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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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insurance carder offers to settle a claim for insurance benefits, the Beneficiary, or its <br />designated agent, is authorized to collect and apply the insurance proceeds at the <br />Beneficiary's option either to restoration or repair of the Security or to repay the loan. <br />If the Security is acquired by the Beneficiary, all right, title and interest of Trustor in <br />and to any insurance policy and in and to the proceeds thereof resulting from damage to the <br />Security prior to the sale or acquisition will pass to the Beneficiary to the extent of the sums <br />secured by this Deed of Trust immediately prior to such sale or acquisition subject to the <br />rights of any senior lender. <br />7. Preservation and Maintenance of Security. Trustor will keep the Security in <br />good repair and will not commit waste or permit impairment or deterioration of the Security. <br />8. Protection of the Beneficiary's Security. If Trustor fails to perform the <br />covenants and agreements contained in this Deed of Trust or if any action or proceeding is <br />commenced which materially affects the Beneficiary's interest in the Security, including, but <br />not limited to, default under the Deed of Trust securing any senior lender, eminent domain, <br />insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or <br />decedent, then the Beneficiary, at the Beneficiary's option, upon notice to Truster, may <br />make such appearances, disburse such sums and take such action as it determines necessary <br />to protect the Beneficiary's interest, including, but not limited to, disbursement of reasonable <br />attorneys' fees and entry upon the Security to make repairs. <br />Any amounts disbursed by the Beneficiary pursuant to this paragraph, with interest <br />thereon, will become an indebtedness of Trustor secured by this Deed of Trust. Unless <br />Truster and the Beneficiary agree to other terms of payment, such amount will be payable <br />upon notice from the Beneficiary to Truster requesting payment thereof, and will bear <br />interest from the date of disbursement at the rate payable from time to time on outstanding <br />principal under the City Note unless payment of interest at such rate would be contrary to <br />applicable law, in which event such amounts will bear interest at the highest rate permissible <br />under applicable law. Nothing contained in this paragraph will require the Beneficiary to <br />insure any expense or take any action hereunder. <br />9. Inspection. The Beneficiary may make, or cause to be made, reasonable <br />entries upon and inspections of the Security during normal business hours; provided that the <br />Beneficiary will give Trustor reasonable notice of inspection. <br />10. Forbearance by the Beneficiary Not a Waiver. Any forbearance by the <br />Beneficiary in exercising any right or remedy will not be a waiver of the exercise of any <br />such right or remedy. The procurement of insurance or the payment of taxes or other liens <br />or charges by the Beneficiary will not be a waiver of the Beneficiary's right to accelerate the <br />maturity of the indebtedness secured by this Deed of Trust. <br />11. Remedies Cumulative. All remedies provided in this Deed of Trust are <br />distinct and cumulative to any other right or remedy under this Deed of Trust or any other <br />
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