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25C - AGMT HOMEBUYER ASSISTANCE
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03/06/2018
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25C - AGMT HOMEBUYER ASSISTANCE
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3/1/2018 7:04:43 PM
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3/1/2018 6:50:56 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25C
Date
3/6/2018
Destruction Year
2023
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and remedies provided herein, in the instruments by which Trustor acquires title to any Security, <br />or in any other document or agreement now or hereafter evidencing, creating or securing all or <br />any portion of the obligations secured hereby, or provided by law. <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 <br />attorneys' fees. <br />19. Trustor'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.the <br />Beneficiary to enforce this Deed of Trust discontinued at any time prior to 5 days before sale bf the <br />Security pursuant to the power of sale contained in this Deed of Trust or at'any time,prior to entry`of' <br />a judgment enforcing this Deed of Trust if. (a) Trustor pays the Beneficiary all sums,which would be <br />then due under this Deed of Trust and no acceleration under the Promissory Note •has. occurred; <br />(b) Trustor cures all breaches of any other covenants or agreements Trustor contained in'this'Deed of <br />Trust and the Covenants; (c) Trustor pays all reasonable expenses'incurred by the Beneficiary and the <br />Trustee in enforcing the covenants and agreements of Trustor contained iii this Deed of Trust and the <br />Covenants, and in enforcing the Beneficiary's and the Trustee's remedies, including, but not limited <br />to, 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 />Trustor'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 remain <br />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 />21. Reconvevance., Upon payment or forgiveness of all sums secured by this Deed of <br />Trust and expiration of the Term of the Agreement and the Term of the Affordability Restrictions, <br />the Beneficiary will request the Trustee to reconvey the Security and will surrender this Deed of <br />Trust and the. Promissory Note- to the Trustee. The Trustee will reconvey the Security without <br />warranty and without charge to the person or persons legally entitled thereto. Such person or persons <br />will pay all costs of recordation, if any. <br />22. Substitute Trustee. The Beneficiary, at the Beneficiary's option, may from time to <br />time remove the Trustee and appoint a successor trustee to any Trustee appointed hereunder. The <br />successor trustee will -succeed to all the title, power and duties conferred upon the Trustee herein and <br />by applicable law. <br />23. Request for Notice. Trustor requests that copies of the notice of default and notice of <br />sale be sent to Trustor at the address set forth in Section 14 above. <br />24. Nonrecourse Liability. Neither Trustor nor any general partner of Trustor shall have <br />any personal liability under the Loan Agreement, Promissory Note, and this Deed of Trust and any <br />judgment, decree or order for payment of money obtained in any action to enforce. the obligation of <br />Trustor to repay the Loan evidenced by such documents shall be enforceable against Trustor only to <br />the extent of Trustor's interest in the Property. <br />3 <br />25C-27 <br />
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