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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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12/10/2020 5:00:39 PM
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12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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Notwithstanding anything to the contrary herein, Beneficiary hereby agrees that any cure of any <br />default made or tendered by Trustor's limited partner shall be deemed to be a cure by Trustor and <br />shall be accepted or rejected on the same basis as if made or tendered by Trustor. <br />In addition, if an Event of Default occurs hereunder or under the Note, prior to taking any <br />remedy under this Deed of Trust or any other documents evidencing or securing this Note, Beneficiary <br />shall fast give notice of the occurrence of such Event of Default to the Limited Partner and the Limited <br />Partner shall have not less than 30 days to cure such Event of Default, provided if in order to cure <br />such Event of Default the Limited Partner gives notice to the Beneficiary that Limited Partner must <br />remove and replace the general partner or general partners of Trustor, Limited Partner shall have until <br />30 days following the effective date of such removal and replacement to cure such Event of Default. <br />The Beneficiary shall be entitled to collect all reasonable costs and expenses incurred in <br />pursuing the remedies provided in this paragraph, including, but not limited to, reasonable attorneys' <br />fees. <br />17. Trustor's Right to Reinstate. Notwithstanding the Beneficiary's acceleration of the <br />sums secured by this Deed of Trust, Trustor will have the right to have any proceedings begun by the <br />Beneficiary to enforce this Deed of Trust discontinued at any time prior to five (5) days before sale <br />of the Security pursuant to the power of sale contained in this Deed of Trust or at any time prior to <br />entry of a judgment enforcing this Deed of Trust if. (a) Trustor pays the Beneficiary all sums that <br />would be then due under this Deed of Trust as if no acceleration under the hiclusionary Promissory <br />Note had occurred; (b) Trustor cures all breaches of any other covenants or agreements of Trustor <br />contained in this Deed of Trust; (c) Trustor pays all reasonable expenses incurred by the Beneficiary <br />and the Trustee in enforcing the covenants and agreements of Trustor contained in this Deed of Trust <br />and in enforcing the Beneficiary's and the Trustee's remedies, including, but not limited to, reasonable <br />attorneys' fees; and, (d) Trustor takes such action as the Beneficiary may reasonably require to assure <br />that the lien of this Deed of Trust, the Beneficiary's interest in the Security and Trustor's obligation <br />to pay the sums secured by this Deed of Trust shall continue unimpaired. Upon such payment and <br />cure by Trustor, this Deed of Trust and the obligations secured hereby will remain in full force and <br />effect as if no acceleration had occurred. <br />18. Acceptance by Trustee. Trustee accepts this Trust when this Deed of Trust, duly <br />executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to <br />notify any party to this Deed of Trust of pending sale under any other deed of trust or any action or <br />proceeding in which Trustor, Beneficiary, or Trustee shall be a parry, unless brought by Trustee. <br />19. Reconveyance. Upon payment of all sums secured by this Deed of Trust, the <br />Beneficiary will request the Trustee to reconvey the Security and will surrender this Deed of Trust <br />and the Inclusionary Promissory Note to the Trustee. The Trustee will reconvey the Security without <br />warranty and without charge to the person or persons legally entitled thereto. Such person or persons <br />will pay all costs of recordation, if any. <br />20. Substitute Trustee. The Beneficiary, at the Beneficiary's option, may from time to <br />time remove the Trustee and appoint a successor trustee to any Trustee appointed hereunder. The <br />successor trustee will succeed to all the title, power and duties conferred upon the Trustee herein and <br />by applicable law. <br />55A-89 <br />
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