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25B - AGMT - 815 N HARBOR LOAN
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02/17/2015
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25B - AGMT - 815 N HARBOR LOAN
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Last modified
2/12/2015 4:45:31 PM
Creation date
2/12/2015 4:13:11 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25B
Date
2/17/2015
Destruction Year
2020
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TOGLiTfHH R with the right, power and authority during the continuance of these <br />Trusts, to collect the rents, issues, and profits of the Property, reserving; unto the Trustor the <br />righit, prior to aray default by Trustor in payment of the uidebtedness secured by this Deed of <br />TT Uqt or in the peribunani e of any agreement under this Deed of Trust, to collect and retain <br />these rents, issues and profits as they become due and payable; anti, <br />TOGETHER with all articles o rpei:.onal pivperty 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 ror which they were or are to be <br />crested, 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 orke <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 ofthe foregoing, together with the Property, is herein <br />referred to as f -IQ "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 o£the surns evidenced by a. <br />Promissory Note to the Beneficiary executed by Trustor of even date herewith in the <br />principal amount of Three hundred Eighty Thousand Dollars ($380,000,00) (the "c ity <br />Promissory Note'); (b) the performaricc of the covenants and agreements of Borrower <br />contained in a certain Agreement as hereinafter defined; and (c) the payinent of all other <br />:sums, with interest therefr, advanced in accordance herewith to protect the sccutity of"this <br />Deed of Trust, and the peifonnauace of the covenatits and agreements of Tmstor contained <br />herein. <br />TRUSTOR AND THE BENEFICIARY COVENANT AND AGREE AS FOLLOWS. <br />1. Tire A€tracinent. This deed of Trust is executed and delivered, along with <br />the City HOME promissory Note and the Loan Agreements, to benefit the Property. A copy <br />of said Agreements is on file as a public meovd, with the Beneficiary and is incorporated <br />herein by reference. Trtistor acknowledges that but for the execution of this Decd or Trust, <br />the Beneficiaty would not enter into the Agreement or City KOME Promissory Note <br />secured by this Heed of Trust. <br />2, Trustur'ts Estate. Truster is lawfully seized of the estate hereby conveyed and <br />has the right to grunt and convey the Security; thatother thavri this 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 />25B -58 <br />
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