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03
City of Pleasanton
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CITY CLERK
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2016
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030116
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03
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2/25/2016 4:13:47 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
3/1/2016
DESTRUCT DATE
15Y
DOCUMENT NO
03
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7.6 Restrictions on Conveyance and Encumbrance; Acceleration. It shall be <br /> an Event of Default hereunder if the Property or the Improvements, or any part thereof <br /> or interest therein is sold, assigned, conveyed, transferred, hypothecated, leased, <br /> licensed, or encumbered in violation of the City Documents or if any other Transfer (as <br /> defined in the Loan Agreement) occurs in violation of the City Documents. If any such <br /> Transfer shall occur in violation of such requirements, without limiting the provisions of <br /> Section 8 hereof, all obligations secured by this Deed of Trust, irrespective of the <br /> maturity dates of such obligations, shall at the option of Beneficiary, and without <br /> demand, immediately become due and payable, subject to any applicable cure period. <br /> 7.7 Inspections; Books and Records. Beneficiary and its agents and <br /> representatives shall have the right at any reasonable time upon reasonable notice to <br /> enter upon the Land and inspect the Property to ensure compliance with the City <br /> Documents. Trustor shall maintain complete and accurate books of account and other <br /> records (including copies of supporting bills and invoices) adequate to document the <br /> use of the Loan Proceeds and the operation of the Property, together with copies of all <br /> written contracts, Leases and other instruments which affect the Property. The books, <br /> records, contracts, Leases and other instruments shall be subject to examination and <br /> inspection by Beneficiary at any reasonable time following two business days prior <br /> notice. <br /> 7.8 Charges, Liens, Taxes and Assessments. Trustor shall pay before <br /> delinquency all taxes, levies, assessments and other charges affecting the Property that <br /> are (or if not paid may become) a lien on all or part of the Property. Trustor may, at <br /> Trustor's expense, contest the validity or application of any tax, levy, assessment or <br /> charge affecting the Property by appropriate legal proceedings promptly initiated and <br /> conducted in good faith and with due diligence, provided that (i) Beneficiary is <br /> reasonably satisfied that neither the Property nor any part thereof or interest therein will <br /> be in danger of being sold, forfeited, or lost as a result of such contest, and (ii) Trustor <br /> shall have posted a bond or furnished other security as may reasonably be required <br /> from time to time by Beneficiary; and provided further that Trustor shall timely make any <br /> payment necessary to prevent a lien foreclosure, sale, forfeiture or loss of the Property. <br /> 7.9 Subrogation. Beneficiary shall be subrogated to the liens of all <br /> encumbrances, whether released of record or not, which are discharged in whole or in <br /> part by Beneficiary in accordance with this Deed of Trust. <br /> 7.10 Hazard, Liability and Workers' Compensation Insurance. At all times <br /> during the term hereof, at Trustor's expense, Trustor shall keep the Improvements and <br /> personal property now existing or hereafter located on the Property insured against loss <br /> by fire, vandalism and malicious mischief by a policy of standard fire and extended all- <br /> risk insurance. The policy shall be written on a full replacement value basis and shall <br /> name Beneficiary as loss payee as its interest may appear. The full replacement value <br /> of the improvements to be insured shall be determined by the company issuing the <br /> policy at the time the policy is initially obtained. Not more frequently than once every <br /> two (2) years, either the Trustor or the Beneficiary shall have the right to notify the other <br /> party that it elects to have the replacement value redetermined by the insurance <br /> 8 <br /> OAK #4897-7399-4286 v3 <br />
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