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HomeMy WebLinkAboutContract 62001-CD1CSC No. 62001-CD1 NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. Deed of Trust Security Agreement - Financing Statement ARPA Funds Terms Date: October 23, 2024 Grantor: The Housing Authority of the City of Fort Worth dba Fort Worth Housing Solutions Grantor's Mailing Address: Fort Worth Housing Solutions 1407 Texas St. Fort Worth, TX 76102 Attention: Mary -Margaret Lemons, President With a copy to: Fort Worth Housing Solutions 1407 Texas St. Fort Worth, TX 76102 Attention: Brian Dennison, Senior VP Housing and Asset Management Trustee: Leslie L. Hunt or Denis McElroy Trustee's Mailing Address: City Attorney's Office City of Fort Worth 100 Fort Worth Trail Fort Worth, TX 76102 Tarrant County I IIIIII I III IIIII IIIII IIIII IIIII IIII IIIII IIII I I III IIIII IIIII IIII I I IIIIII D224199091 11/05/2024 03:13 PM Page: 1 of 14 Fees: $72.00 DEED OF TRUST SUBMITTER: CITY FORT WORTH HOUSING ECONOMIC DEVELOPM Lender: City of Fort Worth, a Texas municipal corporation DEED OF TRUST — ARPA FUNDS Fort Worth Housing Solutions Casa de los Suerlos OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Page 1 Rev. September 2024 ro «-�..o-�.a� MARY LOUISE NICHOLSON COUNTY CLERK Lender's Mailing Address: City of Fort Worth Neighborhood Services Department Attention: Assistant Director 100 Fort Worth Trail Fort Worth, Texas 76102 Tarrant County Loan Authority: The loan evidenced by this Deed of Trust (the "Loan") is being made pursuant to grant monies from the United States Department of the Treasury ("Treasury") under Section 603(c)(1)(A) of Title VI of the Social Security Act with Non - Revenue Recovery Funds for the construction of 55 units of deeply affordable housing to families who are experiencing homelessness. Capitalized terms not defined herein shall have meanings assigned to them in the Contract Obligations Note October 23, 2024 Original Principal Amount: $578,001.00 Borrower: Fort Worth Housing Solutions Lender: City of Fort Worth Terms of Payment: As provided in the Note Maturity Date: As described in the Contract (as defined below in Section E.(2)) In addition, Obligations shall include compliance by Grantor with the requirements of the A Program more particularly described in Section F. below. Property (including any improvements): Lot 2-A-R, in Block 96 or Western Hills Additional Section 7, an addition to the City of Fort Worth, Tarrant County, Texas, according to the Map or Plat thereof recorded in/under Volume 388-126, page 69 Map/Plat Records, Tan -ant County, Texas, incorporated herein by reference for all purposes commonly known as 8401 West Freeway, Fort Worth, Texas 76116. Together with the following personal property: All fixtures, supplies, building materials, and other goods of every nature now or hereafter located, used, or intended to be located or used on the Property; All plans and specifications for development of or construction of improvements on the Property; DEED OF TRUST — ARPA FUNDS Fort Worth Housing Solutions Casa de los Suenos Page 2 Rev. September 2024 All contracts and subcontracts relating to the construction of improvements on the Property; All accounts, contract rights, instruments, documents, general intangibles, and chattel paper arising from or by virtue of any transactions relating to the Property; All permits, licenses, franchises, certificates, and other rights and privileges obtained in connection with the Property; All proceeds payable or to be payable under each policy of insurance relating to the Property; and All products and proceeds of the foregoing. Notwithstanding any other provision in this Deed of Trust, the term "Property" does not include personal effects used primarily for personal, family, or household purposes. In addition to creating a deed -of -trust lien on the Property described, Grantor also grants to Lender a security interest in all of the above -described personal property pursuant to and to the extent permitted by the Texas Uniform Commercial Code. Prior Liens: The lien created by this Deed of Trust is and shall be subject and subordinate in all respects to the following: (1) liens, terms, covenants and conditions of the documents securing a Promissory Note dated August 17, 2023 in the original principal sum of $500,000.00 made by Grantor and payable to the Fort Worth Housing Finance Corporation and (2) liens, terns, covenants and conditions of the documents securing a Promissory Note dated July 11, 2023 in the original principal sum of $1,500,000.00 made by Grantor and payable to the City of Fort Worth (collectively referred to as the "Senior Indebtedness"). Subject to waiver, notice, grace and cure period, if any, if default occurs in payment of any part of principal or interest of the Senior Indebtedness more particularly described in the Subordination Agreement or in observance of any covenants of the deeds of trust or other loan documents securing the Senior Indebtedness, the entire debt secured by this Deed of Trust will immediately become payable at the option of Lender to the extent permitted by the Subordination Agreement. Other Exceptions to Conveyance and Warranty: Validly existing easements, rights of way, and prescriptive rights, whether of record or not; all presently recorded and validly existing restrictions, reservations, covenants, conditions, oil and gas leases, mineral interests, and water interest outstanding in persons other than Grantor, and other instruments, other than conveyances of the surface fee estate, that affect the Property; validly existing rights of adjoining owners in any walls and fences situated on a common boundary; any discrepancies, conflicts or shortages in area or boundary lines; any encroachments or overlapping of improvements. DEED OF TRUST — ARPA FUNDS Page 3 Fort Worth Housing Solutions Casa de los Suefios Rev. September 2024 For value received and to secure performance of the Obligations, Grantor conveys the Property to Trustee in trust. Grantor warrants and agrees to defend the title to the Property, subject to the Other Exceptions to Conveyance and Warranty. On performance of the Obligations including payment of the Loan and all other amounts secured by this Deed of Trust if required and performance of the requirements of the ARPA Program, this Deed of Trust will have no further effect, and Lender will release it at Grantor's expense. Clauses and Covenants A. Grantor's Obligations Grantor agrees to - keep the Property in good condition and repair; 2. pay all taxes and assessments on the Property before delinquency, and not authorize a taxing entity to transfer its tax lien on the Property to anyone other than Lender; 3. defend title to the Property subject to the Other Exceptions to Conveyance and Warranty and preserve the lien's priority as it is established in this Deed of Trust; 4. obey all laws, ordinances, and restrictive covenants applicable to the Property; 5. maintain all insurance coverages with respect to the Property, revenues generated by the Property, and operations on the Property that Lender reasonably requires ("Required Insurance Coverages"), issued by insurers and written on policy forms acceptable to Lender, and deliver evidence of the Required Insurance Coverages in a form acceptable to Lender at least 10 days before the expiration of the Required Insurance Coverages. 6. keep any buildings occupied as required by the Required Insurance Coverages; 7. if the lien of this Deed of Trust is not a first lien, pay or cause to be paid all prior lien notes pursuant to their respective terms and abide by or cause to be abided by all prior lien instruments; and notify Lender in writing of any change of address. Grantor agrees not to - I. do or intentionally or knowingly permit anything to be done that will impair the security of this Deed of Trust. DEED OF TRUST — ARPA FUNDS Page 4 Fort Worth Housing Solutions Casa de los Sueilos Rev. September 2024 B. Lender's Rights 1. Lender or Lender's mortgage servicer may appoint in writing a substitute trustee, succeeding to all rights and responsibilities of Trustee. 2. If the proceeds of the Loan are used to pay any debt secured by prior liens, Lender is subrogated to all the rights and liens of the holders of any debt so paid. 3. Notwithstanding the terms of the Note to the contrary, and unless applicable law prohibits, all payments received by Lender from Grantor with respect to the Obligations or this Deed of Trust may, at Lender's discretion, be applied first to amounts payable under this Deed of Trust and then to amounts due and payable to Lender with respect to the Obligations, to be applied to late charges, principal, or interest in the order Lender in its discretion determines. 4. If Grantor fails to perform any of Grantor's Obligations under this Deed of Trust, subject to prior written notice and cure period, Lender may perform those obligations and be reimbursed by Grantor on demand for any amounts so paid, including reasonable attorney's fees, plus interest on those amounts from the dates of payment at the rate stated in the Note for matured, unpaid amounts. The amount to be reimbursed will be secured by this Deed of Trust. 5. If there is a default on the Obligations or if Grantor fails to perform any of Grantor's Obligations under this Deed of Trust and the default continues after any required notice of the default and the time allowed to cure, Lender may - a. declare any unpaid principal balance and any earned interest on the Obligations immediately due; b. exercise Lender's rights with respect to rent under the Texas Property Code as then in effect; c. direct Trustee to foreclose this lien, in which case Lender or Lender's agent will cause notice of the foreclosure sale to be given as provided by the Texas Property Code as then in effect; and d. purchase the Property at any foreclosure sale by offering the highest bid and then have the bid credited on the Obligations. 6. Lender may remedy any default without waiving it and may waive any default without waiving any prior or subsequent default. 7. If Grantor fails to perform any of its obligations, covenants, or agreements under the Contract or this Deed of Trust, Lender may do any act it deems reasonably necessary to cure such failure. During an event of default, Lender may enter the Premises DEED OF TRUST — ARPA FUNDS Page 5 Fort Worth Housing Solutions Casa de los Sueiios Rev. September 2024 with or without notice and do anything that Lender reasonably deems necessary or prudent to do. 8. If Lender elects to make any payments or do any act or thing required to be paid or done by Grantor under the Loan documents, any sums advanced by Lender are a part of the Obligations. C. Trustee's Rights and Duties If directed by Lender to foreclose this lien, Trustee will - I. either personally or by agent give notice of the foreclosure sale as required by the Texas Property Code as then in effect; 2. sell and convey all or part of the Property "AS IS" to the highest bidder for cash with a general warranty binding Grantor, subject to the Prior Lien and to the Other Exceptions to Conveyance and Warranty and without representation or warranty, express or implied, by Trustee; from the proceeds of the sale, pay, in this order - a. expenses of foreclosure, including a reasonable commission to Trustee; b. to Lender, the full amount of principal, interest, reasonable attorney's fees, and other charges due and unpaid; C. any amounts required by law to be paid before payment to Grantor; d. to Grantor, any balance; and 4. be indemnified, held harmless, and defended by Lender against all costs, expenses, and liabilities incurred by Trustee for acting in the execution or enforcement of the trust created by this Deed of Trust, which includes all court and other costs, including reasonable attorney's fees, incurred by Trustee in defense of any action or proceeding taken against Trustee in that capacity. D. General Provisions 1. If any of the Property is sold under this Deed of Trust, Grantor must immediately surrender possession to the purchaser. If Grantor fails to do so, Grantor will become a tenant at sufferance of the purchaser, subject to an action for forcible detainer. 2. Recitals in any trustee's deed conveying the Property will be presumed to be true, absent evidence to the contrary. DEED OF TRUST — ARPA FUNDS Page 6 Fort Worth Housing Solutions Casa de los Suefios Rev. September 2024 3. Proceeding under this Deed of Trust, filing suit for foreclosure, or pursuing any other remedy will not constitute an election of remedies. 4. This lien will remain superior to liens later created even if the time of payment of all or part of the Obligations is extended or part of the Property is released, unless a subordination agreement is executed by the Lender. 5. If any portion of the Obligations cannot be lawfully secured by this Deed of Trust, payments will be applied first to discharge that portion. 6. Grantor assigns to Lender all amounts payable to or received by Grantor from condemnation of all or pail of the Property, from private sale in lieu of condemnation, and from damages caused by public works or construction on or near the Property. After deducting any expenses incurred, including reasonable attorney's fees and court and other costs, Lender will either release any remaining amounts to Grantor or apply such amounts to reduce the Obligations and any excess proceeds shall be paid to Grantor. Lender will not be liable for failure to collect or to exercise diligence in collecting any such amounts. Grantor will immediately give Lender notice of any actual or known threatened proceedings for condemnation of all or part of the Property. Notwithstanding the above, in the event of any fire or other casualty to the Property or eminent domain proceedings resulting in condemnation of the Property or any part thereof, Grantor shall have the right to rebuild the Property, and to use all available insurance or condemnation proceeds therefore, provided that (a) such proceeds are sufficient to keep the Obligations in balance and rebuild the Property in a manner that provides adequate security to Lender for repayment or performance of the Obligations or if such proceeds are insufficient then Grantor shall have funded any deficiency, (b) Lender shall have the right to approve plans and specifications for any major rebuilding and the right to approve disbursements of insurance or condemnation proceeds for rebuilding under a construction escrow or similar arrangement, and (c) no material default then exists under the Loan documents other than attributable to casualty or condemnation. If the casualty or condemnation affects only part of the Property and total rebuilding is infeasible, then proceeds may be used for partial rebuilding and partial repayment of the Obligations in a manner that provides adequate security to Lender for repayment of the remaining balance of the Obligations, and any excess proceeds shall be paid to Grantor. 7. Grantor assigns to Lender absolutely, not only as collateral, all present and future rent and other income and receipts from the Property. Grantor may as Lender's licensee collect rent and other income and receipts as long as Grantor is not in default with respect to the Obligation or this Deed of Trust. Subject to the terms of the Loan documents, Grantor will apply all rent and other income and receipts to payment of the Obligations and performance of this Deed of Trust, but if the rent and other income and receipts exceed the amount due with respect to the Obligations and the Deed of Trust, Grantor may retain the excess. If Grantor defaults in payment or performance of the Obligations or performance of this Deed of Trust, Lender may terminate Grantor's license to collect rent and other income and then as Grantor's agent may rent the Property and collect all rent and other DEED OF TRUST — ARPA FUNDS Page 7 Fort Worth Housing Solutions Casa de los Sueflos Rev. September 2024 income and receipts. Lender neither has nor assumes any obligations as lessor or landlord with respect to any occupant of the Property. Lender may exercise Lender's rights and remedies under this paragraph without taking possession of the Property. Lender will apply all rent and other income and receipts collected under this paragraph as required by the Texas Property Code as then in effect. Lender is not required to act under this paragraph, and acting under this paragraph does not waive any of Lender's other rights or remedies. 8. Interest on the debt secured by this Deed of Trust will not exceed the maximum amount of non -usurious interest that may be contracted for, taken, reserved, charged, or received under law. Any interest in excess of that maximum amount will be credited on the principal of the debt or, if that has been paid, refunded. On any acceleration or required or permitted prepayment, any excess interest will be canceled automatically as of the acceleration or prepayment or, if already paid, credited on the principal of the debt or, if the principal of the debt has been paid, refunded. This provision overrides any conflicting provisions in this and all other instruments concerning the debt. 9. In no event may this Deed of Trust secure payment of any debt that may not lawfully be secured by a lien on real estate or create a lien otherwise prohibited by law. 10. When the context requires, singular nouns and pronouns include the plural. 11. The term Note includes all extensions, modifications, and renewals of the Note and all amounts secured by this Deed of Trust. 12. Grantor agrees to (a) keep at Grantor's address, or such other place as Lender may approve, accounts and records reflecting the operation of the Property and copies of all written contracts, leases, and other instruments that affect the Property; (b) prepare financial accounting records in compliance with generally accepted accounting principles consistently applied; and (c), at Lender's request on reasonable notice from time to time, permit Lender to examine and make copies of such books, records, contracts, leases, and other instruments at any reasonable time. 13. Grantor agrees to deliver to Lender, at Lender's request from time to time, internally prepared financial statements of Grantor and any guarantor of the Note prepared in accordance with generally accepted accounting principles consistently applied, in detail reasonably satisfactory to Lender and certified to be materially true and correct by the chief financial officer of Grantor or its certified public accountant, as applicable. 14. If Lender orders an appraisal of the Property while a default exists or to comply with legal requirements affecting Lender, Grantor, at Lender's request, agrees to reimburse Lender for the reasonable cost of any such appraisal. If Grantor fails to reimburse Lender for any such appraisal within 20 days of Lender's written request, that failure is a default under this Deed of Trust. DEED OF TRUST — ARPA FUNDS Page 8 Fort Worth Housing Solutioirs Casa de los Suenos Rev. September 2024 15. Grantor agrees to allow Lender or Lender's agents to enter the Property during regular business hours upon at least 48 hours prior notice and inspect it and any personal property in which Lender is granted a security interest by this Deed of Trust. 16. Grantor may not sell, transfer, or otherwise dispose of any Property, whether voluntarily or by operation of law, except for condemnation or to obtain utility easements, without the prior written consent of Lender. If granted, consent may be conditioned upon (a) the grantee's integrity, reputation, character, creditworthiness, and management ability being satisfactory to Lender; and (b) the grantee's executing, before such sale, transfer, or other disposition, a written assumption agreement containing any terms Lender may reasonably require, such as a principal pay down on the Obligations, an increase in the rate of interest payable with respect to the Obligations, a transfer fee, or any other modification of the Note, this Deed of Trust, or any other instruments evidencing or securing the Obligations. Grantor may not cause or permit any Property to be encumbered by any liens, security interests, or encumbrances other than the liens securing the Obligation and the liens securing ad valorem taxes not yet due and payable and the Permitted Exceptions without the prior written consent of Lender. If granted, consent may be conditioned upon Grantor's executing, before granting such lien, a written modification agreement containing any terms Lender may require, such as a principal pay down on the Obligations, an increase in the rate of interest payable with respect to the Obligations, an approval fee, or any other modification of the Note, this Deed of Trust, or any other instruments evidencing or securing the Obligations. Grantor may not grant any lien, security interest, or other encumbrance (a "Subordinate Instrument") covering the Property that is subordinate to the liens created by this Deed of Trust without the prior written consent of Lender. If granted, consent may be conditioned upon the Subordinate Instrument's containing express covenants to the effect that - a. the Subordinate Instrument is unconditionally subordinate to this Deed of Trust; if any action is instituted to foreclose or otherwise enforce the Subordinate Instrument, no action may be taken that would terminate any occupancy or tenancy without the prior written consent of Lender, and that consent, if granted, may be conditioned in any manner Lender determines; C. rents, if collected by or for the holder of the Subordinate Instrument, will be applied first to the payment of the Obligations then due and to expenses incurred in the ownership, operation, and maintenance of the Property in any order Lender may determine, before being applied to any indebtedness secured by the Subordinate Instrument; DEED OF TRUST — ARPA FUNDS Page 9 Fort Worth Housing Solutions Casa de los Suenos Rev. September 2024 d. written notice of default tinder the Subordinate Instrument and written notice of the commencement of any action to foreclose or otherwise enforce the Subordinate Instrument must be given to Lender concurrently with or immediately after the occurrence of any such default or commencement; and C. in the event of the bankruptcy of Grantor, all amounts due on or with respect to the Obligations and this Deed of Trust will be payable in frill before any payments on the indebtedness secured by the Subordinate Instrument. Grantor may not cause or permit any of the following events to occur without the prior written consent of Lender: if Grantor is (a) a corporation, the dissolution of the corporation or the sale, pledge, encumbrance, or assignment of any shares of its stock; (b) a limited liability company, the dissolution of the company or the sale, pledge, encumbrance, or assignment of any of its membership interests; (c) a general partnership or joint venture, the dissolution of the partnership or venture or the sale, pledge, encumbrance, or assignment of any of its partnership or joint venture interests, or the withdrawal from or admission into it of any general partner or joint venturer; or (d) a limited partnership, (1) the dissolution of the partnership, (2) the sale, pledge, encumbrance, or assignment of any of its general partnership interests, or the withdrawal from or admission into it of any general partner, or (3) except for a limited partnership interest in a low income housing project, the withdrawal from or admission into it of any controlling limited partner or partners. If granted, consent may be conditioned upon (a) the integrity, reputation, character, creditworthiness, and management ability of the person succeeding to the ownership interest in Grantor (or security interest in such ownership) being reasonably satisfactory to Lender; and (b) the execution, before such event, by the person succeeding to the interest of Grantor in the Property or ownership interest in Grantor (or security interest in such ownership) of a written modification or assumption agreement containing such terns as Lender- may reasonably require, such as a principal pay down on the Obligations, an increase in the rate of interest payable with respect to the Obligations, a transfer fee, or any other modification of the Note, this Deed of Trust, or any other instruments evidencing or securing the Obligations. 17. Grantor agrees not to grant any future lien or security interest in the Property or to permit any future junior encumbrance to be recorded or any existing or future claim to otherwise become an encumbrance against the Property. If an involuntary encumbrance is filed against the Property, Grantor agrees, within 30 days of actual notice, to either remove the involuntary encumbrance or insure against it or provide a bond acceptable to Lender against the involuntary encumbrance. 18. This Deed of Trust binds, benefits, and may be enforced by the successors in interest of all parties. 19. If Grantor and Borrower are not the same person, the term Grantor includes Borrower. DEED OF TRUST — ARPA FUNDS Page 10 Fort Worth Housing Solutions Casa de los Suefios Rev. September 2024 20. Except as may be specifically stated in this Deed of Trust or the Note, Grantor and each surety, endorser, and guarantor of the Obligations waive all demand for payment, presentation for payment, notice of intention to accelerate maturity, notice of acceleration of maturity, protest, and notice of protest, to the extent permitted by law. 21. Grantor agrees to pay reasonable attorney's fees, trustee's fees, and court and other costs of enforcing Lender's rights under this Deed of Trust if this Deed of Trust is placed in the hands of an attorney for enforcement. 22. If any provision of this Deed of Trust is determined to be invalid or unenforceable, the validity or enforceability of any other provision will not be affected. 23. The term Letrder includes any mortgage servicer for Lender. 24. The debt and the performance secured by this Deed of Trust is a nonrecourse obligation of Borrower. Neither Borrower nor any other party shall have any personal liability for repayment of the Loan described in the Contract. The sole recourse of Lender under the Loan documents for repayment of the Loan or performance of any of the Obligations shall be the exercise of its right against the security for payment as defined in the Note. E. Construction Loan Mortgage 1. This Deed of Trust is a "construction mortgage" within the meaning of Section 9.334 of the Texas Business and Commerce Code. The liens and security interests created and granted by this Deed of Trust secure an obligation incurred for the construction or rehabilitation of improvements on land. 2. Grantor agrees to comply with the terms, covenants and conditions of City Secretary Contract No. 62001 between Grantor and Lender (the "Contract") which requires the Note and this Deed of Trust. 3. All amounts disbursed by Lender before completion of the improvements to protect the security of this Deed of Trust up to the principal amount of the Note will be treated as disbursements under the Contract. All such amounts will bear interest from the date of disbursement at the rate stated in the Note, unless collections from Grantor of interest at that rate would be contrary to applicable law, in which event such amounts will bear interest at the rate stated in the Note for matured, unpaid amounts and will be payable on notice from Lender to Grantor requesting payment. 4. From time to time as Lender deems reasonably necessary to protect Lender's interests, Grantor will, on request of Lender, execute and deliver to Lender, in such form as Lender directs but subject to the rights of any senior lien holders, assignments of any and all rights or claims that relate to the construction of improvements on the Property. DEED OF TRUST — ARPA FUNDS Page 11 Fort Worth Housing Solutions Casa de los Suefios Rev. September 2024 5. In case of breach by Grantor of the terms, covenants and conditions of the Contract, Lender, at its option, subject to applicable notice, grace and cure periods, with or without entry on the Property, may (a) invoke any of the rights or remedies provided in the Contract, (b) accelerate the amounts secured by this Deed of Trust and invoke the remedies provided in this Deed of Trust, or (c) do both. F. CONTRACT AND ARPA REQUIREMENTS THIS CONVEYANCE IS MADE AND ACCEPTED SUBJECT TO THE FOLLOWING CONDITIONS AND RESTRICTIONS: The Note secured by this Deed of Trust is the Note required in the Contract between Grantor and Lender and has been executed and delivered in accordance with its terms. The funds provided by Lender are ARPA funds and the Contract requires that the funds be used to, design, and develop 55 units of deeply affordable housing. Borrower shall fulfill the following ARPA Requirements as more particularly described in the Contract: Rehabilitate and convert the housing units to provide experiencing homelessness . 1. During the Affordability Period, Express Inn to 55 deeply affordable deeply affordable housing families a. Rehabilitate and develop 55 units of deeply affordable housing for families experiencing homelessness; b. will ensure that all 55 units remain occupied by families experiencing homelessness by virtue of being Literally Homeless or Fleeing /Attempting to Flee Domestic Violence, as defined in the Contract, referred through coordinated entry at Tarrant County Homeless Coalition DBA Partnership Home; The Loan and any sums due under the Note or this Deed of Trust will be in default and may be declared immediately payable if the housing units located on the Property are not offered to homeless families at a rate of no more than 30 percent of gross income, including utilities, and if Grantor fails to fulfill the ARPA requirements and all other requirements in the Contract DEED OF TRUST — ARPA FUNDS Page 12 Fort Worth Housing Solutions Casa de los Suefros Rev. September 2024 This Deed of Trust has also been executed and delivered pursuant to the terms of the Contract. Grantor agrees to perform each and every obligation set forth in the Contract and will not permit a default to occur thereunder. Any default in the performance of Grantor's obligations under the terms of the Contract or the ARPA Regulations shall be deemed a default in the terms of the Note and Lender may invoke any remedies provided herein. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] DEED OF TRUST — ARPA FUNDS Fort Worth Housing Solutions Casa de los Suenos Page 13 Rev. September 2024 THE CONTRACT, THE NOTE AND THE DEED OF TRUST CONSTITUTE THE FINAL AGREEMENT OF THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. FORT WORTH HOUSING SOLUTIONS By: 0My-Mjaa+retmWons, President STATE OF TEXAS § COUNTY OF TARRANT § This instrument was acknowledged before me on &I(h,- C 93 , 20p by Mary -Margaret Lemons, the President of Fort Wort ousing Solutions, a government entity, on behalf of said organization. EVA C KEY ��xasNotary ID #10943269 - Notary P tate My Commission Expires August 15, 2025 l AFTER RECORDING RETURN TO: City of Fort Worth City Attorney's Office Attention: Leslie L. Hunt 100 Fort Worth Trail Fort Worth, Texas 76102 FILED AND RECORDED OFFICIAL PUBLIC RECORDS OF TARRANT COUNTY, TEXAS D224199091 11/05/2024 03:13 PM DEED OF TRUST Pages: 14 Fees: $72.00 DEED OF TRUST — ARPA FUNDS OFFICIAL RECORD Fort Worth Housing Solutions CITY SECRETARY Casa de los Sudos FT. WORTH, TX . 10 I MARY LOUISE NICHOLSON COUNTY CLERK Page 14 Rev. September 2024 FORT WORTH Routing and Transmittal Slip Neighborhood Services Department DOCUMENT TITLE: ARPA Casa de los Suelnos Deed of Trust M&C 24-0475 CPN DATE: TO: 1. Allison Tidwell 2. 3. CSO # 62001 INITIALS DOC# DATE OUT DOCUMENTS FOR CITY MANAGER'S SIGNTURE: All documents received from any and all City Departments requesting City Manager's signature for approval MUST BE ROUTED TO THE APPROPRIATE ACM for approval first. Once the ACM has signed the routing slip, David will review and take the next steps. NEEDS TO BE NOTARIZED: ❑ Yes ❑ No RUSH: U Yes ❑ No SAME DAY: ❑ Yes U No NEXT DAY: XYes ❑ No ROUTING TO CSO: X Yes ❑ No Action Required: ❑ As Requested ❑ For Your Information * Signature/Routing and or Recording ❑ Comment ❑ File ❑ Attach Signature, Initial and Notary Tabs ❑ Attach Signature Return to: Please call Virqinia Villalobos at ext. 7744 for pick up when completed. Thank you.