Common use of Limits on Personal Liability Clause in Contracts

Limits on Personal Liability. a. Except as otherwise provided in this Paragraph 7, the Owner shall have no personal liability under this Note, the Agreement, the Deed of Trust or any of the other documents evidencing or securing the Owner’s obligations in respect of the loan evidenced by the Note (the “Loan Documents”) for the repayment of the indebtedness evidenced by this Note (the “Indebtedness”) or for the performance of any other obligations of the Owner under the Loan Documents, and the City’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations shall be the City’s exercise of its rights and remedies with respect to the Property and any other collateral held by the City as security for the Indebtedness. b. The Owner shall be personally liable to the City for the repayment of a portion of the Indebtedness equal to any loss or damage actually suffered by the City as a result of (1) failure of the Owner to pay to the City any rents, insurance proceeds or condemnation proceeds to the extent required by the Deed of Trust following an event or default; or (2) fraud or written material misrepresentation by the Owner or any officer, director, partner, member or employee of the Participating Owner in connection with the application for or creation of the Indebtedness or any request for any action or consent by the City. c. To the extent that the Owner has personal liability under this Paragraph 7, the City may exercise its rights against the Owner personally without regard to whether the City has exercised any rights against the Property or any other security, or pursued any rights against any guarantor, or pursued any other rights available to the City under this Note or any other Loan Document or applicable law. “Owner” Mental Health Association of San Mateo County A California Non-Profit Corporation By: Authorized signer CITY OF REDWOOD CITY CITY OF REDWOOD CITY CDD-Planning and Housing ATTN: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ THIS DEED OF TRUST, made this of ,2013 between MENTAL HEALTH ASSOCIATION OF SAN MATEO COUNTY, A CALIFORNIA NON-PROFIT CORPORATION, herein called TRUSTOR, whose address is ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, FIRST AMERICAN TITLE COMPANY, A CALIFORNIA CORPORATION, herein called TRUSTEE, and CITY OF REDWOOD CITY, A MUNICIPAL CORPORATION, herein called BENEFICIARY, WITNESSETH: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF SALE, that property in San Mateo County, California, described as: TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and conferred upon Beneficiary by paragraph (10) of the provisions incorporated herein by reference to collect and apply such rents, issues and profits. INITIALS for funding to acquire ▇▇▇ ▇▇▇ ▇▇▇▇▇▇ and each agreement of Trustor incorporated by reference or contained herein. 2. Payment of the indebtedness evidenced by one promissory note of even date herewith, and any extension or renewal thereof, in the principal sum of $400,000.00 executed by Trustor in favor of Beneficiary or order. 3. Payment of such further sums as the then record owner of said property hereafter may borrow from Beneficiary, when evidenced by another note (or notes) reciting it is so secured. COUNTY BOOK PAGE Alameda 435 684 Alpine 1 250 ▇▇▇▇▇▇ 104 348 Butte ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇ Colusa 296 617 Contra Costa 3978 ▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇▇ 568 456 Fresno 4626 572 ▇▇▇▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇ Imperial 1091 501 Inyo 147 598 ▇▇▇▇ 3427 60 COUNTY BOOK PAGE Kings 792 833 Lake ▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇ Los Angeles T2055 899 Madera 810 170 Marin 1508 339 Mariposa ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇ Merced 1547 538 Modoc 184 851 Mono 52 429 Monterey 2194 538 Napa 639 86 Nevada 305 320 Orange 5889 611 COUNTY BOOK PAGE Placer 895 301 Plumas 151 5 Riverside 3005 523 Sacramento 4331 ▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇ 383 San Bernardino 5567 61 San Francisco A332 905 San ▇▇▇▇▇▇▇ 2470 311 San ▇▇▇▇ Obispo1151 12 San Mateo 4078 420 Santa ▇▇▇▇▇▇▇ 1878 860 Santa ▇▇▇▇▇ 5336 341 Santa ▇▇▇▇ 1431 494 Shasta 684 528 San Diego Series 2 Book 1961, COUNTY BOOK PAGE Sierra 29 335 Siskiyou 468 181 ▇▇▇▇▇▇ 1105 182 Sonoma 1851 689 Stanislaus 1715 456 ▇▇▇▇▇▇ 572 297 Tehama 401 289 Trinity 93 366 Tulare 2294 275 Tuolumne 135 47 Ventura 2062 388 Yolo 653 245 Yuba 334 486 Page 183887 which provisions, identical in all counties, (printed on the attached unrecorded pages) are hereby adopted and incorporated herein and made a part hereof as fully as though set forth herein at length; that Trustor will observe and perform said provisions; and that the references to property, obligations, and parties in said provisions shall be construed to refer to the property, obligations, and parties set forth in this Deed of Trust. INITIALS FD-21B (Rev. 4/94) SHORT FORM DEED OF TRUST Page No. 2 of 6 The undersigned Trustor requests that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to him at his address hereinbefore set forth. STATE OF CALIFORNIA COUNTY OF ON before me, personally appeared who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity (ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Witness my hand and official seal. Signature By: Mental Health Association of San Mateo County A California Non-Profit Corporation By: Authorized Signer INITIALS FD-21B (Rev. 4/94) SHORT FORM DEED OF TRUST Page No. 3 of 6 The following is a copy of provisions (1) to (14), inclusive, of the fictitious deed of trust, recorded in each county of California, as stated in the foregoing Deed of Trust and incorporated by reference in said Deed of Trust as being a part thereof as if set forth at length therein. (1) To keep said property in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building which may be constructed, damaged, or destroyed thereon and to pay when due all claims for labor performed and materials furnished therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to commit, suffer, or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general. (2) To provide, maintain and deliver to Beneficiary, fire insurance satisfactory to and with loss payable to Beneficiary. The amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or at option of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. (3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs and expenses, including cost of evidence of title and attorney’s fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed. (4) To pay: at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock; when due, all encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs, fees and expenses of this Trust. Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may: make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise any encumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees. (5) To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed by law in effect at the date hereof, and to pay for any statement provided for by law in effect at the date hereof regarding the obligation secured hereby any amount demanded by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded. (6) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release such moneys received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. (7) That by accepting payment of any sum secured hereby after is due date, Beneficiary does not waive his right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. (8) That at any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed and said note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee may: reconvey any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any extension agreement or any agreement subordinating the lien or charge hereof. (9) That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retention and upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The Grantee in such reconveyance may be described as “the person or persons legally entitled thereto.” Five years after issuance of such full reconveyance, Trustee may destroy said note and this Deed (unless directed in such request to retain them). (10) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power, and authority, during the continuance of these Trusts, to collect the rents, issues and profits of said property, reserving unto Trustor the right, prior to any default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such rents, issues, and profits as they become due and payable. Upon any such default, Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or any part thereof, in his own name ▇▇▇ for or otherwise collect such, rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney’s fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits, and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. INITIALS FD-21B (Rev. 4/94) SHORT FORM DEED OF TRUST Page No. 4 of 6 (11) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written notice of default and election to cause to be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed, said note and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been given as then required by law, Trustee, without demand on Trustor, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash of lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the proceeding postponement. Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase at such sale. After deducting all costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of; all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the date hereof; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto. (12) Beneficiary, or any successor in ownership of any indebtedness secured hereby, may from time to time, by instrument in writing, substitute a successor or successors to any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the office of the recorded of the county or counties where said property is situated, shall be conclusive proof of proper substitution of such successor Trustee or Trustees, who shall, without conveyance from the Trustee predecessor, succeed to its title, estate, rights, powers, and duties. Said instrument must contain the name of the original Trustor, Trustee, and Beneficiary hereunder, the book and pages where this Deed is recorded and the name and address of the new Trustee. (13) That this Deed applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors, and assigns. The term Beneficiary shall mean the owner and holder, including pledges, of the note secured hereby, whether or not named as Beneficiary herein. In this Deed, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural. (14) That Trustee accepts this Trust when this Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary, or Trustee shall be a party unless brought by Trustee.

Limits on Personal Liability. a. Except as otherwise provided in this Paragraph 7, the Owner shall have no personal liability under this Note, the Agreement, the Deed of Trust or any of the other documents evidencing or securing the Owner’s obligations in respect of the loan evidenced by the Note (the “Loan Documents”) for the repayment of the indebtedness evidenced by this Note (the “Indebtedness”) or for the performance of any other obligations of the Owner under the Loan Documents, and the City’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations shall be the City’s exercise of its rights and remedies with respect to the Property and any other collateral held by the City as security for the Indebtedness. b. The Owner shall be personally liable to the City for the repayment of a portion of the Indebtedness equal to any loss or damage actually suffered by the City as a result of of (1) failure of the Owner to pay to the City any rents, insurance proceeds or condemnation proceeds to the extent required by the Deed of Trust following an event or default; or (2) fraud or written material misrepresentation by the Owner or any officer, director, partner, member or employee of the Participating Owner in connection with the application for or creation of the Indebtedness or any request for any action or consent by the City. c. To the extent that the Owner has personal liability under this Paragraph 7, the City may exercise its rights against the Owner personally without regard to whether the City has exercised any rights against the Property or any other security, or pursued any rights against any guarantor, or pursued any other rights available to the City under this Note or any other Loan Document or applicable law. “Owner” Mental Health Association of San Mateo County Kainos Home & Training Center A California Non-Profit Corporation By: Authorized signer CITY OF REDWOOD CITY CITY OF REDWOOD CITY CDD-Planning and Housing ATTNAttn: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ THIS DEED OF TRUST, made this of ,2013 between MENTAL HEALTH ASSOCIATION OF SAN MATEO COUNTYKAINOS HOME TRAINING CENTER, A CALIFORNIA NON-PROFIT CORPORATION, herein called TRUSTOR, whose address is ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, FIRST AMERICAN TITLE COMPANY, A CALIFORNIA CORPORATION, herein called TRUSTEE, and CITY OF REDWOOD CITY, A MUNICIPAL CORPORATION, herein called BENEFICIARY, WITNESSETH: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF SALE, that property in San Mateo County, California, described as: TOGETHER WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right, power and authority given to and conferred upon Beneficiary by paragraph (10) of the provisions incorporated herein by reference to collect and apply such rents, issues and profits. INITIALS FD-21B (Rev. 4/94) SHORT FORM DEED OF TRUST Page No. 1 of 6 APN: ▇▇▇-▇▇▇-▇▇▇ for funding to acquire ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and each agreement of Trustor incorporated by reference or contained herein. 2. Payment of the indebtedness evidenced by one promissory note of even date herewith, and any extension or renewal thereof, in the principal sum of $400,000.00 450,000.00 executed by Trustor in favor of Beneficiary or order. 3. Payment of such further sums as the then record owner of said property hereafter may borrow from Beneficiary, when evidenced by another note (or notes) reciting it is so secured. COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE Alameda 435 684 Alpine 1 250 ▇▇▇Kings ▇▇▇ 104 348 Butte ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇ Sierra 29 335 Alpine 1 250 Lake 362 39 Plumas 151 5 Siskiyou 468 181 ▇▇▇▇▇▇ 104 348 Lassen 171 471 Riverside 3005 523 ▇▇▇▇▇▇ 1105 182 Butte 1145 1 Los Angeles T2055 899 Sacramento 4331 62 Sonoma 1851 689 Calaveras ▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇ San ▇▇▇▇▇▇ 271 383 Stanislaus 1715 456 Colusa 296 617 Marin 1508 339 San Bernardino 5567 61 ▇▇▇▇▇▇ 572 297 Contra Costa 3978 47 Mariposa 77 292 San Francisco A332 905 Tehama 401 ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇ 579 530 San ▇▇▇▇▇▇▇ 2470 311 Trinity 93 366 El Dorado 568 456 Merced 1547 538 San ▇▇▇▇ Obispo1151 12 Tulare 2294 275 Fresno 4626 572 Modoc 184 851 San Mateo 4078 420 Tuolumne 135 47 ▇▇▇▇▇ 422 84 Mono 52 429 Santa ▇▇▇▇▇▇▇ 1878 860 Ventura 2062 388 Humboldt 657 527 Monterey 2194 538 Santa ▇▇▇▇▇ 5336 341 Yolo 653 245 Imperial 1091 501 Napa 639 86 Santa ▇▇▇▇ 1431 494 Yuba ▇▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇ Imperial 1091 501 Inyo 147 598 ▇▇▇▇ 3427 60 COUNTY BOOK PAGE Kings 792 833 Lake ▇▇▇ ▇▇ ▇▇▇Nevada 305 320 Shasta ▇▇▇ ▇▇▇ ▇▇▇ Los Angeles T2055 899 Madera 810 170 Marin 1508 339 Mariposa ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇ Merced 1547 538 Modoc 184 851 Mono 52 429 Monterey 2194 538 Napa 639 86 Nevada 305 320 60 Orange 5889 611 COUNTY BOOK PAGE Placer 895 301 Plumas 151 5 Riverside 3005 523 Sacramento 4331 ▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇ 383 San Bernardino 5567 61 San Francisco A332 905 San ▇▇▇▇▇▇▇ 2470 311 San ▇▇▇▇ Obispo1151 12 San Mateo 4078 420 Santa ▇▇▇▇▇▇▇ 1878 860 Santa ▇▇▇▇▇ 5336 341 Santa ▇▇▇▇ 1431 494 Shasta 684 528 San Diego Series 2 Book 1961, COUNTY BOOK PAGE Sierra 29 335 Siskiyou 468 181 ▇▇▇▇▇▇ 1105 182 Sonoma 1851 689 Stanislaus 1715 456 ▇▇▇▇▇▇ 572 297 Tehama 401 289 Trinity 93 366 Tulare 2294 275 Tuolumne 135 47 Ventura 2062 388 Yolo 653 245 Yuba 334 486 Page 183887 which provisions, identical in all counties, (printed on the attached unrecorded pages) are hereby adopted and incorporated herein and made a part hereof as fully as though set forth herein at length; that Trustor will observe and perform said provisions; and that the references to property, obligations, and parties in said provisions shall be construed to refer to the property, obligations, and parties set forth in this Deed of Trust. INITIALS FD-21B (Rev. 4/94) SHORT FORM DEED OF TRUST Page No. 2 of 6 The undersigned Trustor requests that a copy of any Notice of Default and of any Notice of Sale hereunder be mailed to him at his address hereinbefore set forth. STATE OF CALIFORNIA COUNTY OF ON before me, personally appeared By: Kainos Home & Training Center, A California Non-Profit Corporation _ who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity (ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Witness my hand and official seal. Signature By: Mental Health Association of San Mateo County A California Non-Profit Corporation By: Authorized Signer INITIALS FD-21B (Rev. 4/94) SHORT FORM DEED OF TRUST Page No. 3 of 6 APN: ▇▇▇-▇▇▇-▇▇▇ DO NOT RECORD The following is a copy of provisions (1) to (14), inclusive, of the fictitious deed of trust, recorded in each county of California, as stated in the foregoing Deed of Trust and incorporated by reference in said Deed of Trust as being a part thereof as if set forth at length therein. (1) To keep said property in good condition and repair; not to remove or demolish any building thereon; to complete or restore promptly and in good and workmanlike manner any building which may be constructed, damaged, or destroyed thereon and to pay when due all claims for labor performed and materials furnished therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to commit, suffer, or permit any act upon said property in violation of law; to cultivate, irrigate, fertilize, fumigate, prune and do all other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general. (2) To provide, maintain and deliver to Beneficiary, fire insurance satisfactory to and with loss payable to Beneficiary. The amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or at option of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. (3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; and to pay all costs and expenses, including cost of evidence of title and attorney’s fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed. (4) To pay: at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock; when due, all encumbrances, charges and liens, with interest, on said property or any part thereof, which appear to be prior or superior hereto; all costs, fees and expenses of this Trust. Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may: make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or compromise any encumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees. (5) To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed by law in effect at the date hereof, and to pay for any statement provided for by law in effect at the date hereof regarding the obligation secured hereby any amount demanded by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded. (6) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release such moneys received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. (7) That by accepting payment of any sum secured hereby after is due date, Beneficiary does not waive his right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. (8) That at any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed and said note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby, Trustee may: reconvey any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any extension agreement or any agreement subordinating the lien or charge hereof. (9) That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retention and upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The Grantee in such reconveyance may be described as “the person or persons legally entitled thereto.” Five years after issuance of such full reconveyance, Trustee may destroy said note and this Deed (unless directed in such request to retain them). (10) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power, and authority, during the continuance of these Trusts, to collect the rents, issues and profits of said property, reserving unto Trustor the right, prior to any default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, to collect and retain such rents, issues, and profits as they become due and payable. Upon any such default, Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy of any security for the indebtedness hereby secured, enter upon and take possession of said property or any part thereof, in his own name ▇▇▇ for or otherwise collect such, rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney’s fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of said property, the collection of such rents, issues and profits, and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. INITIALS FD-21B (Rev. 4/94) SHORT FORM DEED OF TRUST Page No. 4 of 6. (11) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written notice of default and election to cause to be sold said property, which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee this Deed, said note and all documents evidencing expenditures secured hereby. INITIALS FD-21B (Rev. 4/94) SHORT FORM DEED OF TRUST Page No. 4 of 6 APN: ▇▇▇-▇▇▇-▇▇▇ After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been given as then required by law, Trustee, without demand on Trustor, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash of lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the proceeding postponement. Trustee shall deliver to such purchaser its deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase at such sale. After deducting all costs, fees, and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall apply the proceeds of sale to payment of; all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the date hereof; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto. (12) Beneficiary, or any successor in ownership of any indebtedness secured hereby, may from time to time, by instrument in writing, substitute a successor or successors to any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the office of the recorded of the county or counties where said property is situated, shall be conclusive proof of proper substitution of such successor Trustee or Trustees, who shall, without conveyance from the Trustee predecessor, succeed to its title, estate, rights, powers, and duties. Said instrument must contain the name of the original Trustor, Trustee, and Beneficiary hereunder, the book and pages where this Deed is recorded and the name and address of the new Trustee. (13) That this Deed applies to, to inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors, and assigns. The term Beneficiary shall mean the owner and holder, including pledges, of the note secured hereby, whether or not named as Beneficiary herein. In this Deed, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural. (14) That Trustee accepts this Trust when this Deed, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary, or Trustee shall be a party unless brought by Trustee.