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EXHIBIT 3 <br />The City Note contains additional cure periods granted to Trustor's limited partner <br />and no event of default shall have occurred until and unless the Trustor's limited partner <br />fails to cure such breach during such cure period. <br />If the breach is not cured on or before the date specified in the notice or such longer <br />period as provided above or in the City Loan Note or the Agreement, the Beneficiary, at the <br />Beneficiary's option, may: (a) declare all of the sums secured by this City Deed of Trust to <br />be immediately due and payable without fiuther demand and may invoke the power of sale <br />and any other remedies permitted by California law; or (b) either in person or by agent, with <br />or without bringing any action or proceeding, or by a receiver appointed by a court, and <br />without regard to the adequacy of its security, enter upon the Security and take possession <br />thereof (or any part thereof) and of any of the Security, in its own name or in the name of the <br />Trustee, and do any acts which it deems necessary or desirable to preserve the value or <br />marketability of the Property, or part thereof or interest therein, increase the income therefrom <br />or protect the security thereof. The entering upon and taking possession of the Security shall <br />not cure or waive any breach hereunder or invalidate any act done in response to such breach <br />and, notwithstanding the continuance in possession of the Security, the Beneficiary shall be <br />entitled to exercise every right provided for in this City Deed of Trust, or by law upon <br />occurrence of any uncured breach, including the right to exercise the power of sale; (i) <br />commence an action to foreclose this City Deed of Trust as a mortgage, appoint a receiver, or <br />specifically enforce any of the covenants hereof, (ii) deliver to the Trustee a written <br />declaration of default and demand for sale, pursuant to the provisions for notice of sale found <br />at California Civil Code Sections 2924, et seq., as amended from time to time; or (iii) exercise <br />all other rights and remedies provided herein, in the instruments by which Trustor acquires <br />title to any Security, or in any other document or agreement now or hereafter evidencing, <br />creating or securing all or any portion of the obligations secured hereby, or provided by law. <br />Notwithstanding anything to the contrary herein, Beneficiary hereby agrees that any <br />cure of any default made or tendered by Trustor's limited partner shall be deemed to be a cure <br />by Trustor and shall be accepted or rejected on the same basis as if made or tendered by <br />Trustor. <br />The Beneficiary shall be entitled to collect all reasonable costs and expenses incurred <br />in pursuing the remedies provided in this paragraph, including, but not limited to, reasonable <br />attorneys' fees. <br />19. Trustor's Right to Reinstate. Notwithstanding the Beneficiary's acceleration <br />of the sums secured by this City Deed of Trust, Trustor will have the right to have any <br />proceedings begun by the Beneficiary to enforce this City Deed of Trust discontinued at any <br />time prior to 5 days before sale of the Security pursuant to the power of sale contained in this <br />City Deed of Trust or at any time prior to entry of a judgment enforcing this City Deed of <br />Trust if. (a) Trustor pays the Beneficiary all sums which would be then due under this City <br />Deed of Trust and no acceleration under the City Loan Note has occurred; (b) Trustor cures <br />all breaches of any other covenants or agreements of Trustor contained in this City Deed of <br />Trust and the Affordability Restrictions on Transfer of Property; (c) Trustor pays all <br />6 <br />1 ., <br />