become payable to or for the benefit of Trustor <br />(whether or not such teases and Rents are permitted by the Inclusionany Housing <br />Covenants Declaration). All of the above- referenced Property, improvements, <br />appurtenance, fixtures and equipment, leases and rents are herein referred to <br />collectively as the "Security " <br />2. Secured Obligations. Trustor makes the grant, conveyance, transfer and <br />assignment herein for the purpose of securing payment and performance of the <br />following: (a) the City Share of Excess Proceeds in the event of an <br />Extraordinary Sale or a foreclosure sate; and (b) Trustor's obligations under the <br />term of the Inclusionary Housing Covenants Declaration. <br />3. Maintenance and Repair. Truster shall (a) keep the Property in good <br />condition and repair and not remove or demolish any building; (b) complete or <br />restore promptly and in goad and workmanlike manner any building which may <br />be constructed, damaged or destroyed; (c) pay when due all claims for Labor <br />performed and materials furnished; (d) comply with all laws affecting the <br />Property or requiring any alterations or improvements to be made; (e) not <br />commit or permit waste; and (f) cultivate, irrigate, fertilize, fumigate, prune and <br />do all other acts which from the character or use of the Property may be <br />reasonably necessary. <br />Inrluslo ix9ry Wuu9inq Ceverwa.n45 C7eolE3ra2ton <br />Assumption Agreement <br />75C -174 <br />August 11, 2014 <br />