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17. Estoppel Certificate, Truster shall, within ten (1 U) days of a written <br />request from Beneficiary, furnish Beneficiary with awritten statement, duly <br />acknowledged, setting forth the sums secured by this City Deed of Trust and any <br />right of set -off, counterclaim or other defense which exists against such sums <br />and the obligations of this City Deed of Trust. <br />I& Due -On -Sale or Encumbrance. Except for Exempt Transfers approved <br />by the City, if all or any part of the Property, or any interest therein, or any <br />beneficial interest in Truster (if Trustor is not a natural person or persons but is a <br />corporation, partnership, trust, limited liability company or other legal entity), is <br />sold, transferred, mortgaged, assigned, pledged, or further encumbered, whether <br />directly or indirectly, whether voluntarily or involuntarily or by operational law, <br />Beneficiary may, at Beneficiary's caption invoke any remedies permitted by this <br />City Creed of Trust. <br />19. Subordination. This City Deed of Trust shall be subordinate to the <br />Senior Loan, so long as the Senior tender agrees to the default and foreclosure <br />provisions set forth in the Inclusionary Housing Covenants Declaration, or other <br />alternative provisions proposed by the Senior Lender, and acceptable to the City <br />in Its sole discretion. In the event the City fails to timely cure a default under such <br />Senior Loan, and the 'Senior Lender proceeds with foreclosure, or deed in lieu of <br />foreclosure, of such Senior Loan, then any provisions herein or in any other <br />collateral agreement restricting the use of the Inclusionary Unit to Moderate <br />income households or otherwise restricting the Senior Lender's ability to sell the <br />Inclusionary Unit based upon income qualification of the purchaser shall terminate <br />and shall have no further force or effect on subsequent owners or purchasers of <br />the Inclusionary Unit. In that event, any person, including the Senior Lender's <br />successors and assigns, receiving title to the Inclusionary Unit through <br />foredlosure, or deed in lieu of foreclosure, of such Senior Loan shall receive title <br />to the Property free and clear from such restrictions. The City shall promptly <br />execute, acknowledge and deliver for recordation such subordination documents <br />or agreements as necessary to confirm the foregoing subordination. <br />hiGruslanary I {Hieing �'Q'+�narsks 6eaC€er�atinn _..._..._. ��Na i3 <br />Mounngdon Agravn m . Januaq 2015 <br />25G -101 <br />