CHFA LOAN CLOSING - Laserfiche WebLink

5.12 Trustee Substitution. The irrevocable power to appoint a substitute trustee or trustees hereunder is hereby expressly granted to the Agency, to be exercised at any time hereafter, without specifying any reason therefor by filing for record in the office where this Deed of Trust is recorded a deed of appointment, and said power of appointment of successor trustee or trustees may be exercised as often as and whenever the Agency deems advisable. The exercise of said power of appointment, no matter how often, shall not be deemed an exhaustion thereof, and upon recording of such deed or deeds of appointment, the trustee or trustees so appointed shall thereupon, without further act or deed of conveyance, succeed to and become fully vested with identically the same title and estate in and to the Property hereby conveyed and with all the rights, powers, trusts and duties of the predecessor in the trust hereunder, with the like effect as if originally named as trustee or as one of the trustees. 5.13 Uniform Commercial Code Security Agreement, Financing Statement and Fixture Filing. (a) This Deed of Trust is a security agreement and financing statement under the Uniform Commercial Code for the benefit of the Agency as secured party for any of the items specified above as part of the Property which, under applicable law, may be subject to a security interest pursuant to the Uniform Commercial Code, and Trustor hereby grants the Agency a security interest in said items. This Deed of Trust is filed as a fixture filing and covers goods which are or are to become fixtures. The address of the Agency (secured party) from which information concerning the security interest may be obtained and the mailing address of Borrower and the City (debtors) are set forth in this Deed of Trust. The types or items of collateral are described in Paragraph 1 of this Deed of Trust. Borrower and the City agree that the Agency may file any appropriate document in the appropriate index as a financing statement for any of the items specified above as part of the Property. In addition, Borrower and the City agree to execute and deliver to the Agency, upon the Agency's request, any financing statements, as well as extensions, renewals and amendments thereof, and reproductions of this instrument in such form as the Agency may require to perfect a security interest with respect to said items. Borrower and /or the City shall pay all costs of filing such financing statements and any extensions, renewals, amendments, and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements, and releases thereof, as the Agency may reasonably require. Without the prior written consent of the Agency, Borrower and /or the City shall not create or suffer to be created pursuant to the Uniform Commercial Code any other security interest in said items, including replacements and additions thereto, except as otherwise expressly permitted in the Loan Documents. Upon an Acceleration as provided in Paragraph 5.7, the CHFA 52P(RIDGE VIEW /SECOND) -10- 12/19/89 Q02253