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2010 Habitat for Humanity of the Coachella Valley, Inc. - Deed of TrustRECORDING REQUESTED BY AND WHEN RECORDED MAIL TO:) La Quinta Redevelopment Agency P.O. Box 1504 La Quinta, CA 92247 Attn: RDA Secretary / City Clerk DEED OF TRUST DOC # 2010-0414646 08/30/2010 08:00A Fee:NC Page 1 of 6 Recorded in Official Records County of Riverside Larry W. Ward Assessor, County Clerk & Recorder 11111111111111 M 111111111111111111111111111111111101 S R U PAGE SIZE DA I MISC I LONG I RFD I COPY M A L 465 426 PCOR NCOR SMP CHG /EXAM - 80 -IT CTY UNI Exempt from Recordation Fee per Gov. Code § 27383 Y IN This DEED OF TRUST ("Deed of Trust') is made as of the J day of.Au&A5—t 12010, by and among HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC., a California nonprofit public benefit corporation ("Trustor"), whose address is PO Boxlli3$ Phr.M bCSE,k7 , CA`i2_255 ("Truster"), fif5T AMEQtcAnl rix C,3.> •C_AL-WgP IIA CORP. ("Trustee"), and the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate, and politic ("Beneficiary"), whose address is 78-495 Calle Tampico, La Quinta, CA 92253. 1. Grant in Trust. Trustor grants to Trustee in trust, with power of sale and right of entry and possession, that certain property in the City of La Quinta, County of Riverside, State of California, described in Exhibit "A" attached hereto and incorporated herein by reference ("Property"), together with rents, issues and profits thereof. 2. Obligations Secured. Truster makes this grant and assignment for the purpose of securing the following obligations: (a) payment of the sum of One Hundred Seventy -Four Thousand Nine Hundred Forty Dollars ($174,940) (`Note Amount'), with interest thereon according to the terns of a promissory note or notes of even date herewith made to Trustor, payable to order of Beneficiary, and modifications, extensions or renewals thereof (`Note"); (b) performance of all obligations of Truster under the Note, the Affordable Housing Agreement between Truster and Beneficiary dated g Z 3 , 2010 ("AHA"), the Affordable Housing Agreement and Declaration of Covenants, Conditions and Restrictions between Truster and Beneficiary, recorded against the Property on or about the date hereof (`Declaration"), this Deed of Trust, and each agreement of Trustor incorporated by reference or contained herein, as such agreements may be amended from time to time (collectively, the "Agency Agreements"); and (c) payment of additional sums and interest thereon which may hereafter be loaned to Trustor, or its successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust. Terms not otherwise defined herein shall have the definitions ascribed thereto in the AHA. 3. Acceleration of Note Amount Upon,Sale, Encumbrance, or Default. To the extent permitted by applicable law, if Trustor shall: (a) directly or indirectly, voluntarily, or involuntarily, sell, assign, transfer, dispose of, alienate, encumber, lease, or agree to sell, assign, transfer, dispose of, alienate, encumber, or lease all or any portion of any interest in the Property (excluding the transfer of the Homes to Eligible Households at an Affordable Sales Price, if done in accordance with the A14A and the Declaration); (b) fail to complete construction of the 882/015610-0046 - 1106784.02 a07/29/10 ' 1' Project, as evidenced by Beneficiary's issuance to Trustor of a Release of Construction Covenants, within nine (9) months following the date Trustor commences construction of the "Project" pursuant to the AHA; or (c) default on any of its obligations set forth in the Note, AHA, Declaration, or this Deed of Trust, Beneficiary, at its option, may declare the entire indebtedness evidenced hereby, including, without limitation, all accrued interest, to be immediately due and payable and collectible then or thereafter as Beneficiary may elect. AN EVENT OF ACCELERATION OR PAYMENT UNDER THE NOTE, WHETHER VOLUNTARY OR DUE TO AN EVENT OF ACCELERATION, SHALL NOT TERMINATE THE AFFORDABLE RESTRICTIONS OR THE FORTY-FIVE YEAR AFFORDABILITY PERIOD SET FORTH IN THE AFFORDABLE HOUSING AGREEMENT. TRUSTOR EXPRESSLY ACKNOWLEDGES THE FOREGOING. Trustor's Initials /8- 4. No Cure. In the event Beneficiary collects and receives any rents under the Deed of Trust upon any default hereof, such collection or receipt shall in no way constitute a curing of the default, except if and to the extent the same are sufficient to cure all monetary defaults and no other defaults then exist. 5. Possession Upon Default. Upon the occurrence of and during the continuation of a default, Beneficiary, after having given notice and the applicable cure periods having expired with the default having not been cured (hereinafter, a "default"), may, at its option, without any action on its part being required and without in any way waiving such default, take possession of the Property in accordance with applicable law and have, hold, manage, lease and operate the same, on such terms and for such period of time as Beneficiary may deem proper, and may collect and receive all rents and profits, with full power to make, from time to time, all commercially reasonable alterations, renovations, repairs or replacements thereto as may seem proper to Beneficiary, and to apply such rents and profits to the payment of (a) the cost of all such alterations, renovations, repairs and replacements, and all costs and expenses incident to taking and retaining possession of the Property, and the management and operation thereof, and keeping the same properly insured; (b) all taxes, charges, claims, assessments, and any other liens which may be prior in lien or payment of the Note, and premiums for insurance, with interest on all such items; and (c) the indebtedness secured hereby, together with all costs and attorney's fees, in such order or priority as to any of such items as Beneficiary in its sole discretion may determine, any statute, law, custom or use to the contrary notwithstanding. Any amounts received by Beneficiary or its agents in the performance of any acts prohibited by the terms of this assignment, including, but not limited to, any amounts received in connection with any cancellation, modification or amendment of any lease prohibited by the terms of this assignment and any rents and profits received by Trustor after the occurrence of a default shall be held by Trustor as trustee for Beneficiary and all such amounts shall be accounted for to Beneficiary and shall not be commingled with other funds of the Trustor. Any person receiving any portion of such trust funds shall receive the same in trust for Beneficiary as if such person had actual or constructive notice that such funds were impressed with a trust in accordance therewith. 6. Receiver. In addition to any and all other remedies of Beneficiary set forth under this Deed of Trust or permitted at law or in equity, if a default shall have occurred and not have 882/015610-0046 1106784.02 a07/29/10 _2 been cured within any applicable cure period, Beneficiary, to the extent permitted by law and without regard to the value, adequacy or occupancy of the security for the Note and other sums secured hereby, shall be entitled as a matter of right if it so elects to the appointment of a receiver to enter upon and take possession of the Property and to collect all rents and profits and apply the same as the court may direct, and such receiver may be appointed by any court of competent jurisdiction by ex parte application and without notice, notice of hearing being hereby expressly waived. The expenses, including receiver's fees, attorneys' fees, costs and agent's compensation, incurred pursuant to the power herein contained shall be secured by this Deed of Trust. 7. Partial Reconveyances of Deed of Trust. Provided Trustor is not in default of any of the Agency Agreements, upon the initial transfer of title of each Home on the Property by Trustor to an Eligible Household at an Affordable Sales Price in accordance with the ARA, this Deed of Trust shall be partially reconveyed as to that Home. 8. Incorporation of Fictitious Deed of Trust. To protect the security of this Deed of Trust, and with respect to the property above described, Trustor expressly makes each and all of the agreements, and adopts and agrees to perform and be bound by each and all of the terms and provisions set forth in subdivision A, and it is mutually agreed that, except as provided below, each and all of the terms and provisions set forth in subdivision B of the fictitious deed of trust recorded in Orange County August 17, 1964, and in all other counties August 18, 1964, in the book and at the page of Official Records in the office of the county recorder of the county where said property is located, noted below opposite the name of such county, namely: COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE COUNTY BOOK PAGE Alameda 1288 556 Kings 858 713 Placer 1028 379 Siena 38 187 Alpine 3 130-31 Lake 437 110 Plumes 166 1307 Siskiyou 506 ,762 Arrador 133 438 Lassen 192 367 Riverside 3778 347 Solano 1287 621 Butte 1330 513 Los Angeles T-3878 874 Sacramento 5039 124 Sonoma 2067 427 Calaveras 185 338 Modem 911 136 San Benito 300 405 Smnislaus Iwo 56 Colusa 323 391 Maria 1949 122 San Bernardino 6213 768 sun. 655 585 Contra Costa 4684 1 Mariposa 90 453 sun Francisco A-804 596 Tehama 457 183 Del Norte 101 549 Mendocino 667 99 San Joaquin 2855 283 Trinity 108 595 El Dorado 704 635 Merced 1660 753 San Luis Obispo 1311 137 Tulare 2530 108 Fresno 5052 623 Motion 191 93 San Mateo 4778 175 Tuolumne 177 160 Glenn 469 76 Mono 69 302 Santa Barbara 2065 881 Ventura 2607 237 Humboldt 801 83 Monterey 357 239 Santa Clam 6626 664 Yolo 769 16 Imperial 1189 701 Napa 704 742 Santa Cruz 1638 607 Yuba 398 693 Ingo 165 672 Nevada 363 94 Shasta 800 633 Kem 3756 69D Orange 7182 18 San Diego SERIES 5 Book 1964, Page 149774 shall inure to and bind the parties hereto, with respect to the property above described. Said agreements, terms and provisions contained in said subdivision A and B (identical in all counties, and printed on pages 6 and 7 hereof) are by the within reference thereto, incorporated herein and made a part of this Deed of Trust for all purposes as fully as if set forth at length herein, and Beneficiary may charge for a statement regarding the obligation secured hereby, provided the charge therefore does not exceed the maximum allowed by law. Notwithstanding the incorporation herein of subdivision A and Subdivision B of the fictitious deed of trust referenced above (the "Fictitious Deed of Trust"): (a) In the event of a fire or other casualty for which Trustor has procured insurance, if, upon Trustor's receipt of the insurance proceeds thereunder, Trustor will be 882/015610-0046 1106784, 02 a0729/10 -3- i financially, and in all other respects, capable of rebuilding the Project on the Property, as reasonably determined by Beneficiary, Trustor shall be entitled to retain the insurance proceeds for the sole purpose of rebuilding the Project. (b) In the event of a condemnation of any portion of the Property, if, upon Trustor's receipt of the condemnation award in connection therewith, Trustor will be financially, and in all other respects, capable of rebuilding the Project on the Property, as reasonably determined by Beneficiary, Trustor shall be entitled to retain the condemnation award for the sole purpose of rebuilding the Project. (c) Partial reconveyances under this Deed of Trust are permitted. (d) To the extent the provisions set forth in paragraph 5 of Subdivision B of the Fictitious Deed of Trust are inconsistent with the provisions in Section 5 and/or Section 6 in this Rider, the provisions in Section 5 and Section 6 in this Rider shall prevail. IN WITNESS WHEREOF, Trustor has executed this Deed of Trust as of the date set forth above. HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC., a California nonprofit {public benefit corporation Dated: ��ZO ID By: Its: STrz'yE.N S, ► kk L-e.VLI 12 c..s"Y LWL Dated: �I I �� 2 0/ U By: T J Its: �r 882/015610-0046 1106784.02 a07129110 -4- State of California County of Riverside On q/1t /,a.OI O before me, �e ll.Qae �n w t , in�rt name and title of the o) Notary Public, personally appeared 0 h S 4(� V 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. 1 certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. CaaNmMon a 1697>'YM CaBbedo �O ,: Signature .Q." y ITS Yh� ITS M0.hial *1l09779 to State of California County of Riverside On g(, t/101010 before me, Q" 6n� � �nsert name and titl�of the officer) V Notary Public, personally appeared \T' + ' n ds� c— �`i% '� , 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature >Ls� 882/015610-0046 1106784 02 a07/29/10 (Seal) P1fY1t161 ANM C6mnPowan 0 16"M Tway FWAC • cowa ilo Evenkte Coady *:*Cum. Dphim0cl 16,201 [W V 0 0 9 M T%,y llls M&#dey 1b97744 EXHIBIT "A" TO DEED OF TRUST LEGAL DESCRIPTION OF PROPERTY Real property in the City of La Quinta, County of Riverside, State of California, described as follows: LOTS 13 AND 14 IN BLOCK 175 OF SANTA CARMELITA AT VALE LA QUINTA, UNIT NO. 18, AS SHOWN BY MAP ON FILE IN BOOK 19 PAGES 30 AND 31 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA; EXCEPTING THEREFROM ONE -SIXTEENTH OF ALL COAL, OIL, GAS AND OTHER MINERAL DEPOSITS IN SAID LAND, AS RESERVED IN THE PATENT FROM THE STATE OF CALIFORNIA, RECORDED JULY 26, 1934 IN BOOK 182 PAGE 463 OF OFFICIAL RECORDS OF RIVERSIDE COUNTY, CALIFORNIA. APN: 774-044-012-3 and 774-044-011-2 882/01561M046 110678402.07/29/10