PULTE HOME CORPORATION - 2015 - Laserfiche WebLink

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ARTICLES 1. Grant in Trust. Trustor, in consideration of the promises herein recited and the trust herein created, hereby irrevocably and unconditionally grants, transfers, conveys and assigns to Trustee, in trust for the benefit of Beneficiary, with power of sale, all estate, right title and interest which Trustor now has or may later acquire the Property together with all of the following: all improvements now or hereafter located or constructed on the Property and all replacements and additions thereto; all easements, rights of way, appurtenances and other rights used in connection with the Property or as a means of access thereto; all fixtures now or hereafter attached to or used in and about the Property or the improvements located thereon or hereafter located or constructed on the Property, and all renewals or replacements thereof or articles in substitution therefor, whether or not the same are, or shall be attached to the improvements in any manner; and all leases, subleases, licenses and other agreements relating to use or occupancy of the Property, and all rents or other payments that may now or hereafter accrue or otherwise become payable to or for the benefit of Trustor (whether or not such Leases and Rents are permitted by the Inclusionary Housing Covenants Declaration). All of the above - referenced Property, improvements, appurtenance, fixtures and equipment, leases and rents are herein referred to collectively as the "Security ". 2. Secured Obligations. Trustor makes the grant, conveyance, transfer and assignment herein for the purpose of securing payment and performance of the following: (a) the City Share of Excess Proceeds in the event of an Extraordinary Sale or a foreclosure sale; and (b) Trustor's obligations under the term of the Inclusionary Housing Covenants Declaration. 3. Maintenance and Repair. Trustor shall (a) keep the Property in good condition and repair and not remove or demolish any building; (b) complete or restore promptly and in good and workmanlike manner any building which may be constructed, damaged or destroyed; (c) pay when due all claims for labor performed and materials furnished; (d) comply with all laws affecting the Property or requiring any alterations or improvements to be made; (e) not commit or permit waste; and (f) cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of the Property may be reasonably necessary. Inclusionary Housing Covenants Declaration Page 8 Assumption Agreement January 2015