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For a period of three (3) years from the date of Foreclosure, with respect to any unit that had been <br />regulated by the regulatory agreement with the California Tax Credit Allocation Committee, (a) none of the <br />tenants occupying those units at the time of Foreclosure may be evicted or their tenancy terminated (other <br />than for good cause), (b) nor may any rent be increased except as otherwise permitted under Section 42 of the <br />Code. <br />(16) Due on Sale: EXCEPTAS OTHERWISE PERMITTED UNDER THE AGREEMENT, BORROWER SHALL <br />NOT ASSIGN ITS RIGHTS UNDER THIS AGREEMENT WITHOUT OBTAINING THE PRIOR WRITTEN CONSENT OF <br />THE DIRECTOR OR HIS/HER DESIGNEE OR SELL OR REFINANCE THE PROPERTY OR PROJECT OTHER THAN A <br />REFINANCE FOR A PERMANENT LOAN TO REPAY ANY INTERIM LOANS TAKEN OUT TO UNDERTAKE THE <br />CONSTRUCTION OF THE PROJECT. IN THE EVENT OF A SALE OR TRANSFER OF THE PROJECT OR ANY INTEREST <br />THEREIN BY BORROWER WITHOUT SUCH CONSENT, WHICH SHALL NOT BE UNREASONABLY WITHHELD, THE <br />ENTIRE PRINCIPAL BALANCE OF THE NOTE, INCLUDING ANY ACCUMULATED INTEREST, WILL BE IMMEDIATELY <br />DUE AND PAYABLE AND DISTRIBUTED PRO RATA TO THE CITY OF REDWOOD CITY AND DOH, PROVIDED, <br />HOWEVER, ASSIGNMENT OR TRANSFER OF THE PROJECT TO A LIMITED PARTNERSHIP FOR PURPOSES OF <br />SYNDICATING LOW INCOME TAX CREDITS AND IN WHICH BORROWER OR A NONPROFIT AFFILIATE OF <br />BORROWER OR A LIMITED LIABILITY COMPANY WHOSE MEMBERS ARE A NONPROFIT AFFILIATE OF <br />BORROWER IS THE GENERAL PARTNER, ANY TRANSFER OF THE PROJECT PURSUANT TO A PURCHASE OPTION <br />OR RIGHT OF FIRST REFUSAL GRANTED TO THE GENERAL PARTNER OF BORROWER OR AN AFFILIATE <br />THEREOF, ANYTRANSFER OF LIMITED PARTNERSHIP INTERESTS IN BORROWER OR REMOVAL OF THE <br />GENERAL PARTNER OF BORROWER AND REPLACEMENT WITH THE LIMITED PARTNER OR AN AFFILIATE <br />THEREOF OR ANOTHER ENTITY, WITH THE AFFILIATE OR OTHER ENTITY SUBJECT TO APPROVAL BY DOH IN ITS <br />REASONABLE DISCRETION, SHALL NOT BE CONSIDERED A SALE OR TRANSFER OF THE PROJECT. THE <br />GRANTING OF AN OPTION OR RIGHT OF FIRST REFUSAL BY THE BORROWER AND ANY TRANSFER AGREED TO <br />BY THE COUNTY PURSUANT TO SUCH OPTION OR RIGHT OF FIRST REFUSAL SHALL NOT CAUSE A DEFAULT OR <br />ACCELERATION OF THE NOTE. <br />All obligations hereunder are non-recourse. <br />The undersigned Trustor(s) request that a copy of any Notice of Default and of any Notice of Sale hereunder be <br />mailed to him at his address hereinbefore set forth. For any statement regarding the obligations secured <br />thereby, Beneficiary may charge the maximum amount permitted bylaw at the time of the request therefor. <br />The limited partners) shall have the same right as Trustor to cure or remedy any default hereunder within the <br />cure period provided to Trustor extended by an additional sixty (60) days; provided however, if the default is of <br />such nature that the limited partners reasonably determine that it is necessary to replace the general partner <br />of Trustor in order to cure such default, then the cure period shall be extended until the date sixty (60) days <br />following the removal of the general partner of Trustor. <br />1512 Stafford Street, Redwood City, CA <br />ARAPP: $600,000 <br />Page 5 <br />