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9.A. - Page 35 <br /> (b) To pay off loans junior to the City's loan or other debt secured by the <br /> Property. <br /> (c) To pay property taxes, utilities or assessments. <br /> 4.3.3 The City will only subordinate to a new senior Deed of Trust in favor of an <br /> institutional lender. (No personal loans.) <br /> 4.3.4 The City will consider requests to subordinate, but is under no obligation <br /> to subordinate and reserves the right to deny any request. <br /> 4.3.5 The City may ask that fees, points, and/or commissions be limited. <br /> Reasonable third-party fees (for example, title and recording) will <br /> generally be allowed. These costs may be financed as long as the new <br /> loan complies with the City's limits on new loan amount. <br /> 4.3.6 A request for subordination must be accompanied by a check payable to <br /> the City of Redwood City in the amount of$50.00. <br /> 5. Events of Default. Upon occurrence of any one or more of the following, City may, at its <br /> sole discretion, declare the Loan immediately due and payable, upon the continuation of <br /> said failure for a period of seven (7) calendar days as to monetary obligations and thirty <br /> (30) calendar days as to non-monetary obligations, after written notice specifying such <br /> failure and requesting that it be remedied (such notice being referred to herein as a <br /> "notice of default") shall have been given to Borrower from the City: <br /> 5.1 Default on a senior loan; <br /> 5.2 Borrower refinances a senior loan without the City's written permission; <br /> 5.3 The lack of property insurance coverage naming the City as Loss Payee in first <br /> position or Additional Insured if the Loan is a junior lien; <br /> 5.4 The lease or transfer of title or further encumbrance of Borrower's residence, <br /> whether by sale, exchange, gift, inheritance or other means without prior written <br /> consent of City; <br /> 5.5 City discovers that Borrower, in any application to City in connection with Loan, <br /> failed to disclose or misrepresented any fact deemed by City to be material or <br /> which would have prevented Borrower from being eligible for the Loan; <br /> 5.6 Borrower defaults or breaches any of the terms of this Loan Agreement, the <br /> Promissory Note and/or the Deed of Trust, including non-payment of Loan, if so <br /> required; <br /> 5.7 Borrower fails to perform any covenant, term or condition in any instrument <br /> creating a lien upon the property which is the security under the Deed of Trust, or <br /> any part thereof, which lien shall have priority over the lien of the Deed of Trust <br /> securing this Loan; <br /> 5.8 Occurrence of any of the following: <br /> ATTY/RES0.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-LOAN AGREEMENT <br /> REV:05-11-15 VR <br /> Page 6 of 12 <br />