25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

Home Browse Search

reinstate after acceleration aid the right to bring a court action to assert the non - existence of default or any other defense of Trustor to acceleration and sale. Notwithstanding anything to the contrary contained herein, a "default" shall not include (i) a transfer of a general partner's interest in Trustor when made in connection With the exercise by the Truster's limited partner (the "Limited Partner ") of its rights upon a default by a general partner under the Trustor'; Arn¢nded and Restdted Limited Partnership Agreement (the "Partnership Agreement") or upon a general partner's withdrawal in isolation of the Partnership Agreement, so long as'the removal and substitution of the defaulting general partner is made within thirty (30) whys of such default or, if such removal and substitution cannot reasonably be completed within thirty (30) days, so long as the Limited Partner commences to uitse action to remove and substitute the general partner With a reasonable period and thereafter diligently proceeds to _complete such substitution; (ii) any transfer of the Property to (lie managing general partner of Trustor pursuant to the tight of first rofusal or to the general partners of Trustor pursuant to the purchase option, as provided for in tine Partnership Agreement; (iii) any transfer o f the Limited P'artner's interest in curtneetion With a default by the Limited Partner under and in aocordance with the Partnership Agreement; and (iv) any sale, transfer or other disposition of limited partner interest or an interest in a limited partner of the Trustor, provided that after any such sale, transfer or other disposition an affiliate of the Trustor's limited partner is the managing anennber or geuertal partner of sntctn transferee limited partner, If the breach is not ca red on or before the date speei f ed in the notice or such longer period as provided above or in the City Note or the Agreement, the Boneliaiary, at the Beneficiary's option, nnay: (a) declare all of the sums secured by this City Deed of Trust to be immediately due and Payable nvitlsout further demand acid may invoke the power of Sale and any other remedies permitted by California law, (b) either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court, and without regain( to the adequacy of its security, enter upon the Security and take possession thereof (or any part thercoo and of any of the Security, in its own name or in the name of the Trustee, and do any acts which it deems necessary or desirable to preserve the value or marketability of the Property, or part thereof or interest therein, increase the income therefrom or protect the security thereof. The entering upon and taking possession of the Security shall not core or waive any breach hereunder or invalidate array act done in response to such breach and, notwithstanding the continuance in possession of the Security, the Benericiary Shall be entitled to exercise every right provided for in this Deed of Trust, or by law upon occurrence of any uncured breach, including the right to exercise the power of sale; (c) commence an action to foreclose this Deed o (Trust as a mortgage, appoint a receiver, or specifically enforce any of floe covenants hereof; (d) deliver to the'Trustee a written declaration ot'defarrU and deanand for sale, pursuant to the provisiows for notice of salty found at Calif -brnia Civil Code Sections 2924, p4 g ., as amended from time to tame; or (e) exercise all other rights and remedies provided heroin, in the instruments by which Truster acquires title to any Security, or in any other doctuuent or agreement now or hereafter evidencing, creating or securing all or any portion of the obligations secured hereby, or provided by lain. 25B -62