HomeMy WebLinkAboutC2007-228 - 6/19/2007 - Approved~E~~ND AMENDI~~NT
T~ 1'HE
AFF~~DA~LE F~~US~~V~
PR~GRAI~ A~R~EM~NT I~VITH
RAN~Y FA~RAR, D~A MIR-41~AR H~ME~
~hi~ second ~rnendrnent ~"~ecarr~ Arnend~n~nt"} t~ fhe ~fifordable Hou~in Pro r~m
, ~ 9
Agr~eme~~ ~"~rvgran~ ~green~er~t"} i~ m~de ~y a~nd b~~ween the ~~rpus ~hr~s~i
Busfn~~~ and ~ob Develapment ~orporatian ~"~orporation"}, #he ~ity of ~orp~s ~hris~i
{"City„~, and Randy Farrar, db~ M~ra~n~r Homes ~"~Ilir~~rar"}.
V1~H~R~A~, #h~ C~~pvrat~on, ~ity ~nd I~~rarnar executed an ~greement ~"Ag~e~n~enf"
.. . ~
fvr ~he purpose vf ut~liz~ng 4A s~l~s t~x funds ta ~ccomp~i~h ~he affordab~~ h~u~in
. . , ~
pro~ect describ~d ~n ~~~ Agre~m~nt and in the Mir~mar propos~l;
V1~H~REA~, t~e term of the Agr~~m~~t ~ra~ ~ta~~d a~ twelv~ months fram #h~ date ~f
~xecut~~n of th~ c~n~~~~t an~ ~r~s am~nded ta ~xtend ~he f~rm a~ th~ ~greement t~
fi~enty-~our n~onths frorn the da#e ~f exe~u~ion of th~ contract;
VIIHEREAS, the p~r~'re~ t~ ~he Agr~emen~ de~ir~ to execufe this ~econ~ Amendmen~ to
revis~ the t~rrr~ provis~ons of the Agreemen# to ~x~~nd th~ t~~m for ~nd additi~nal tw~lve
montl~s; ;
,
1~I~H~REA~, the ariginal ~greemer~t provid~d that the ~a~po~atian vuould r~t~in a s~cond
r~~rt~~~e I'ren or~ the p~operty to se~ure ~h~ r~payment of the laan funded ~y thi~
A~fordab~~ Housing Prograrn Agreernen#;
~~ER~A~, the partie~ des~re ~o allo~r~he ~~ans ~ur~d~d by#hi~ ~ffordabl~ Hou~in
. ~
P~agran~ A~re~~ent t~ be forg~~abl~.
N~IN, THER~F~~~, the p~rties to th~ Agr~~me~t agre~ to ~r~end the ~gr~~ment ~~
follov~rs:
~ec~~on ~. ~e~tior~ ~ ~f ~#~e Agreer~~nt entitled "T~rn~" is ~mer~d~d ~o r~~d ~s fo~fauv~:
"~E~~I~N 3. T~rm.
"The t~rm of this Program Agreement ex~~nd~ ~hi~t -~~~c ~~43~
~
~nonths ~rom the da~e #he last par~y ~xecut~s thi~ documen~. {"Effective
Dat~„}a,
~~ctior~ ~, ~~cti~n ~ af the A~r~e~nent ~nt~tfed "~erv~ces to ~~ Provid~d b I~i~am~r'T
. Y
~s amended to r~ad a~ fo~~v~r~:
"~~~Ti~N 5. ~ervice~ to be Provided b~ ~I~ramar. ,
~~~7-~25
~~~~ ~~~~ 0716-191~ndAmendment-AffordableHo~singMiramarHomesQl0530.doc
ReS027309 P~ge ~ Df 1 ~
F~rrar, Rand~
* ~ ~
b. Eligib~e harn~o~rner ~"Homeo~rner"~ shala re~~iv~ a for ivabie ~aa~ a~
$~~,~~~ to $~~,~00 ofth~ fund~ p~ovid~d under this Pr~grarn Agr~~me~t
to bu~-douun #he mar#gag~ an~ ~f~sing co~ts vf ~ h~m~ de~cribed in ~hi~
s~ct~on. The mortgage bu~-down funds s~af~ be repaid to ~orporation
~pon ~ale or tr~n~fer af hon~e. I~ir~~nar ~ha~l r~quir~ Wor~~o~rner~ vuho
receiv~ the buy-dor~n funds ~r~vi~~d und~rth~~ Pro~~am Agreem~ntto
~x~cut~ the Real Est~te note and Deed vf Trust aft~~h~d a~ ~~chi~ifs A
and ~ to ~e~ur~ repa~rr~ent to ~~rporativn ~f the buy-dov~rn fund~.
N~~ramar sh~~~ f~le ~~e origir~al ex~cu~ed docum~nt~ ~n th~ officia~ publ~c
re~ard~ vf Nu~c~~ ~ounty, Afk~r r~~ording, I~iram~r rr~u~t en~ure that#he
origin~l ~xecu#~d and f~led docum~~ts a~~ return~d to ~~e ~~rpo~~~ion.
~'he lo~n shal~ be ~~r ivable as ~~l~ouvs: tv~rent ~r~~nt 2~°l~ ~f the loa~
is f~r iv~r~ ~or e~ch full ear ~he horne is o~cu ~ed as th~ Homea~uner'~
rin~~ af r~~~~e~~~ and hvm~stead sa tha~ th~ entire loan is ~or iv~n after
five ~ars."
~ * ~
~e~tf~n ~. ~e~#ion ~ o~ the Agre~n~ent enti~led "Loan of Fund~" is amended to re~~1
as f~llo~s:
"~E~TI~N G. Loan of Fun~s
* ~ ~
d. hllirarnarshall secur~ fort~~ ~vrpo~ation the r~capture ofal~ Ioan~
pravided t~ Homeowner ur~de~ thi~ Progr~m ~gre~n~en~ by having ~ach
Homeo~r~er exe~ute ~ r~ote s~cured ~y a de~d af trus~ tha~t ~epr~s~nts a s~cond
n~ortgage lier~ ~n the pr~p~rty. Recapture shall oc~ur u~on ~he e~rli~r o~ the
~~I~~wing ~v~nts if n~t ~o~ iven ~s rovided in S~~tior~ 5.b. ~bove: ~, ~ale o~
hvm~; ii, Home~v~rr~er no I~n~~r occu~i~~ th~ hom~ ~~ primary ~~siden~~; o~ iii.
Foreclosure o~ hame."
~ec~~on 4. B~ exe~ution o~ ~his se~ond Arn~ndment, the art~es a r~e to ~e ~ound b
p ~ y
~he arnended term pr~vi~ion. All ot~er provi~ians, vblig~tions, ~n~ canditivn~ of #he
Agreemen~ not ~hang~d by ~his ~~~on~ An~endr~en~ rernain the ~am~ a~d in fu~! ~orce
and effec~~
H:1LE~-DIR1Shar~d~~ary~lagenda12~~71~-1912ndAmeridment-AffordableHo~si~gMiramarHomesOl~~3Q.doc
~~~~~D~~~
E~ IJT~~ IN D~ 1~,~4TE, each of v~rhi~h is cansid~r~d an orig'rnal, on this th~
da}~ a~ , ~0~~.
~~RPU~ ~HRl~TI BU~INE~~ ~
AC~CN~I~VLEDGMENT
~TATE ~F TEXA~ ~
~ I~~V01~V A~[.~ BY 1'F~E~~ P~E~ENT~:
~~UN~Y ~F NU~~E~ ~
This ins#ru~ent ~ras ~~k ~f~dged ~~far~ rne ~n . , ~~07
by ~ . s ~he ~#it~e}
af fhe ~~~~~s ~hri~~~ Busines~ an~ Job Devel~pmen# Co~porat~on, a Texa~ nonprofit
corpor~tion, on b~h~E~ o~#he ~o~~o~~ti~n.
~~'p~f R~9 ~
~"'~r'yrq~
~
~k ~~/~+~1~~ ~~~~~
~~~ Natary Pt~~lic
~~~~~
~,•~,,,,,,,„, ~~~r~ ~~ ~~~~~
My Camr~~ Ex~, q~-18-~00~
r
N DTARY U B LI ~~at~ ~f ex s
AT~`E~T:
Arm~n~1~ ~h~pa
~ity ~ecr~tary
~ate: ~
~~~~~~rEa -~~ T~ ~~~~: ~~ ~ ~
~.
Gary . ith
AS~I~t~~,t ~Ity At~~~~,~y
fo~ th~ ~~ty A#torney
~ITY ~F ~~RPUS CHRI~T~
~ ~ e K. No~
~i ~ ~Ilan~ ~r
.
~
~~te: ~
~
~
. * ~u~~~~~~~
~ ~~~~~ ~
.~.,~~ r
,.....~r.r..,~~
~~~~~~~~
H;IL~~-DIRIS~aredl~a~r5lagen~al2~Ol16-1912ndAmendm~~t~AffordableHausingMiramarH~mes0~~~3~.doc
~~~~ ~ D~ ~ ~
J~B D~IIEL,~P~IENT ~~RPORATI~N
F~ANDY FARRAR, dba Mira~ar ~lome~
~ign~ture Title
Pr~nt~d na~n~: f~ ~~"~'~ f
Date: ~ ~
1~
A~I~N~INLEDC~I~NT
~TAT~ ~F TEX~~ ~
~ KN~1N ALL BY TH~~E PRE~E~T`~:
~~~1NTY ~F NUE~~S ~
This ~nstrumen# u~ra~ acknov~rl~d ~d ~efore me on ~ ~~0~'
~ , ~
b~ Rand~ Farr~r.
N ~TARY P ~J ~ L ! ~, ~ta~~ ~ e~~s
~~~~~ ~ ~
~ i ~~
~~~
~~~~~~
H.1L~G-DIRI~hared~Gary~lagendal2~Q~lfi-191~ndAmendment-AffordableHousingM€rama~Hames07Q530.doc
~~~~ ~ D~ ~ ~
E~~IBIT A
RE~#~, E~TAl"~ N~TE
Date:
I~~ker~
Mak~r's Addre~s:
P~yee: ~DR~US ~M~IST~ BU~IN~~~ AND J~B DE1IEL~PI~ENT ~~~P~~AT~~N
c1o Cit~r ~f ~arpus ~hristi, Ec~namic D~velopment ~~fic~} ~. 0. B~x 9~~~,
~arpus Ck~ri~ti, Nueces ~~unty, Tex~s, T84~9
Prin~ip~l Amount:
Ann~~l Interest Rate an unpa~d pr~r~cipaf fr~n~ d~te of funding~ 2ero percent ~~°lo
Terms of payr~ent: This Real Estate Na#e sh~li ~e due and p~~a~le upon the earl~~st of fh~
fol~owing ev~nts rior to far iveness: ~ale or transfe~ af th~ proper~y ~escrib~d in this Note;
Nf~ker c~~s~s to occupy the ~r~perty ~s principal residence} or ~ore~los~r~ af home. The #erm
"principai residenc~" r~~~r~s a d~rvel~ing ~uhic~, d~pending on ~I~ a~ th~ f~c#s and ~i~cumst~nce~,
~nclud~ng ~he gaad faith inter~t ~f the o~cupant, i~ occupied ~rim~rily f~r resident~~f ~u~p~ses b}r
#he ~~uner. This Real Est~te Note sh~ll be for iven a~ tl~~ rate of tw~nt er~ent ~~°lo or~ ea~h
~nniver~~ of thi~ Note so ~~rat if is ~nti~el fa~ iven ~n the fift~ anniversa ~er~~f unfes~
s~oner due ~s set fo~th abov~.
Security for P~~men~: Dee~ of Tru~t ~e~ween M~ker and Payee cover~ng the ~oflo~uing property:
Maker pr~m~~es ~o pay to ~he order af Pay~~ at the place for ~~yment and accarding to the
t~rms of ~ayme~t the principal amaur~t pl~,s inter~st at the rate~ ~fated a~ove~
~rr default in ~h~ p~}rment of an~ part of the prin~ipaN, v~rherr due, o~ f~i~ure to campl vuith ~n ~r
Y Y
the agreements and ~~ndition~ in an~ and ail instruments given to ~~~ur~ ~his ~~te including,
~vithout limitativn ~ny d~f~ult under the #erm~ ~nd pro~risi~n~ of th~ Real Est~t~ Nate, this Note
~hail ~t the option of #he holder h~~ea~, a~ ~n~e matur~ the w~ale of this r~ot~, vuithout notic~ at
H:IL~G-DIR1~haredl~a~ySl~gendal~~D715-~ ~12ndAmendment-Afforda~leHousrngMiramarH~mes070~~0,dac
~~~~ ~ 0~ '~ ~
the e~e~tian of P~yee. ~Ifak~r and e~ch ~~rety, endarse~, ~nd guar~ntar w~ive all der~~nd~ ~or
p~~rr~~nt, pr~sen~atior~~ ~or payment, noti~~s of intentian ~o ~ccelera~~ matur~ty, pro~ests, an~
r~otice~ of p~at~st.
ln #h~ ev~r~t this note i~ placed into the har~ds of an attorney far ~ol~e~t~an, ~~ it cv~lected throu~h
Pro~ate ar Bankruptcy prac~ed~rrg~, th~r~ an add~#i~na~ ten percent ~~ 0°l~} ~n the ar~aur~~ ~f
p~incip~l and in#erest ~h~n owing h~reon, ~h~ll be add~d t~ t~re same as re~son~ble ~r~d
neces~a~y at~orney's ~ees ~n additi~n ~~ court costs.
E~ch ~Ilaker ~s r~~p~nsibfe f~r th~ entire ar~ount of this r~ote,
The mak~rs and all er~darsers, sur~ti~s an~ gu~~ant~rs of this r~ote her~by sev~r~lly ~uaive
pr~s~ntmen~ for p~~menf, n~tice of non~payment, natic~ of in#ent to ~ccelerate, not~ce of
acceler~~~an, p~otest and diligence in ~r~ngi~g suit, agai~~t ~n}~ par~y hereto, ~nd ~onsent tha#
the time ~~ payr~ent of this no#e, or an~r p~rt t~er~of, r~ay ~e ~x#ended vuitho~t notice.
I~A~CE RS
H;1LEG~DIR1Shar~dl~ary~lagen~al2DOl16-~ 91~ndAmen~ment-Affo~dableHousingMiramarHvmes07~~30.doc
P~~~ G of ~ 1
~~IT B
DEED ~F TRUST
l]a#e;
~ra~ntor:
Grantor~~ N~ai~rng Addr~s~ ~inc~ud~n~ coun~y};
~orp~s Chri~ti, I~ueces ~ounty, Texas 7S4
Tru~tee; Mary Kay Fischer, ~ity Attarney, l~~l ~~opard ~tre~~, ~~rpus ~hristi, T~xas 78401
~e~~fi~iary: ~ot~u~ ~hristi Busir~ess and J~b Deve~opment ~orp~ration
Beneficiary's M~i~~~ng Addre~~ ~including cor~nty~~
P.~, B~~ 9~?7
~~I"~L1S ~~I~tl, ~Iu~ces ~aunty, TX 7$4~9
~1ate~~}: That note of even date herewith execute~ b~ M~ker payable to the order af ~er~ef~cia~ and
described as follaws:
~ate:
Amnu~t;
1Vlaker;
Payee. ~O~i~~ ~~l~i~ti B~~it1~5S ~t]~ ,TQ~ D~V~14pm~i~t ~~~p~r~tl~t~
~'in~l ~Vlaturity Date: Du~ upon earlie~~ of f~l~owi~g e~~nts unless saoner far i~e~: ~ 1} sale
or transfer of proper~y, ~x ~~} ~~~i~~p~~S~ C~~S~ ~O OCCUpY ~r~p~t"~y ~~ prin~ip~~ ~"~Si~~r~C~.
Terms af Payme~nt: A~ therein prvv~ded
Pr~perty {in~lu~in~ ~ny i~pravem~e~ts}~
Prior ~ie~~s}~incruding recnrding inform~t~nn~:
For valu~ recei~red ~~d ta secu~e paymen~ af the note, Cr~nt~r convey~ ~he pra~e~r ta Trustee in trust.
C~rantor warrant~ and agree~ to d~fend the ~itle to the property. If ~ran~~r perfarm~ a~l th~ covenants and
pays the nate ac~or~ing to its terms, this deed of tru~t ~hall ha~e nu ~`urther e~'ect, and Ben~ficiar~ shall
te~ea~e it at ~rrantor'~ expense.
~RANTOR'~ ~BLI~ATI~N~
~rrantar ag~ees ~~:
H;1LE~-D~R1Share~l~a~y5lagenda1200~18-1912ndAm~~dm~nt-Afforda~leHa~singMiramar~tames~70~30.doc
~~~~ ~ ~f '~ ~
l, keep ~he prop~r~y in ~oad repair and condi~ion;
~, pa~ all taxes and as~essrr~ents ~n the praperty ~hen du~;
~. preserve the lien's pr~urit~r as it is ~s~ablished in this ~eed ~ftrust;
4, r~ainta~n, in a farm a~ccep~able to ~enefciary, an in~ura~ce p~licy tha~;
a. covers atl imp~~vemen~s for ~heir full insurab~e v~lue ~~ determined when the po~ic~ is
i~~ued and rene~ved, un~ess Ber~eficiary approves a small ~rrxount in ~ritin~,;
b. cont~ins an 8~% ~oi~surance cl~use;
c. pro~ride~ fi~e at~d e~~en~ed coverage, inC~~l~tri~ w~i]~St~t~ ~O~~r~g~;
d. protects B~neficiary with a standard mortg~ge clause;
e. pro~ides fload insurance at an}~ ~i~e th~e property i~ in a flood haa~ar~ area; and
f. ~on~ain~ such ather cov~ra~e as Bene~ciar~ n~~y reas~na~ly re~u~re;
~, compl~ a~ all times ~vith the r~quirement~ ofth~ 84°I~ ~oinsurance clau~~; ~
G. deliver the insurance policy to Benef~~iary and ~el~ver re~e~vals t~ B~nef~ci~r~r at least ten d~~s
befare expiration;
7, keep any ~uildings occupied as required by the insur~nce p~lic~; and
8, if this i~ ~ot a fir~t li~~, pa~r all priox lier~ no~e~ that Crantor is personally ti~~le to pay ~nd abide
by atl prior lien instrumer~ts.
9. Pi~iriCi~~~ ~~Si~~nC~ r~~Uii~~m~i]t: ~r~i~~~r ~gi~~~~ tD ~C~Up~ t~~ pr~~~i~t~ ~~SC~i~~~ h~t~~it~ ~~ ~xr~~]t0~"' S
princi~al residence. As u~e~ ~ere~n, "principal r~sidenc~" means a hame ~hich, depend~ng upon all ~f
t~e facts and circumst~n~es ~in~~uding th~ good fa~th ofthe accupant} is occupied prrr~ari~y for r~~ident~al
purp~se~ by ~rantor, ~'~e term daes not includ~ a home u~ed a~ an ir~vestment pro~erty or a reereatiana~
home or a home whi~h is used primar~ly in a trad~ vr busines~ ~as e~idence~ by the use of r~ore thar~
fi~een percen~ ~1 ~°fo] of ~he tata~ floor space ~n a trade or bu~ine~s}. ~ran~or agree~ to su~mit annual
recert~fica~ion, in a form prescribed by ~enefic~ary, ta #he Ben~#iciary ~o evidence ~ra~~or'~ occupancy i~a
accordance v~ith ~he pro~vision~ hereaf. Crantor f u~t~er a~rees ~o not~f~ Benefi~iary irr~me~i~~el~ if at ari~
time f he property cease~ ~o ~e used ~~ ~rant~~'s principal re~iden~e.
~ 0. Due vn ~ale ~e~u~rerrient. If ~rantor cor~~eys or c~ntract~ ta conv~~ th~ property, or an~r ~n~erest
thereir~, tv a party or par~tes not appearing in this instrur~ent v~it~out th~ wri~ten c~nsent a~' ~ene~~iary,
then Ben~~~iary, at i~ ele~tion ea~e~ci~ed at any time afte~ such event v~ithout notice t~ ~rantor, may
~~C~~r~ ~1~ ~~]t~r~ it~~~~t~~ri~S~ S~CU~"~~ ~~t~~~~ ~t ~nC~ ~U~ ~ri~ p~~~~~~.
B~I~EFI~IAR~' ~ RI~HT~
l. Benef~~~ary rn~y ap~a~nt in writin~ a~ubsti~~te or succes~or trustee, succeedin~ ~a al~ right~ ~nd
respo~sibiliti~s of Trustee.
2. I~ ~he proc~e~s af the note are used tv pay any debt secured by ~rior lien~, Benefic~ar~ is
subragated to a.ll ~f'the r~ght~ and liens ofthe hold~rs of any debt ~a paid.
~. Benefici~r~ ma~ ~pply an~r praceeds re~eived un~e~ the in~urance pvlicy eith~r to reduce the n~te
or ~~ repair ~~ replace d~~nag~d or destroyed improver~ents co~ered by the polic~~
4. If ~rantar f~~ls to pe~orm an~ of ~r~ntur's obl~gati~ns, Benefici~~y rna~r perfarm those
ob~iga~i~ns and he reimbursed b~ ~rantar on demand at fhe place where the not~ i~ paya6le fo~ any sut~s
so paid, in~ludin~ attorr~ey's fees, plu~ in~ere~t on those s~ms frorr~ ~he dates of pa~rrn~nt at the ra~~ ~tate~
in tt~~ nat~ for matured, unpaid amaunt~, The ~um ta be r~imbur~ed sha~l be sec~red ~~ this deed of t~st,
~. If ~rantor d~faults on the ~ote ar f~ils to perfvr~n an~ of Cran~or's oblig~t~ons or if default occur~
on ~ pr~or lie~ note ~x other instrument, Benef~~ary may:
a. ~~C~~r~ t~]~ U~p~i~ ~rir~Ci~~~ ~~~~tl~~ ~]~ ~~tYi~~ ir1t~~"~St Qrl t~l~ r~Qt~ i~it~~~i~t~~~ ~u~;
b. re~uest Trustee t~ foxeclose this Iierr, in ~hich case Bene~iciary or Benefciar~'s agent
sha~l ~i~e n~tice of t~e fo~eclasure ~ale as pra~ided by the Texa~ Prop~~ty ~ode as then a~nended;
and
c, purc~ase th~ pr~per~ at any foreclosure sale by o~ffering the high~~t bid and t~en have
th~ bid ~redited or~ ~he note.
~:ILE~.ni~~s~,~re~~~~~ys~a~~n~~~oa~~~-191~r~dAmendmer~t-Afforda~leHou~ingMirama~Homes0~~~3~.ao~
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~, If ~rantor ~anve~s ~r contracts to con~ey ~he pro~erty cov~red hereb~r, ar any in~erest tn ~he property
co~ered hereby, tncludin~ a~easehold interest, t~ a party ~r par~ies nat appeari~g in thi~ ins~rument
~ri~haut the ~vritten con~en~ t~ereto of Ber~e~i~i~, then Beneficiary, at it~ electi~n ~xerci~ed an~r ~ime
after such ever~t an~ ~ithout notice ~o Crantor, rr~~y declare the ~ntire ~ndebtedness ~ecured hereb~r a~
~nce ~ue ar~d pa}~ab~e.
Trustee~s Dut~e~:
If reques~ed b~r Ben~~ctat~ to #'~recla~e th~~ lien, T~ustee sha~l:
1. e~~he~ persanally or b~ aget~t give no~ic~ of th~ f~rec~asur~ s~le as requtre~ by the Tex~s Proper~y
~ode as then ~rr~ended;
~~ ~e1~ an~ con~e~ a~~ or part of the praperty to ~he hig~est ~idd~r for ca~h ~ith a general ~rarrant~
bindir~~ ~rant~r, subject ta prior li~ns and to ather ~xcep~ions to conveyance ar~d warran~r; and
~. fr~m the prace~ds of the ~ale, pay, in fhis ~rder:
a, ea~pens~s af foreclosure, including a cQmm~ssi~n ta Trustee ~f 5% ~f` the bid;
b. ta Be~eficiar~, the ~ull am~unt of principle, interes~, att~rney's fees, a~d ather ~harge~
~ue to unpaid;
c, any a~n~unts require~ by Ia~v ~a be paid hef~re pa~menf t~ ~rantar; and
d. to Crantor, any balance.
Ceneral Pro~isio~s
1. ~f any af the prop~rty i~ sold un~er this deed af trust; Crar~tor sha~l imm~diately surrender
pas~ession ~o the pur~haser. If ~rantor fa~ls to ~o ~o, Crantor shall be~ome a~enant at sufferance of the
purchaser, sub~ect ta an ac~ion for forcible de~ainer.
2. ~e~i~al~ in any Trus~e~'s d~ed conveyin~ the property ~ill ~e p~e~umed ~a be ~rue.
~. Fro~eeding~ under this deed ~f ~rust, ~ling sui~ for foreclasure, or pursuing any o~her remedy ~v~~l
not c~n~titute an election ~~ ~et~edies.
4. This lie~ shall remain superior ta lier~~ l~ter cr~ated even if the time of paymen~ of all ar part ~f
t~e note i~ ex~ended a~ par~ ~f the property ~s xeleased.
S, If ar~y portian of the ~ate cannvt ~e ~av~full~ s~cured b~ t~is deed of' tru~t, paymen~s shall be
app~ied fir~t to dischar~e that ~ar~ion.
G, ~r~~or assigr~s to Bene~ciary all sums payable to ~r re~ei~ed by ~rxantar frorr~ ~ondemna~ian ~f
aIl or par~ ~f'the prapert~, f~om ~riv~te sale in lieu af c~ndemnatian, and firom d~mage~ caus~d b~ publ~c
~~rks ar cans~ruction an ar ~ear the propert~. After de~ucttng any expen~es incur~ed, ~ncludin~
attorney's fees, Beneficiary may re~ease any remaining sums to Crantor or apply such ~ums ta redu~e the
n~t~, Benefc~ary shal~ n~t be liabl~ far faiiur~ to co~Iect ~~ ta exercise diligen~e in cuilectrng any ~uch
sum~.
7. Crant~r a~si~ns ~o Benefcia~y absolut~l~, n~~ anl~r as co~lateral, all presen~ and future r~nt and
other incame ar~d r~ceipt~ firam the proper~y. Lease~ are not as~igned. ~rantor ~varrants the ~al~dit~ and
en~o~ceabil~~y ofthe ~s~ignment, Cran~ar may as Beneficiary'~ ~icensee cal~ect rent and o~her income and
receip~~ a~ long ~~ Crantox is not in defau~~ under the note or thi~ dee~ of trust. Crar~~~r will ~p~I~ all rent
and ather inco~ne and zeceipt~ ta payment af the note and ~erformance ~f ~hi~ deed af ~rus~, but if the rent
and o~her i~c~me and re~eipts ex~eed the ~rr~ount due under th~ note and ~eed of trust, Cr~ntor may reta~n
th~ excess. If ~ran~or defaul~~ in payr~ent of the nate or performance of` ~his deed of ~rust, B~neficiary
may terminate ~rantor's license to call~ct and then ~~ ~rantor'~ agent may rent the proper~y ~f it i~ vacarnt
and col~ect all rent and other incorr1e and receipts. Beneficiar~ nei~h~r ~as nor assume~ any obli~ations a~
lessor ur land~ord ~ith respe~t ta any o~cupant of the propert~. Beneficiary rr~a~ exercis~ Be~eficiaryr~
right~ ar~d remedies under this p~ragrap~ ~ithou~ ta~C~ng po~sessivn of the praper~t~. Ber~eficiar~ shall
apply all rer~~ and othex income and receipts c~~lected un~er thts ~aragraph first to expenses incurred ir~
e~erci~ing ~ene~i~~ary's rights and remedie~ and ~hen to Crrantor's obligations under the note and this ~eed
~f trust in the ~rder determine~ b~r Beneficiary. Be~eficiary is not req~ire~ t~ a~~ under thi~ paragrap~,
and acting under this paragra~h alQ~s not wa~ve any af ~eneficiary'~ ather rights or rerr~edie~. If ~rantor
H:ILEG-DIRISharedlGary~lage~da1~D0716-~ ~1~~dAmen~ment-Affor~a~leHousin~Mira~narMvmes07D530,d~c
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be~omes a~r~luntary ~r in~~lun~a~y ~ank~upt, Ber~~ficiary'~ filing a~roof of clairri in bankruptcy wi~l be
tan~atn~un~ ta the appa~ntmen~ af a recei~er under T~xa~ law.
S, Int~r~st on the de~t secured by this deed of trust shall not e~ceed ~h~ max~tnum amaunt af
n~nusuriaus in~eres~ that t~ay be contracted ~`or, ~aken, re~erved, charged, or received under law~ any
interest in excess af tha~ maxirr~um amount shall be cr~dited on ~he principal of' the debt or, if ~hat has
~een paid, refunde~. On any acce~er~t~on ~r required or permit~e~ pre~a~rment, ar~y such exce~~ ~ha~l be
can~eled autotnatic~~ly a~ af' the ~cceleration ar p~epayment or, if alread~ p~~d, ~redited on t~e principal
of the deb~ or, ~~" ~~e principal of the de~t has be~n pai~, refunded. T~t~ provrsi~n overrides other
provi~ian~ in this ~nd all oth~r inst~uments con~erning the debt,
9, In the e~en~ t~e property de~c~i~ed herein is subjec~ to priar liens in fa~or of third parties, ar~y
default ur~der an~ priar lien instrume~~ shall be a defau~t hereunder.
10. V4~hen the context require~, singular nouns and pronauns include the plural.
~ 1. The ~errn rra~e in~Iudes all surns ~ecured ~~ t~is deed oftru~t.
~~. Thi~ de~d ~f ~rus~ shall bind, inure to ~he ~ene~t of, and be exerci~ed by ~uccess~r~ i~ interest of
alI p~r~ies.
~~. The nate secured hereby evidences fund~ ~d~anced for a portion of t~e purchase price af the
proper~ty de~c~ibed a~a~e ~nd is additi~r~all~ se~ured by a vendo~'~ lien on ~ar~e,
14. LJp~n the ~~le, rent, ar ch~~ge of o~vnership of the he~ein des~ribed pr~per~y for any reasans or ~~
a~n~ rrieans or upon the death of the Makers of th~ R~a~ Es~ate Note~~} secu~ed hereby, the entire ~rincipa~
and a~prapr~ate intere~t of th~ Re~l ~state N~te~s} shall immedia~~l~ ~ec~me due and pa~able ~vi~hout
noti~e ~r presentment of an~ kir~d in~luding, ~1~~l~Ll~ ]1~.]1~t101]S, ri0t1C~ ~~ l~l~~~lt t0 ~C~~~~I'~~~ ~I1C~ I]Q~1C~
~f acce~eratio~, ~he Executi~re Director af the ~orpus ~hr~s~i Business an~ Ja~ Development
~arpvrat~~n m~~ waive t~is requir~men~ upon the written r~que~~ of the Makers af the Real E~~ate Note~~}
or theix l~ei~s, or successors and assign~. ~hould the prap~rty no langer becom~ the prir~ar~ residence ar
shau~d there ~e a char~ge of use, the entire principal and appr~priate in~er~st shall immedia~ely becam~
due and p~~ab~e without natice or pres~ntmer~t of an~ kind i~clu~ir~g, ~ithout limi~~tior~s, not~ce ~f intent
to accelera~e and nottce of accelerati~n.
~i~ne~~ ou~ harld~ this ~~lay af , 2007 A.D,
I~ame;
Name:
~TATE ~F TE~A~
C~UNT~ OF NUE~~S
Th~s instrument was acl~o~ledg~d befar~ me an fhe day of ~~~7, by
N~~ary Fubl~~, ~tat~ of Texas
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~~~ i 1'~ ~~ 1 ~A~i-rJ
~~~TNTY ~~ N~1E~E~
This instrumen~ was ackno~Ied~~d befar~ me on the~ day of ,~~0~, by
i
Notary Pubi1G, ~tate Of Texas
A~T~R RE~~I~DIN~ RET~J~Y T~:
~orpu~ ~hr~~ti Business and Job Develapme~~ Carpor~t~~n
clo ~~t~ of ~orpu~ ~~xt~~i Ecor~on~~c ~eve~aprne~~ ~ffice
F. ~. Box 9~7~
~orpu~ ~hrts~i, T~~~s 754~~
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