03-08-10 Special Called Regular Meeting of the Fiscal Affairs Committee minutes

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Q:l M " Q I W ~ I tl .~ ~ ~ I 5.6 Condemnation. Grantor assigns to Beneficiary all sums payable to or received by Grantor from condemnation of all or part 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 attorney's fees, Beneficiary may release any remaining sums to Grantor or apply such sums to reduce the Note. Beneficiary shall not be liable for failure to collect or to exercise diligence in collecting any such sums. 5.7 Usury. Interest on the debt secured by this Deed of Trust shall 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 shall be credited on the principal of the debt or, if that has been paid, refunded. On any acceleration or required or permitted prepayment, any such excess shall 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 other provisions in this and all other instruments concerning the debt. 5.8 Context. When the context requires, singular nouns and pronouns include the plural. All pronouns include the male, female and neuter genders. 5.9 Assignment. This Deed of Trust shall bind, inure to the benefit of, and be exercised by successors in interest of all parties. Grantor may expressly assign its interest in the Property subject to the liens and obligations under the Note and this Deed of Trust, and the assignee shall assume the same, at which time, Beneficiary releases Grantor from any of the obligations under this Deed of Trust and the Note, and Grantor shall have no further obligations under the Note and this Deed of Trust. 5.10 Partial Release. Any part of the Property may be released by Beneficiary without affecting the lien hereof against the remainder of the Property. 5.11 Headings. The headings contained in this Deed of Trust are included for convenience of reference only and are in no way intended to describe, interpret, define or limit the scope intent or substance of this Deed of Trust or any provision hereof. 5.12 Governing Law. This Deed of Trust shall be governed by and construed and enforced in accordance with the laws ofthe State of Texas without giving effect to any conflicts-of-law rule or procedure which would refer the matter to another jurisdiction. 5.13 Notice. All notices, requests, demands and other communications required or permitted to be given hereunder shall be deemed to have been duly given if in writing and delivered personally or mailed first class, postage prepaid, registered or certified United States mail, to such address as provided below. Page 5