RES 17969 - Laserfiche WebLink

Trustee's consent to be obtained in any future or other instance No amendment to or modification of this Deed of Trust shall be effective unless and until such amendment or modification is in writing, executed by Trustor and Beneficiary Without limiting the generality of the foregoing, Beneficiary's acceptance of payment of any sum secured hereby after its due date shall not constitute a waiver by Beneficiary of its right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay 10 8 Action by Beneficiary. Except as may be otherwise specifically provided herein, whenever any approval, notice, direction, or consent by the Beneficiary is required or permitted under this Agreement, such action shall be in writing, and such action may be given, made or taken by Beneficiary's City Manager or by any person who shall have been designated by Beneficiary's City Manager, without further approval by the governing board of Beneficiary. 10 9 Joint and Several Liability If Trustor consists of more than one person or entity, each shall be jointly and severally liable for the faithful performance of all of Trustor's obligations under this Deed of Trust 10 10 Time is of the Essence. Time is of the essence for each provision of this Deed of Trust 10.11 Partial Subordination to Extended Use Agreement Trustor and the California Tax Credit Allocation Committee may enter into a Regulatory Agreement (the "TCAC Regulatory Agreement"), which constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Internal Revenue Code, as amended (the "Code") In the event of a foreclosure of Beneficiary's interest under this Deed of Trust or delivery by the Trustor of a deed in lieu thereof (collectively, a "Foreclosure"), the following rule shall apply: In the event of a Foreclosure, throughout the extended use period specified in the TCAC Regulatory Agreement, with respect to any unit that had been regulated by the TCAC Regulatory Agreement, (i) none of the eligible tenants occupying those units at the time of Foreclosure may be evicted or their tenancy terminated (other than for good cause, including but not limited to, the tenants' ineligibility pursuant to regulations of the HOME Program or Section 42 of the Code), (ii) nor may any rent be increased except as otherwise permitted under Section 42 of the Code 11. Leasehold Mortgagee Provisions. The provisions of this Section 11 shall apply for so long any portion of the Property consists of Trustor's interest as tenant under the Ground Lease defined and described in Recital A. As used in this Section 11, the term "Ground Lease" means the Ground Lease and any extension, renewal or replacement thereof The lien of this Deed of Trust shall encumber all of Trustor's rights and interests under and in connection with the Ground Lease, including without limitation 22 OAK #4847-7399-4286 v5