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2025-012 - Density Bonus Agreement for Multi-Family Development
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2025-012 - Density Bonus Agreement for Multi-Family Development
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Last modified
6/5/2025 4:28:11 PM
Creation date
4/24/2025 5:29:36 PM
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City Clerk
Doc Type
Resolution
Agency
City Council
Doc #
2025-012
Date
4/15/2025
Destruction Year
P
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DRAFT <br /> 21. City's Rights to Release. Without affecting the liability of any person for payment <br /> of any indebtedness hereby secured (other than any person released pursuant hereto), including <br /> without limitation any one or more endorsers or guarantors, and without affecting the lien hereof <br /> upon any of the Property not released pursuant hereto, at any time and from time to time without <br /> notice: (a)City may in its sole discretion: (i)release any person now or hereafter liable for payment <br /> of any or all such indebtedness, (ii) extend the time for or agree to alter the terms of payment of <br /> any or all of such indebtedness,and(iii)release or accept additional security for such indebtedness, <br /> or subordinate the lien or charge hereof; and(b)Trustee, acting pursuant to the written request of <br /> the City, may reconvey all or any part of the Property, consent to the malting of any map or plot <br /> of the Land,join in granting any easement thereon, or join in any extension agreement of any <br /> agreement subordinating the lien or charge hereof, <br /> 22. Subordination. Absent the prior written consent of City, this Deed of Trust shall <br /> not be subordinated to any other deed of trust or encumbrance on the Property,except a First Lien, <br /> as allowed by the Affordable Housing Resale Restrictions. <br /> 23. Request for Notice.City requests that copies of any notice of default and notice of <br /> sale affecting the Property be sent to City at its address set forth herein. City shall record a Request <br /> for Notice of Default and Sale. <br /> 24, Notices.All notices,requests,demands,reports.or other communications regarding <br /> this Deed of Trust shall be in writing 'and delivered: (i) personally; or (ii) by independent, <br /> reputable, overnight commercial courier; or,(iii)by deposit in the United States mail,postage and <br /> fees fully prepaid, registered or certified mail, with return receipt requested, and addressed as <br /> follows, or to such other address as specified:in written notice delivered to the parties pursuant to <br /> this Section: <br /> To Trustor: At the Property address. <br /> To City: City of Santa Ana <br /> 20 Civic Center Plaza(M-30) <br /> Santa Ana, CA 92702 <br /> Attn: City Clerk <br /> Any notice that .is personally delivered (including by means of professional messenger <br /> service, courier service.such as United Parcel Service or Federal Express, or by U,S. Postal <br /> Service), shall be deemed received on the documented date of delivery thereof. <br /> 25. Successors Bound. The terms of this Deed of Trust shall be binding upon the <br /> Trustor and the Trustor's heirs, legatees, devisees, administrators, executors, successors and <br /> assigns. <br /> 26. Attorneys' Fees and Costs. If any legal action is filed to enforce or interpret this <br /> Deed of Trust, or the interpretation or enforcement thereof,the prevailing party shall be entitled to <br /> an award of its reasonable attorneys' fees, costs and expenses incurred therein. <br /> Page 59 <br /> Exhibit D <br /> 55394.00101\43423340.1 <br />
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