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55C - RESO - SA ARTS COLLECTIVE
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55C - RESO - SA ARTS COLLECTIVE
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6/29/2017 5:23:56 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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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 seMc ., 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 />In addition, if an Event of Default occurs hereunder or under the Note, prior to taking any <br />remedy under this Deed of Trust or any other document evidencing or securing this Note, <br />Beneficiary shall first give notice of the occurrence of such Event of Default to the Limited Partner <br />and the Limited Partner shall have not less than 30 days to cure such Event of Default, provided if in <br />order to cure such Event of Default the Limited Partner gives notice to the Beneficiary that Limited <br />Partner must remove and replace the general partner or general partners of Trustor, Limited Partner <br />shall have until 30 days following the effective date of such removal and replacement to cure such <br />Event of Default. <br />The Beneficiary shall be entitled to collect all reasonable costs and expenses incurred in <br />pursuing the remedies provided in this paragraph, including, but not limited to, reasonable attorneys' <br />fees. <br />19. Truster's Right to Reinstate. Notwithstanding the Beneficiary's acceleration of the <br />sums secured by this Deed of Trust, Trustor will have the right to have any proceedings begun by <br />the Beneficiary to enforce this Deed of Trust discontinued at any time prior to 5 days before sale of <br />the Security pursuant to the power of sale contained in this Deed of Trust or at any time prior to <br />entry of a judgment enforcing this Deed of Trust if. (a) Trustor pays the Beneficiary all sums which <br />would be then due under this Deed of Trust and no acceleration under the Inclusionary Promissory <br />Note has occurred; (b) Trustor cures all breaches of any other covenants or agreements of Trustor <br />contained in this Deed of Trust; (c) Trustor pays all reasonable expenses incurred by the Beneficiary <br />and the Trustee in enforcing the covenants and agreements of Trustor contained in this Deed of <br />Trust and in enforcing the Beneficiary's and the Trustee's remedies, including, but not limited to, <br />reasonable attorneys' fees; and (d) Trustor takes such action as the Beneficiary may reasonably <br />require to assure that the lien of this Deed of Trust, the Beneficiary's interest in the Security and <br />Truster's obligation to pay the sums secured by this Deed of Trust shall continue unimpaired. Upon <br />such payment and cure by Trustor, this Deed of Trust and the obligations secured hereby will <br />remain in full force and effect as if no acceleration had occurred. <br />20. Acceptance by Trustee. Trustee accepts this Trust when this Deed of Trust, duly <br />executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to <br />notify any party to this Deed of Trust of pending sale under any other deed of trust or any action or <br />proceeding in which Trustor, Beneficiary, or Trustee shall be a party unless brought by Trustee. <br />55C-78 <br />
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