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securing a loan with provisions which allow negative amorti action, or to refinancing of the First Lien for a loan arnount in excess of the sum of the then Current loan balance secured by the First Lien and loan closing costs. 14.1 Order of Recording. The Homebuyer agrees it shall instruct tie Escrow Agent for the acquisition f the Property by the Homebuyer that the order of recording in the escrow for the purchase f the Property by eh u firer shall occur as follows: 1 the Grant Deed, the First Lien; o ther afford able hou s ing to an as de scribed in S ec tion 3. 1, as permitted by the Executive Director; 4 the Affordable Housing Resale Restriction; Notice of Affordability Restrictions and the Agency Deed of Trust. The Agency shall cause a Request for Notice of Default to he recorded on the Property subsequent to the recordation of the First Lien deed of trust or mortgage requesting a statutory notice of default as set forth in the California Civil Code Section 2924b, and .shall cause a request for Notice of Delinquency to be recorded on the Property subsequent to the recordation of the First Lien deed of trust or mortgage. 15. Indernnification. The Homebuyer shall pay for, defend, ind mnif , and hold harmless the Agency and the City and their respective officers, agents* employees, r pres en toti ves an d vol unt rs from and against any i ss, 1iahilit , claim or judgment r lating in any manner to the Property or this Agreement. The Horn bu er shy remain fully obligated for the payment of property taxes, liens, and assessments related to the Property. There shall b no reduction in taxes for the Homebuyer, nor any transfer of responsibility to the Agency to make such payments, b virtue of the H rneh u er Assistance Loan. 16. Insurance. The Homeb u firer shall maintain, during the tern of the Homebu er Assistance Loan, an all-risk property insurance policy insuring the Property in an amount equal to the full replacement value of the structures on the Property. The policy shall name the Agency and the City as loss payees and shall contain a statement of obligation on behalf of the carrier to notify the Agency of any material chancre, cancellation or termination of coverage at least thirty (30) days in advance of the date of such material change, cancellation or termination. Thy Hom buyer shall transmit a copy of the certificate of insurance and loss payee endorsement to the Agency within thirty days of the effective date of this Agreement, and upon request by the Agency, the Homebuyer shall transmit to the Agency further copies of the certificate of insurance and a loss payee endorsement. The copy of the ertifi ate of insurance and loss payee endorsement shall he transmitted to the Agency at the address set forth in Section 29. The form, content* issuer of any certificate of insurance must be reasonably acceptable to the Agency. 17. Defaults. Failure or delay by either party to perform any terra or provision of this Aiyreement which is not cured within thirty 0 days after receipt of notice from the other party constitutes a default under this s g regiment; provided, however* that if such default i s of the nature requiring more than thirty o days to cure, the defaulting party shall avoid default hereunder by commencing to cure within such thirty o day period, and thereafter diligently pursuing such u re to completion. The party who so fails or delays must immediately om nce to cure, correct., or remedy such failu r or delay, and shall tom p1 to such cure, correction or remedy with diligence. The injured party shall give written notice of default to the party in default* specifying tie. default complained of by the injured party. Except as required to protect against further dt ages, the injured party may not institute proceedings against the party in ATTACHMENT N. 11 -1 Form of Hore b u er Loan Agreement DOGSO 140067 v ] 4/200272 -0001