FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 Beneficiary may reasonably require to assure that the lien of this City Deed of Trust, the Beneficiary's interest in the Security and Trustors obligation W pay the sums secured by this City Decd ol'Trust shall conlinuc unimpaired. Upon such payrncut and cure by TnL"Wr, this City Deed of Trust and the obligation, secured hereby will ranain in fiilt toice and effect as if no acceleration had occurred. 20. Acceptance. by Trustee_ Trusteee accepts this Trust when this City Deed of Trust, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party to this City Deed of Trust of pending sale under any other deed of trust or any action or proceeding in which Truster, Beneficiary, or Trustee shall be a party unless brought by Trustee_ 21. Reconve, anec. Upon payment or turgiveness ofall sums secured by this City Deed of Trust, the Ilcrmticiary will request the Trustee to reconvey the Security and will surrender llik City Deed or'[ rust and the Cily Loan Note to the'l rustee. The Trustee "ill reconvey the Security without warranty and without charge to the person or persons legtdl_y crrtided thereto. Such per -son or persons will pay all costs of recordation, if any. 22. Substitute Trustee. The Beneficiary, at the Beneficiary's option, may from time to time remote the Trustee and appoint a successor trustee to any Trustee appointed hereunder. The successor trustee will succeed to all the title, power and duties conferred Upon the TRffitCC herein and by applicable law. 23. Request for Notice. Truslor requests that copies 01,01e notice of default and notice of sale be sent to Trustor and Trustee at the address set forth in Section 14 above_ 24. NonreOCIL]rsc Liability. Neither Trustor nor any partner of Trustor shall have any personal liability under the Loan Agreement. City Loan Note, and this City Deed of Trust and any judgment, decree or order for payment of money obtained in any action to enforce the obligation of Trustor to repay the loan evidenced b_v such doeurnents shall be enforceable against Trustor only to the extent of TTtI$Wr''s interest in the Property. 25. Vxtended Use Agreement. Beneficiary acknowledges that I raster and the Calilornia Tax Credit Allocation Conuninee have or inlend to enter into an extended use anrecmenl_ Beneficiary acknowledges and agrees that, in the event of a foreelosurc of its interest tinder this Deed of Trust or delivery by Trustor of a deed in lira drercof (collectively, a "foreclosure"), the following rule contained in Section 42(h)(6)(L)(ii) of the hrrernal Revenue Code shall apply For a period of three (3) years liclin the date of Foreclosru-e, with respect to any unit that hail been regulated by the extended use agr'ccntcnt, (i) none of the eligible tenants occupying those units at the tine of Foreclosure may be evicted or their lenancy terminated (other than for good cause, including but not limited to, the tenants' ineligibility pursuant to Section 42 of the Code), (it) nor tnay any rent be increased except as otherwise permitted under Section 42 of the Code. City Council 7 21 — 69 4/20/2021