Laserfiche WebLink
2 <br /> replaced the Bonds with the Obligation Deed of Trust on the Lots in accordance <br /> with Section 1.12(a)(1), or(b)the assignee or transferee delivers replacement <br /> Bonds to the City on or before the effective date of such assignment or transfer, <br /> which replacement Bonds must be strictly in accordance with Exhibit I. Owner <br /> acknowledges and agrees that any transfer or assignment in violation of this <br /> Section 1.12(a)(1)is null and void and is a default entitling the City to demand <br /> payment in full under both existing Bonds. <br /> (3) As security for the Lot Profit Payments, Owner shall record against <br /> Lot 1 the form of Deed of Trust attached as Exhibit F securing the Lot 1 Lot <br /> Profit Payment of$252,000 (the"Lot 1 Deed of Trust"), and against Lot 2 the <br /> form Deed of Trust attached as Exhibit F securing the Lot 2 Lot Profit Payment of <br /> $161,500 (the"Lot 2 Deed of Trust"). At the closing of any Bona Fide Sale (as <br /> defined in Section 1.16) of Lot 1 or Lot 2,the City shall cause each of the Lot 1 <br /> Deed of Trust or Lot 2 Deed of Trust to be completely released and reconveyed, <br /> with respect to the Lot being sold, so long as the City has received its applicable <br /> Lot Profit Payment for such Lot in connection with such closing. The City shall <br /> not have obligation to release or reconvey either of these Deeds of Trust except in <br /> connection with a Bona Fide Sale where such foregoing condition is met. <br /> (b) Transfer Lot Group Remedies/Escrow. Within thirty(30) days <br /> following the Effective Date, Owner will execute and place in escrow with the Title Company a <br /> Deed for the Transfer Lot Group subject only to the Permitted Exceptions applicable to the <br /> Transfer Lot Group. If Owner has not conveyed the Transfer Lot Group by the Transfer Lot <br /> Group Closing Date,the Title Company is instructed,upon written request from the City to the <br /> 21 <br /> 131047136.14 9g1 <br />