RecDoc 612 Jefferson Ave. #603 - Laserfiche WebLink

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13. Default. An event of default ("Default") shall arise hereunder upon the occurrence of any one or more of the following and the expiration of any applicable cure period: (a) Trustor fails to occupy the Property as Trustor's principal residence; (b) The sale, conveyance, encumbrance, refinance, assignment or other transfer of the Property or part thereof, including without limitation, the sale, lease, or rental of the Property orpartthereof in violation of the Resale Restriction Agreement; (c) An event of default arises under the Resale Restriction Agreement and such default remains uncured following the expiration of any applicable cure period; (d) Trustor fails to pay when due any sum payable pursuant to the Resale Restriction Agreement, or this Deed of Trust; (e) The Property is refinanced or encumbered in violation of the Resale Restriction Agreement or this Deed of Trust; (f) Trustor fails to maintain insurance on the Property as required by the Resale Restriction Agreement and/or this Deed of Trust; (g) Subject to Trustor's right to contest the following charges, Trustor fails to pay prior to delinquency taxes or assessments due on the Property or fails to pay when due any other charge that may result in a lien on the Property, and Trustor fails to cure such default within twenty (20) days of date of delinquency, but in all events upon the imposition of any such tax or other lien; (h) Trustor declares bankruptcy or makes an assignment of assets for the benefit of creditors, or an order for relief is entered under federal bankruptcy laws as to Trustor, or Trustor is adjudicated as insolvent or bankrupt pursuant to the provisions of any state or federal insolvency or bankruptcy, or Trustor consents to, acquiesces in, or attempts to secure the appointment of, any receiver for all or any substantial part of the Property; (i) The occurrence of an event of default under any loan secured by the Property and the continuance of such default beyond the expiration of all applicable cure periods such that the holder of such loan has the right to accelerate such loan; or (j) Trustor fails to observe or perform any other covenant, condition, or agreement to be observed or performed by Trustor pursuant to the Resale Restriction Agreement or this Deed of Trust. 14. Remedies. Upon the occurrence of a Default, the giving of notice thereof and the expiration of any applicable cure period, City may, at its option, exercise any one or more of the following remedies: (a) Declare all of the sums payable under the Resale Restriction Agreementto REV: 08-10-22 SK ATTY/AGR.2022,248/Habitat 612 Jefferson 603 (05_City Housing Grant Deed of Trust 603) (Page 6 of 15)