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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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Last modified
7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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of Trust if. (a) Truster pays the Beneficiary all sums which would be then due under this <br />City Deed of Trust and no acceleration under the City Loan Note has occurred; (b) Trustor <br />cures all breaches of any other covenants or agreements of Trustor contained in this Deed of <br />Trust and the Affordability Restrictions on Transfer of Property; (c) Truster pays all <br />reasonable expenses incurred by the Beneficiary and the Trustee in enforcing the covenants <br />and agreements of Truster contained in this City Deed of Trust and the Affordability <br />Restrictions, and in enforcing the Beneficiary's and the Trustee's remedies, including, but <br />not limited to, reasonable attorneys' fees; and (d) Truster takes such action as the <br />Beneficiary may reasonably require to assure that the lien of this City Deed of Trust, the <br />Beneficiary's interest in the Security and Truster's obligation to pay the sums secured by this <br />City Deed of Trust shall continue unimpaired. Upon such payment and cure by Trustor, this <br />City Deed of Trust and the obligations secured hereby will remain in full force and effect as <br />if no acceleration had occurred. <br />20. Acceptance by Trustee. Trustee accepts this Trust when this City Deed of <br />Trust, duly executed and acknowledged, is made a public record as provided by law. <br />Trustee is not obligated to notify any party to this City Deed of Trust of pending sale under <br />any other deed of trust or any action or proceeding in which Truster, Beneficiary, or Trustee <br />shall be a party unless brought by Trustee. <br />21. Reconveyance. Upon payment or forgiveness of all sums secured by this <br />City Deed of Trust, the Beneficiary will request the Trustee to reconvey the Security and <br />will surrender this City Deed of Trust and the City Loan Note to the Trustee. The Trustee <br />will reconvey the Security without warranty and without charge to the person or persons <br />legally entitled thereto. Such person or persons will pay all costs of recordation, if any. <br />22. Substitute Trustee. The Beneficiary, at the Beneficiary's option, may from <br />time to time remove the Trustee and appoint a successor trustee to any Trustee appointed <br />hereunder. The successor trustee will succeed to all the title, power and duties conferred <br />upon the Trustee herein and by applicable law. <br />23. Request for Notice. Trustor requests that copies of the notice of default and <br />notice of sale be sent to Trustee at the address set forth in Section 14 above. <br />24. Nonrecourse Liability. Neither Truster nor any partner of Truster shall <br />have any personal liability under the Loan Agreement, City Loan Note, and this City Deed <br />of Trust and any judgment, decree or order for payment of money obtained in any action to <br />enforce the obligation of Truster to repay the loan evidenced by such documents shall be <br />enforceable against Truster only to the extent of Truster's interest in the Property. <br />
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