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(c) Each of the City and the County agrees not to make a demand for payment <br />from Borrower or accelerate the County Note or the City Note, as the case may be, or commence <br />enforcement of any of the rights and remedies under the City Deed of Trust or County Deed of <br />Trust, as the case may be, until the date which is five (5) business days following delivery of <br />written notice by the Party enforcing its rights (the "Enforcing Party") to the other Party stating <br />that a "Default" (as defined in the relevant Deed of Trust) has occurred and is continuing and that <br />the Enforcing Party is requesting the other Party's assistance in foreclosure pursuant to Section 8. <br />5. Cooperation in Foreclosure. <br />(a) In the event of a default under the City Loan and/or the County Loan, after <br />expiration of any applicable cure periods, the parry who is the lender on the defaulted loan shall <br />cooperate with the other party to coordinate any foreclosure proceedings or other appropriate <br />remedies. <br />(b) Neither the County nor the City shall contest the validity, perfection <br />priority or enforceability of the lien granted by the respective Deed of Trust to the other Party. <br />Notwithstanding any failure of a party to perfect its lien on the Property or any other defect in the <br />security interests or obligations owing to such Party, the priority and rights as between the <br />Parties hereto shall be as set forth herein. <br />6. Foreclosure Proceeds. If there is a foreclosure, or any other action, judicial or <br />nonjudicial, under either or both of the Deeds of Trust (including the giving of a deed in lieu of <br />foreclosure), then the City and the County shall be entitled to share in any proceeds which shall <br />ensue from such action, after any and all senior lienholders have been satisfied, and after <br />payment of all reasonable expenses of both Parties incurred in connection with the action in <br />accordance with the Prorata Percentages. <br />7. Title to Property. If either of the City or the County is entitled to title to the <br />Property as a consequence of the Borrower's default, then title shall be held in tenancy in <br />common by both of them, with the percentage ownership of each based on the Prorata <br />Percentages. Subsequent decisions to hold or sell the Property shall be made by joint decision of <br />the City and the County. <br />8. Notices. Formal notices, demands, and communications between the Parties shall <br />not be deemed given unless dispatched by certified mail, return receipt requested, or express <br />delivery service with a delivery receipt, or personal delivery with a delivery receipt, to the <br />principal office of the Parties as follows: <br />City: City of Redwood City <br />Community Development Department <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />Attention: Community Development Director <br />ATTY/AGR/2017.143/1512 STAFFORD— INTERCREDITOR AGREEMENT <br />REV: 06-21-17 JS <br />Page 3 of 6 <br />