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to provide a monthly report of the payment status of the Owner and all <br />other financial information concerning the Owner that the City reasonably <br />requests. <br />III -E. Except as otherwise expressly provided in a City approved subordination <br />agreement, by making a loan to the Owner, Senior Lender grants to the <br />City the option to purchase the Senior Loan from the Senior Lender at any <br />time after the filing of a notice of default under the Senior Loan, but prior to <br />consummation of the foreclosure or the giving of a deed -in -lieu of <br />foreclosure for an amount equal to the entire indebtedness secured by the <br />Senior Lender Deed of Trust: <br />The City may exercise this option by giving Senior Lender written notice of <br />its intent to do so: <br />a. with respect to a foreclosure, at any time prior to the filing of a <br />notice of sale under the Senior Loan; and <br />b. with respect to a deed -in -lieu of foreclosure, within ten (10) days <br />after receiving written notice from Senior Lender of its intent to <br />accept a deed -in -lieu of foreclosure with respect to the Inclusionary <br />Unit. <br />2. Upon receipt of such written notice from the City, the Senior Lender shall <br />promptly give the City a written statement setting forth the amount of the <br />total indebtedness secured by the Senior Lender Deed of Trust, which <br />shall be the purchase price for the Senior Loan, and a copy of the policy of <br />title insurance insuring the priority and validity of the Senior Lender Deed <br />of Trust. <br />3. Within ten (10) days after the City gives such written notice, the City shall <br />establish an escrow at the title company insuring the Senior Lender Deed <br />of Trust and concurrently therewith give the Senior Lender written notice <br />thereof, and the City shall deposit the purchase price in such escrow. <br />4. Within fifteen (15) days after the Senior Lender's receipt of notice of the <br />opening of the escrow, the Senior Lender shall deposit in the escrow: <br />the promissory note evidencing the Senior Loan endorsed in favor <br />of the City; <br />Inclusionary Housing Covenants Declaration Page 25 <br />City of Santa Ana January 2015 <br />32A-92 <br />