CONSTRUCTION DEED OF TRUST - Laserfiche WebLink

54983 complying with the HDG Program requirements (pursuant to a separately recorded document), other than the event of forclosure by the beneficiary of the first deed of trust. 23. In addition to the Note and any additional note(s), this Deed of Trust secures the obligations of Trustor under that certain Owner- Grantee Agreement between Trustor and Beneficiary and the HDG Loan Agreement between Trustor and Beneficiary and documents incorporated by reference therein. The Owner- Grantee Agreement was, or is, entered into in connection with the grant awarded to Beneficiary for the purpose of developing housing for lower income households pursuant to Section 17 of the U.S. Housing Act of 1937, 42 U.S.C. 1437 (the "Act known as the Housing Development Grant program "HDG Program The source of the funds advanced under the Note secured by this Deed of Trust is the HDG Program. The HDG Loan provided for herein shall be subject to the terms and conditions set forth in the Act and the HUD regulations adopted pursuant thereto, and Trustor hereby consents to such terms and conditions and agrees to be bound thereby. Such terms and conditions shall be in addition to and not in limitation of the rights of Beneficiary expressly set forth in this Deed of Trust. Notwithstanding anything to the contrary herein, Beneficiary and Trustor agree that should any conflict arise between any provision of this Deed of Trust and Section 17 of the Act and HUD regulations adopted pursuant thereto, then Section 17 of the Act and the regulations pursuant thereto shall be controlling. C. IN CONNECTION WITH THE HDG PROGRAM REQUIREMENTS, TRUSTOR FURTHER COVENANTS AND AGREES: 1. That all of the terms, conditions and provisions of the Note, any additional note(s), the HDG Loan Agreement and the Owner- Grantee Agreement (collectively referred to herein as the "Agreements are incorporated herein and made a part of this Deed of Trust. Upon default under this Deed of Trust and /or said Agreements, the Beneficiary, at its option, may declare the whole of the indebtedness secured hereby to be due and payable. 2. That the HDG Loan funds to be advanced hereunder are to be used in the construction of certain improvements on the Property in accordance with the Agreements; and upon the failure of the Trustor to keep and perform all the covenants, conditions and agreements of said Agreements, the principal sum and all arrears of interest, if any, and other charges provided for in the Note shall at the option of the Beneficiary become due and payable, anything contained herein to the contrary notwithstanding. 3. Trustor will not sell, lease or otherwise encumber the Property, or the rents or revenues thereof, except with the prior written consent of the Beneficiary and except by leasing to tenants in accordance with terms of the HDG rules and regulations. 4. Trustor shall permit HUD and Beneficiary and their respective agents and representatives, to inspect the Property at any and all reasonable times. Inspections shall be conducted so as not to interfere with the tenants' use and enjoyment of the Property. c:HDGDT.EHI Page 10.