|
CITY COUNCIL DRAFT
<br />secured, and all other sums then secured hereby, including without limitation, interest as provided
<br />in the Note and the Affordable Housing Resale Restrictions, in such order as the City shall direct;
<br />and then the remainder, if any, shall be paid to the person or persons legally entitled thereto.
<br />16. Remedies Cumulative; No Waiver. No exercise of any right or remedy by the
<br />City or Trustee hereunder shall constitute a waiver of any other right or remedy herein contained
<br />or provided by law, and no delay or forbearance by the City or Trustee in exercising any such right
<br />or remedy hereunder shall operate as a waiver thereof or preclude the exercise thereof in any
<br />continued or subsequent default hereunder. All remedies provided in this Deed of Trust are distinct
<br />and cumulative to any other right or remedy under this Deed of Trust or any other document, or
<br />afforded by law or equity, and may be exercised concurrently, independently or successively. No
<br />sale of the Property, forbearance on the part of City, or extension of the time for payment of the
<br />indebtedness hereby secured shall operate to release, discharge, waive, modify, change or affect
<br />the liability of Trustor either in whole or in part.
<br />17. Indemnity. Trustor agrees to defend, indemnify, and hold the Santa Ana, and its
<br />elected and appointed officers, officials, employees, and agents harmless from all losses, damages,
<br />liabilities, claims, actions, judgments, costs, and reasonable attorneys' fees that they may incur as
<br />a direct or indirect consequence of. (i) Trustor's failure to perform any obligations as and when
<br />required by the Note, the Affordable Housing Resale Restrictions, or this Deed of Trust; or (ii) the
<br />failure at any time of any of Trustor's representations or warranties herein or in the Affordable
<br />Housing Resale Restrictions or the Note to be true and correct.
<br />18. Due on Transfer of the Property. If the Trustor sells, conveys, assigns, transfers,
<br />alienates, or otherwise disposes of its interest in the Property, either voluntarily or involuntarily or
<br />by operation of law, in part or in full, in violation of the Affordable Housing Resale Restrictions,
<br />the City may, at its option, require immediate payment in full of all sums due under the Note.
<br />19. Reconveyance. Upon payment of all sums and satisfaction of all obligations
<br />secured by this Deed of Trust, including without limitation, payment of the City Equity Share as
<br />defined in the Affordable Housing Resale Restrictions, and upon the expiration or termination of
<br />the Affordable Housing Resale Restrictions, the City will provide a written request to the Trustee
<br />to reconvey the Security and will surrender this Deed of Trust and the Note to Trustee. The Trustee
<br />shall reconvey the Security without warranty and without charge to the person or persons legally
<br />entitled thereto. Such person or persons shall pay all costs of recordation, if any. The recitals in
<br />the reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof.
<br />20. Trustee Substitution. The City, at its option and without prior notice, may from
<br />time to time, by written instrument, remove the Trustee and appoint a successor trustee pursuant
<br />to a written instrument executed by City and duly acknowledged and recorded in the Official
<br />Records of Orange. Such instrument shall be conclusive proof of proper substitution of such
<br />successor Trustee or Trustees, who shall, without conveyance from the predecessor Trustee,
<br />succeed to all the title, estate, power and duties conferred upon the Trustee herein and by applicable
<br />law. Such instrument shall set forth the name of the Trustor, the original Trustee and the
<br />Beneficiary hereunder, the book and page where this Deed of Trust is recorded, and the name and
<br />address of the new Trustee.
<br />Exhibit D
<br />Page 58
<br />5 53 94.0010 1 \43721567.2
<br />
|