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FRIENDS OF THE LACY HISTORIC NEIGHBORHOOD-2011
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FRIENDS OF THE LACY HISTORIC NEIGHBORHOOD-2011
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Last modified
3/28/2017 12:05:09 PM
Creation date
4/26/2011 10:53:10 AM
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Contracts
Company Name
FRIENDS OF THE LACY HISTORIC NEIGHBORHOOD
Contract #
A-2011-105
Agency
COMMUNITY DEVELOPMENT
Destruction Year
0
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ARTICLE I <br />DEFINITIONS <br />1. The term "Expiration Date" means the date upon which the Promissory Note has <br />been paid in full, and all other obligations the performance of which is secured by this Deed of <br />Trust have been satisfied. <br />2. "Property" means the real property referred to in Exhibit A attached hereto. <br />"Security" means the Property and all appurtenant improvements. <br />ARTICLE H <br />MAINTENANCE AND MODIFICATION OF THE PROPERTY <br />AND SECURITY; RELEASE UPON PAYMENT <br />Section 2.1 Maintenance and Modification of the Property by Trustor. The Trustor <br />agrees that at all times prior to the Expiration Date, the Trustor will, at the Trustor's own <br />expense, maintain and preserve the Property. <br />Section 2.2 Release of Security. Upon its receipt of the repayment of all amounts due <br />under the Promissory Note, and all other obligations the performance of which is secured by this <br />Deed of Trust have been satisfied, the Beneficiary shall, upon the request of the Trustor, deliver <br />to the Trustor such instruments as are reasonably necessary to confirm the release of the Security <br />from the lien of this Deed of Trust. <br />ARTICLE III <br />REPRESENTATIONS, COVENANTS AND WARRANTIES <br />OF THE TRUSTOR <br />Section 3.1 Defense of the Title. The Trustor covenants that it is lawfully seized and <br />possessed of title in fee simple to the Property, that it has good right to sell, convey or otherwise <br />transfer or encumber the same, and that the Trustor, for itself and its successors and assigns, <br />warrants and will forever defend the right and title to the foregoing described and conveyed <br />property unto the Beneficiary, its successors and assigns, against the claims of all persons <br />whomsoever, excepting only encumbrances approved by the Beneficiary. <br />Section 3.2 Inspection of the Property. The Trustor covenants and agrees that at any <br />and all reasonable times and upon reasonable notice, the Beneficiary and its duly authorized <br />agents, attorneys, experts, engineers, accountants and representatives, shall have the right, <br />without payment of charges or fees, to inspect the Property. <br />ATTACHMENT NO. 9-3 <br />DO CS OG 1404673 v 14!200272.0001
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