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80A - JOINT - LOAN AGMT AMCAL
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80A - JOINT - LOAN AGMT AMCAL
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2/2/2017 4:09:44 PM
Creation date
2/2/2017 3:55:17 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
2/7/2017
Destruction Year
2022
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17. Captions. The captions and headings in this Deed of Trust are for convenience only <br />and are not to be used to interpret or define the provisions hereof. <br />18. Default in Foreclosure; Remedies. Upon Trustor's breach of any covenant or <br />agreement of Trustor in this Deed of Trust or the Inclusionary Promissory Note secured by this <br />Deed of Trust, including, but not limited to, the covenants to pay, when due, any sums secured by <br />this Deed of Trust, the Beneficiary may declare all sums secured by this Deed of Trust immediately <br />due and payable by delivering to Trustor notice thereof specifying: (1) The breach; (2) the action <br />required to cure such breach; (3) a date not less than 30 days from the date the notice is received by <br />Trustor as shown on the return receipt, by which such breach is to be cured provided, however, that <br />if such default is not reasonable susceptible to being cured within 30 days, Truster shall have a <br />reasonable period to cure the defect so long as Trustor is diligently prosecuting the cure to <br />completion; and (4) that failure to cure such breach on or before the date specified in the notice may <br />result in acceleration of the sums secured by this Deed of Trust and sale of the Security. The notice <br />will also inform Trustor of Trustor's right to reinstate after acceleration and the right to bring a court <br />action to assert the non - existence of default or any other defense of Truster to acceleration and sale. <br />Notwithstanding anything to the contrary contained herein, a "default" shall not include <br />any transaction not considered a "transfer' under Section 16.2 of the Loan Agreement. <br />If the breach is not cured on or before the date specified in the notice or such longer period <br />as provided above or in the Inclusionary Promissory Note or the Agreement, the Beneficiary, at the <br />Beneficiary's option, may: (a) declare all of the sums secured by this Deed of Trust to be <br />immediately due and payable without further demand and may involve the power of sale and any <br />other remedies permitted by California law; (b) either in person or by agent, with or without <br />bringing any action or proceeding, or by a receiver appointed by a court, and without regard to the <br />adequacy of its security, enter upon the Security and take possession thereof (or any part thereof) <br />and of any of the Security, in its own name or in the name of the Trustee, and do any acts which it <br />deems necessary or desirable to preserve the value or marketability of the Property, or part thereof <br />or interest therein, increase the income therefrom or protect the security thereof. The entering upon <br />and taking possession of the Security shall not cure or waive any breach hereunder or invalidate any <br />act done in response to such breach and, notwithstanding the continuance in possession of the <br />Security, the Beneficiary shall be entitled to exercise every right provided for in this Deed of Trust, <br />or by law upon occurrence of any uncured breach, including the right to exercise the power of sale; <br />(c) commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver, or <br />specifically enforce any of the covenants hereof; (d) deliver to the Trustee a written declaration of <br />default and demand for sale, pursuant to the provisions for notice of sale found at California Civil <br />Code Sections 2924, et seq., as amended from time to time; or (e) exercise all other rights and <br />remedies provided herein, in the instruments by which Trustor acquires title to any Security, or in <br />any other document or agreement now or hereafter evidencing, creating or securing all or any <br />portion of the obligations secured hereby, or provided by law. <br />Notwithstanding anything to the contrary herein, Beneficiary hereby agrees that any cure of <br />any default made or tendered by Trustor's limited partner shall be deemed to be a cure by Trustor <br />and shall be accepted or rejected on the sarne basis as if made or tendered by Trustor. <br />FOODYAW <br />
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