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(D) Payment of the Contingent Equity Participation Amount, if any. he Security for Ho mebu e r Assistance Loan. The obligation of the Ho meb u er to repay the Homeb u er Assistance Loan pursuant to this Agreement, as evidenced by the Promissory Note, s h all be secured by a subordinate deed of trust and rider thereto encumbering the Property, substantially in the form of Exhibit " � � that is attached h r to and incorporated h r in by this reference (th "Agency Deed of Tru f' . The Aiven y Deed of Trust shall be executed by the Horneb u er, as tru stor, in favor of the Agrency, as beneficiary. i. Subordination. Subject to the subordination provisions set forth herein and in the Dote and the Affordable Housing Resale Restriction, the Agency Deed of Trust shall be subordinate n l to the First Lien mortgage obtained by the Homebu er and, if applicable, other loans as approved by the Executive irec tor, including lien instruments that secure other homebuyer purchase money and/or do npa men t assistance, including without limitation City, State of California* or federal a ffordabl housing programs. j. Prepayment of Hornebu er Assistance Loan. The Homebu er may prepay the Horneb u er Assistance Loan to the Agency, provided that any prepayment mu s t be in full and not in part. Prepayment shall be treated in the same manner as refinancing of the Property. In any event, the Affordable Housing Resale Restriction shall continue in full force and effect, notwithstanding such prepayment. k e Assumption of Homeb u e r Assistance Doan and Promissory Dote. The Homebu er Assistance Loan and the Promissory Note may be assumed by a subsequent qualified Moderate Income Household, as purchaser of the Property, but only in accordance with the terms and conditions set forth in Section 4. 1. Joint and Several. The undersigned, if more than one person, shall be jointly and severally liable under this Agreement for the r paym rit of the Homebuy r Assistance Loan. M. Homebuye is Waivers. The Homeb u firer waives any rights to require the Agency to: i demand payment of amounts due (known as "presentment"), (ii) give notice that amounts duo have not been paid known as "notice of dishonor) and (iii) obtain an official certification ofnonpayment known as "protest"). 2. Notice to Agency. The Ho meb u er or the Homeb u firer' s heirs following the death of the Homebu yer agrees to notify the Agency not less than sixty o days prior to i the opening of escrow for the sale of the Property, (ii) the signing of any agreements or documents related to the transfer} including, without limitation, lease, exchange or other disposition of any interest in the Property, (iii) any proposed refinancing of any First Lien or iv the close of the Homeb u firer' s probate estate. Nothing in this Section 2, however, shall be construed to authorize the Property to be leased or rented. Contingent Equity Participation Amount. If an. event of acceleration occurs as described in Section 1.2(f) and the Hornebuy r is not selling the Property pursuant to Section 4: ATTACHMENT ISO. 11- Form of Homebu yer Loan Agreement D OCS OCJ 140067 3 v 14/200272 -0001