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<br />non-judicial foreclosure of the CalliF A DOCulnents, the lien of the Locality Documents shall be <br />extinguished. <br /> <br />b. CalHF A agrees that it shall use its best efforts to provide Locality with a copy of <br />all initial notices of default provided to Borrower under tbe CalHF A Documents, provided. CaIHF A shall <br />have no liability to Locality and/or Borrower for its failure to do so, nor shall failure to do so constitute <br />grolUlds for any restraining order, injunction, or other prohibition against or delay in CalHF A's exercise <br />of its remedies under the CalHF A Documents. CalHF A shall not record a Notice of Default related to <br />such initial notice dwing the period ninety (90) days after the date of such initial notice if such notice <br />relates to a nonmonetary default or defaults under the CalHF A Docmnents. During the tenn of such <br />period Locality shall have the right, but not the obligation, to cure any nonmonetary default under such <br />initial notice. Notwithstanding the foregoing, if at any tinle following the date of the initial notice, there <br />shall occur or be continuing a default in the payment of any amoWlt due CalHF A under the CalHF A <br />Documents, CallIF A shall have the right to, and in its sole discretion may, record a Notice of Default and <br />proceed to foreclosure based upon any such nonpaYment regardless of any extended cure period with <br />respect to nonmonetary defaults. <br /> <br />c. CalHF A further agrees that it shall not accelerate the CalHF A Loan by reason of <br />any foreclosure by Locality (or acquisition of the Project by Locality in lieu of any such foreclosure) <br />under the terms of the Locality DocU111cnts; provided: <br /> <br />(i) there shall not occw' or be continuing any default in the payment of any <br />amount owed CalHF A or any obligations required to be performed under the CalHF A Documents; and <br /> <br />(ii) <br />foreclosure or acquisition. <br /> <br />Locality shall not unreasonably delay to proceed to conclusion of such <br /> <br />d. Locality has read, wlderstands and approves the CalHF A Documents and agrees <br />to be bound thereby in the event of its foreclosure or acquisition of the Project. <br /> <br />e. The provisions of this Section 1 shall be subject to, and to the extent of any <br />inconsistency, superseded by, the requiren1ents of the HUD- FHA State Agency Risk Share Program, as <br />in effect from time to time. <br /> <br />2. Representations. Locality hereby represents and warrants to CalHF A that at the time of <br />execution of this agreement, the Borrower is in substantial compliance with its obligations to the Locality <br />under the terms of the Locality Documents, and Locality has read and understands the CalHF A <br />.... ... ..... ..Documents and .agrees that in .theevent CalHFA detennines . there is a conflict of terms between.the <br />CalHF A Documents and Locality Documents, the tenns of thc CalHF A Docmnents shall prevail. <br /> <br />3. Attorneys Fees & Costs. If any party shall take any action to enforce or othelWise <br />relating to this Agreement, the prevailing party or parties shall be entitled to recover reasonable attomey1s <br />fees and costs from the other party or parties. <br /> <br />4. Amendments. Amendments to this Agreement shall be in writing and signed by all the <br />parties hereto. <br /> <br />CalHFA.SUBORDINATION-B (Redwood City).Locality. - 3 _ <br />Redwood Oaks Aptll., 99-019-N . <br />6/1.1 /2009.MJV.CLC...#176627v2 - FINAL <br />