Security for Agency and City Loan Sample Clauses

Security for Agency and City Loan. The Notes for Properties 1-14 have been secured by one Deed of Trust with Assignment Rents (Short Form) (the "Deed of Trust") to be recorded as an encumbrance to the Borrower’s interest in the collective Property. The Deed of Trust secures all of the outstanding Agency and City Notes. Each Note includes all of the properties in its provision for cross-default and cross-collateralization. The Deed of Trust is intended to include future amounts lent to Borrower from either City and/or Agency. This Agreement can be amended at any time to include additional loans from either City alone or the Agency alone, without the consent of the other (either City or Agency). Whenever a modification of the loans secured by the Deed of Trust occurs, the form set forth in Attachment No. 2 shall be recorded. The entire security therefore, can be foreclosed upon a default in any one of the specific Notes.

Security for Agency and City Loan. The Notes shall be secured by one Deed of Trust with Assignment Rents (Short Form) (the "Deed of Trust") to be recorded as an encumbrance to the Borrower’s interest in the collective Property, which includes all of the properties, Projects Nos. 1 though 11, in the form of Exhibit ―B‖ attached hereto, which is incorporated herein. The Deed of Trust shall secure all of the outstanding Agency and City Notes. Each Note shall have a cross-default and cross-collateralization reference. The entire security therefore, can be foreclosed upon a default in any one of the specific Notes. Full reconveyances and substitution of trustee shall be executed by the City Manager and Executive Director prior to the recordation of the Deed of Trust provided herein.