FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 erected, including all other goods tuut chattels and personal property as are ever used or furnished in operating a building, or the activities conducted therein, similar to the one herein dc,,cribcd and rcl'crn;d to, and all renewals or rLplaccuicuw thercof or articles in substitution thcrefitr, whether or not the same are, or shall he attached to said building (it - buildings in any manner, and all of the forecoing, toCether with the Property, is herein referred to as the "Security", To have and to hold the Security together with acquittances to the Tntslee., its successors and assigns forever; TO SFCURF, to the Beneficiary (a) the repayment of the sums evidenced by a promissory dote to the Beneficiary executed by Trustor" of even elate herewith in the principal amount of ONE MILLION, SIX HUNDRED EIGI ITY-SEVEN THOUSAND, AND FORTY-SFVFN DOLLARS (S1,687V7) (the "City CDBG Loan Note'); (b) the performance of the covenants and agreemenls of Borrower contained in a certain Loan Agreement and attached exhibits, including the Affiu-dability Restrictions, as hereinafter defined; and (c) the payment of all other sums, with interest thereon, advanecd in accordance herewith to protect the security of this City Deed of Trust; and the performance of the covenants and agreements of Trustor contained herein. TRl ISTOR AND THF. BFNF.FICIARY COVENANT AND AGRFF. AS FOLLOWS: I . I'hc Loan Ae,reement. This City Deed ofTrust is executed and delivered, along with the City Irian Note and the I-oan Agreement, to benefit the Property. A copy of said Loan Agreement is on file as a public record with the Beneficiary and is incorporated he-cin by reference (the "Agreement'). Trustor acknowledges that but for the execution of this City Deed of Trust, the Beneficiary would not enter into the Agrecracin or City Loan Note secured by this Ciry Deed of Trust. 2. frustor's Fstate. I r-ustor is lawfully seized of the estate hereby conveyed and has the right to grant and convey the Security; that except as disclosed on the Title Policy insuring the City Deed ofTntst, the Security is not crtcumbeuf except firr obligations secured by deeds oftntst, or any other security agrcanau, to secure financing or refinancing fbr the purchase and rehabilitalion ol'the Property. 3. Repayment of the Loan. Trustor will promptly repay, when due, the principal and interest, as required by the City Loan Note secured by this City Deed of Trust. 4- SuhOrdinatiUrl- This ohligation secured by this City Deed of Trust shall lie subordinated to the Senior Loan- 5. Prior MortLir_es and Dccds of"Trust Charecs; I .ions, I'mstor shall perform all ol'Trustor's obligations under any mortgage, deed of urtst or other security agreement with a lien which has priority over this ToSLIUMent, including TruSI-or's covenants to make payments when due (subject to an applicable notice and cure provisions)- Trustor will pay all taxes, assessments and other charges, fines and impositions attributable to the Security City Council ., 21 — 64 4/20/2021