CONSTRUCTION DEED OF TRUST - Laserfiche WebLink

?7— 1 54983 Except with the prior written approval of Beneficiary, Trustor will not (i) execute any deed of trust or create or suffer to be created any lien which may be or become superior to any then existing leases affecting the property, or (ii) assign the rent or any part of the rent of the property under any existing or future leases of the premises to any person other than Beneficiary except in connection with a sale of the property to which Beneficiary has consented in writing. 19. Beneficiary, at any time and from time to time, by instrument in writing, may substitute and appoint a successor or successors (either corporate or individual) to any trustee named herein or previously substituted hereunder, which instrument when executed, acknowledged and recorded in the office of the Recorder of the county or counties where said property is situated shall be conclusive proof of the proper substitution and appointment of each such successor trustee or trustees, who shall then have all the title, powers, duties and rights of the predecessor trustee, without the necessity of any conveyance from such predecessor. Trustee shall not be obligated to notify any party hereto of any pending sale under any other deed of trust, or, unless brought by Trustee, of any action or proceeding in which Trustor, Beneficiary or Trustee shall be a party. Trustee accepts this trust when this Deed of Trust, duly executed and acknowledged, is made a public record as provided by law. 20. Should any warranty or representation contained herein be or become untrue or should any covenant or agreement contained herein be breached, Beneficiary shall have a cause of action against Trustor for any damages caused thereby and, in additions, Beneficiary shall be entitled to exercise any and all of the rights and remedies provided for herein with regard to a default. 21. In this Deed of Trust (a) the Term "Beneficiary" shall mean the owner and holder, including pledgees, of the Note hereby secured, whether or not named as Beneficiary herein; (b) terms such as "herein" and "hereunder" refer to this entire instrument; (c) either of the words "costs" or "expenses" shall include, but not be limited to the cost of title evidence and reasonable fees of the attorneys of Beneficiary or Trustee; (d) the enumeration of certain particulars as included within general language shall not restrict the scope or affect the generality of such language; (e) personal pronouns shall be construed as though the gender and number required by the context, and the singular shall include plural and the plural, the singular as may be required by context; and (f) the term "Trustor" shall mean the original signator(s) hereof, the successors and assigns thereof, and any future owners of the property described herein or any part therof. 22. It is hereby expressly agreed and acknowledged by Trustor and Beneficiary that the HDG Loan and this Deed of Trust are subject and subor- dinate to and shall continue to be subject and subordinate to a first construc- tion deed of trust, securing a note in favor of Wells Fargo Bank in the princi- pal amount of $11,000,000.00, until the loan secured thereby is paid in full. It is also hereby expressly agreed and acknowledged by Trustor and Beneficiary that the HDG Loan and this Deed of Trust are subject and subordinate to and shall continue to be subject and subordinate to a first permanent deed of trust, securing a note in favor of California Housing Finance Agency in the principal amount of $11,000,000.00, until the loan secured thereby is paid in full. Nothing herein shall be construed to release either holder of the first deed of trust or any assignee or successor to its rights in the Property from c:HDGDT.EHI Page 9.