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80A - SETTLEMENT AGMT FINAL VERSION
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80A - SETTLEMENT AGMT FINAL VERSION
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Last modified
1/3/2012 3:47:44 PM
Creation date
4/20/2011 3:07:37 PM
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City Clerk
Doc Type
Agenda Packet
Date
4/18/2011
Destruction Year
2016
Notes
FINAL VERSION
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remedies under the First Lien include the right of foreclosure or acceptance of a deed or <br />assignment in lieu of foreclosure. If title to the Property is transferred by foreclosure or <br />acceptance of a deed in lieu of foreclosure, or assignment of the First Lien to the Secretary of the <br />Department of Housing and Urban Development, this Agreement and the Agency Deed of Trust <br />shall be automatically terminated and shall have no further effect as to the Property or any <br />transferee thereafter. However, in no event shall this Agreement, the Agency Deed of Trust, and <br />the Affordable Housing Resale Restriction, be subordinate to any First Lien on the Property <br />securing a loan with provisions which allow negative amortization, or to refinancing of the lien <br />of the First Lien for a loan amount in excess of the sum of the then current loan balance secured <br />by the First Lien and loan closing costs. <br />Trustor agrees it shall instruct the Escrow Agent for the acquisition of the <br />Property by Trustor that the order of recording in the escrow for the purchase of the Property by <br />Trustor shall occur as follows: (1) the Grant Deed, (2) the First Lien; (3) other affordable <br />housing loan(s), if applicable; (4) the Affordable Housing Resale Restriction; (5) the Notice of <br />Affordability Restrictions and (6) the Agency Deed of Trust. Agency shall cause a Request for <br />Notice of Default to be recorded on the Property subsequent to the recordation of the First Lien <br />deed of trust or mortgage requesting a statutory notice of default as set forth in the California <br />Civil Code Section 2924b, and shall cause a request for Notice of Delinquency to be recorded on <br />the Property subsequent to the recordation of the First Lien deed of trust or mortgage. <br />IN WITNESS WHEREOF, Trustor has executed this Rider to Deed of Trust as of the <br />date set forth below. <br />TRUSTORMOMEBUYER: <br />By: <br />Printed Name: <br />By: <br />Printed Name: <br />EXHIBIT C-8 TO ATTACHMENT NO. I i <br />To Deed of Trust with Assignment of Rents <br />Rider to Deed of Trust <br />DOCS00 1400673v141200272-000 f
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