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55C - RESO - SA ARTS COLLECTIVE
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55C - RESO - SA ARTS COLLECTIVE
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Last modified
6/29/2017 5:23:56 PM
Creation date
6/29/2017 5:15:07 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55C
Date
7/5/2017
Destruction Year
2022
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FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 27383 <br />When Recorded Mail to: <br />City of Santa Ana <br />Clerk of the Council <br />20 Civic Center Plaza <br />P.O. Box 1988 (M-30) <br />Santa Ana, California 92702 <br />Attn: Clerk of the Council <br />FIRST AMENDED AND RESTATED <br />INCLUSIONARY DEED OF TRUST <br />AND ASSIGNMENT OF RENTS <br />THIS FIRST AMENDED AND RESTATED INCLUSIONARY DEED OF TRUST AND <br />ASSIGNMENT OF RENTS (the "Deed of Trust") made this 5"' day of July, 2017, by between <br />Santa Ana Arts Collective, LP , a California limited partnership (the "Trustor"), AmeriNat, a <br />Minnesota corporation (the "Trustee"), and the City of Santa Ana, a charter city and municipal <br />corporation (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 known 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 Trustor 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 Trustor the right, prior to any <br />default by Trustor 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 />55C-73 <br />
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