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07/27/2015 7.3.A. - Page 21 4.4 The lease or transfer of title or further encumbrance of Borrower's residence, whether by sale, exchange, gift, inheritance or other means without prior written consent of City; 4.5 City discovers that Borrower, in any application to City in connection with Loan, failed to disclose or misrepresented any fact deemed by City to be material or which would have prevented Borrower from being eligible for the Loan; 4.6 Borrower defaults or breaches any of the terms of this Loan Agreement, the Promissory Note and/or the Deed of Trust; 4.7 Borrower fails to perform any covenant, term or condition in any instrument creating a lien upon the property which is the security under the Deed of Trust, or any part thereof, which lien shall have priority over the lien of the Deed of Trust securing this Loan; 4.8 Occurrence of any of the following: 4.8.1 Borrower becoming insolvent or bankrupt or being unable or admitting in writing its inability to pay its debts as they mature, or making a general assignment for the benefit of, or entering into arrangement with creditors; or 4.8.2 Proceedings for the appointment of a receiver, trustee, or liquidator of the assets of Borrower, or a substantial part thereof, being authorized or instituted by or against Borrower; or 4.8.3 Proceedings under any bankruptcy, reorganization, readjustment of debt, insolvency, dissolution, liquidation or other similar law of any jurisdiction being authorized or instituted against Borrower. 4.9 Borrower's failure to pay the entire Loan principal and accrued interest within ninety (90) days of the City Manager's or his designee's final determination that Borrower has breached the terms of this Loan Agreement, or within 90 days of the Program Manager's determination if no hearing is requested by Borrower pursuant to Section 2.5. 5. Loan Monitorinq Procedures. Borrower will be required to submit each of the following to the City on January 15 of each year for the term of the Loan: 5.1 The written statement required pursuant to Section 2.4, supra; 5.2 Verification that property taxes are current; and 5.3 Verification of current required insurance policies. 6. Prevailina Waae Laws. Borrower shall comply with all Prevailing Wage Laws applicable to the Project. ATTY/RE50.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-LOAN AGREEMENT REV:07-22-15 VR Page 6 of 12 OAK#4815-4791-7093 v1 15 RESO.#15428 MUFF#705