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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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8/24/2015 11:03:28 AM
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8/19/2015 2:54:59 PM
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Company Name
815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS)
Contract #
A-2015-029
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
2/17/2015
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TOGETHER 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 Tnistor the <br />right, prior to any default by Truster in payment of the indebtedness secured by this Deed of <br />Trust or in the performance of any agreement under this Deed of Trust, to collect and retain <br />these rents, issues and profits as they become due and payable; and, <br />TOGETHER with all articles of personal property 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 for which they were or are to be <br />erected, 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 one <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 of the foregoing, together with the Property, is herein <br />referred to as the "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 of the sums 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 "City <br />Promissory Note "); (b) the performance of the covenants and agreements of Borrower <br />contained in a certain Agreement as hereinafter defined; and (c) the payment of all other <br />sums, with interest thereon, advanced in accordance herewith to protect the security of this <br />Deed of Trust; and the performance of the covenants and agreements of Tnistor contained <br />herein. <br />TRUSTOR AND THE BENEFICIARY COVENANT AND AGREE AS FOLLOWS: <br />1. The Agreement. 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 record with the Beneficiary and is incorporated <br />herein by reference. Tnistor acknowledges that but for the execution of this Deed of Trust, <br />the Beneficiary would not enter into the Agreement or City HOME Promissory Note <br />secured by this Deed of Trust. <br />2. Trustor's Estate. Tnistor is lawfully seized of the estate hereby conveyed and <br />has the right to grant and convey the Security; that other than 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 fmancing or refinancing for the purchase and rehabilitation of <br />the Property. <br />
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