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07/27/2015 7.3.A. - Page 20 (b) The new senior loan is not greater than the balance of the loan being refinanced, except the costs of refinancing the loan may be added to the principal balance. (c) The purpose of the new primary loan is to reduce the interest rate being paid and/or reduce the owner's payment. (d) The refinanced loan must have an impound account for taxes and insurance. (e) The refinancing terms must be acceptable to the City. 3.3.2 The City will not consider requests for subordination for the following reasons: (a) To receive cash out. (b) To pay off loans junior to the City's loan or other debt secured by the Property. (c) To pay property taxes, utilities or assessments. 3.3.3 The City will only subordinate to a new senior Deed of Trust in favor of an institutional lender. (No personal loans.) 3.3.4 The City will consider requests to subordinate, but is under no obligation to subordinate and reserves the right to deny any request. 3.3.5 The City may ask that fees, points, and/or commissions be limited. Reasonable third-party fees (for example, title and recording) will generally be allowed. These costs may be financed as long as the new loan complies with the City's limits on new loan amount. 3.3.6 A request for subordination must be accompanied by a check payable to the City of Redwood City in the amount of$50.00. 4. Events of Default. Upon occurrence of any one or more of the following, City may, at its sole discretion, declare the Loan immediately due and payable, upon the continuation of said failure for a period of seven (7) calendar days as to monetary obligations and thirty (30) calendar days as to non-monetary obligations, after written notice specifying such failure and requesting that it be remedied (such notice being referred to herein as a "notice of default") shall have been given to Borrower from the City: 4.1 Default on a senior loan; 4.2 Borrower refinances a senior loan without the City's written permission; 4.3 The lack of property insurance coverage naming the City as Loss Payee in first position or Additional Insured if the Loan is a junior lien; ATTY/RES0.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-LOAN AGREEMENT REV:07-22-15 VR Page 5 of 12 OAK#4815-4791-7093 v1 14 RESO.#15428 MUFF#705