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25B - AGMT - CDBG HOUSING LOAN
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25B - AGMT - CDBG HOUSING LOAN
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Last modified
1/28/2016 4:31:05 PM
Creation date
1/28/2016 3:47:48 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25B
Date
2/2/2016
Destruction Year
2021
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Exhibit C <br />FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 27383 <br />When Recorded Mail to: <br />Community Development Agency <br />City of Santa Ana <br />20 Civic Center Plaza <br />P.O. Box 1988 (M -26) <br />Santa Ana, California 92702 <br />Attn: Housing Manager <br />INCLUSIONARY DEED OF TRUST <br />AND ASSIGNMENT OF RENTS <br />THIS INCLUSIONARY DEED OF TRUST AND ASSIGNMENT OF RENTS (the "Deed <br />of Trust ") made this day of February, 2016, by between Santa Ana Arts Collective, LP , a <br />California limited partnership (the "Trustor "), AmeriNational Community Services, a California <br />corporation (the "Trustee "), and the City of Santa Ana, a charter city and municipal corporation <br />(the 'Beneficiary "). <br />Trustor, in consideration of the promises herein recited and the trust herein created, <br />irrevocably grants, transfers, conveys and assigns to Trustee, in trust, with power of sale, the <br />property located in the City of Santa Ana, County of Orange, State of California, described in the <br />attached Exhibit A and more commonly lmown as 1666 N. Main Street, Santa Ana, California (the <br />'Property "); <br />TOGETHER with all the improvements now or hereafter erected on the Property, and all <br />easements, rights, appurtenances and all fixtures now or hereafter attached to the Property, all of <br />which, including replacements and additions thereto, shall be deemed to be and remain a part of the <br />Property covered by this Inclusionary Deed of Trust; provided that so long as Trustor is not in <br />default hereunder, it shall be permitted to control the Property in accordance with the <br />requirements of that certain CDBG and Inclusionary Program Loan Agreement entered into <br />between the Truster and the Beneficiary, dated concurrently herewith, which Agreements are <br />both on file with the Beneficiary as a public record; <br />TOGETHER with the right, power and authority during the continuance of these Trusts, to <br />collect the rents, issues, and profits of the Property, reserving unto the Truster the right, prior to any <br />default by Truster in payment of the indebtedness secured by this Deed of Trust or in the <br />performance of any agreement under this Deed of Trust, to collect and retain these rents, issues and <br />profits as they become due and payable; and, <br />TOGETHER with all articles of personal property or fixtures now or hereafter attached to or <br />used in and about the building or buildings now erected, or hereafter to be erected, on the Property <br />which are necessary to the complete and comfortable use and occupancy of such building or <br />25B -66 <br />
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