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ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT
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Last modified
6/9/2017 12:18:54 PM
Creation date
11/13/2009 9:35:44 AM
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Contracts
Company Name
ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT
Contract #
A-2009-036
Agency
Community Development
Council Approval Date
4/6/2009
Expiration Date
9/20/2064
Insurance Exp Date
2/15/2010
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9/25/09 <br />right, prior to any default by Trustor in payment of the indebtedness secured by this City <br />Deed of Trust or in the performance of any agreement under this City Deed of Trust, to <br />collect and retain these rents, issues and profits as they become due and payable; and, <br />TOGETHER with all articles of personal property or fixtures now or hereafter <br />attached to or used in and about the building or buildings now erected, or hereafter to be <br />erected, on the Property which are necessary to the complete and comfortable use and <br />occupancy of such building or buildings for the purposes for which they were or are to be <br />erected, including all other goods and chattels and personal property as are ever used or <br />furnished in operating a building, or the activities conducted therein, similar to the one <br />herein described and referred to, and all renewals or replacements thereof or articles in <br />substitution therefor, whether or not the same are, or shall be attached to said building or <br />buildings in any manner; and all of the foregoing, together with the Property, is herein <br />referred to as the "Security"; <br />To have and to hold the Security together with acquittances to the Trustee, its <br />successors and assigns forever; <br />TO SECURE to the Beneficiary (a) the repayment of the sums evidenced by a <br />Promissory Note to the Beneficiary executed by Trustor of even date herewith in the <br />principal amount of One Million Four Hundred Twenty Nine Thousand Two Hundred <br />Sixty One Dollars and Sixty Nine Cents ($1,429,261.69) (the "City Promissory Note"); (b) <br />the performance of the covenants and agreements of Borrower contained in a certain <br />Agreement as hereinafter defined; and (c) the payment of all other sums, with interest <br />thereon, advanced in accordance herewith to protect the security of this City Deed of Trust; <br />and the performance of the covenants and agreements of Trustor contained herein. <br />TRUSTOR AND THE BENEFICIARY COVENANT AND AGREE AS FOLLOWS: <br />1. The Agreement. This City Deed of Trust is executed and delivered, along <br />with the City Note and the Agreement, to benefit the Property. A copy of said Agreement is <br />on file as a public record with the Beneficiary and is incorporated herein by reference (the <br />"Agreement"). Trustor acknowledges that but for the execution of this City Deed of Trust, <br />the Beneficiary would not enter into the Agreement or City Note secured by this City Deed <br />of Trust. <br />2. Trustor's Estate. Trustor is lawfully seized of the estate hereby conveyed and <br />has the right to grant and convey the Security; that other than this City Deed of Trust, the <br />Security is not encumbered except for obligations secured by deeds of trust, or any other <br />security agreement, to secure financing or refinancing for the purchase and rehabilitation of <br />the Property. <br />3. Repayment of the Loan. Trustor will promptly repay, when due, the <br />principal loan amount, as required by the City Promissory Note secured by this City Deed of <br />Trust. <br />0) <br />
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