Laserfiche WebLink
17. Estoppel Certificate. Trustor shall, within ten (10) days of a written <br />request from Beneficiary, furnish Beneficiary with a written statement, duly <br />acknowledged, setting forth t1he 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 />18. 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 Trustor (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 option invoke any remedies permitted by this <br />City Dead of Trust. <br />19. Subordination. This City Deed of Trust shall be subordinate to the <br />Senior Loan, so long as the Senior Lander 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 Inclusenary 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 affect on subsequent owners or purchasers of <br />the Incluslonary Unit. In that event, any person, including the Senior Lender's <br />successors and assigns, receiving title to the Inclusionary Unit through <br />foreclosure, 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 />11dwiDnar, Hmj$lnq CQuenants Owlaration pagp 13 <br />Assumption AtIroomani January 2015 <br />32A -137 <br />