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<br />Avenue, Suite 200, Irvine, CA 92614, Attn: President, with copies to JPMorgan Chase
<br />Bank, N.A., Community Development Banking, 300 Grand Avenue, Los Angeles,
<br />California 90071, Attention: Doug Leezer, JPMorgan Chase Bank, N.A, Legal
<br />Department, Mail Code: NY1-R066, 4 New York Plaza, 21st Floor
<br />Mail Code: NY1-E089, New York, New York 10004-2413, and Red Stone Equity – 2020
<br />CA Regional Fund, L.P., 1100 Superior Boulevard, Suite 1640, Cleveland, OH 44114,
<br />Attention: General Counsel, (b) any notice to the Beneficiary will be given by certified
<br />mail, return receipt requested, to the Beneficiary at 20 Civic Center Plaza, P.O. Box 1988,
<br />Santa Ana, California 92702, Attention: Housing Division Manager, or at such other address
<br />as the Beneficiary may designate by notice to Trustor as provided above, and (c) to Trustee
<br />at 8121 E. Florence Avenue, Downey, California 90240. Notice shall be effective as of
<br />the date received as shown on the return receipt.
<br />
<br /> 15. Governing Law. This City Deed of Trust shall be governed by the laws of
<br />the State of California.
<br />
<br /> 16. Severability. In the event that any provision or clause of this City Deed of
<br />Trust or the City Loan Note conflicts with applicable law, such conflict will not affect other
<br />provisions of this City Deed of Trust or the City Loan Note which can be given effect
<br />without the conflicting provision, and to this end the provisions of the City Deed of Trust
<br />and the City Loan Note are declared to be severable.
<br />
<br /> 17. Captions. The captions and headings in this City Deed of Trust are for
<br />convenience only and are not to be used to interpret or define the provisions hereof.
<br />
<br /> 18. Default in Foreclosure; Remedies. Upon Trustor's breach of any covenant or
<br />agreement of Trustor in this City Deed of Trust or the City Loan Note secured by this City
<br />Deed of Trust, including, but not limited to, the covenants to pay, when due, any sums
<br />secured by this City Deed of Trust, the Beneficiary may declare all sums secured by this
<br />City Deed of Trust immediately due and payable by delivering to Trustor notice thereof
<br />specifying: (1) The breach; (2) the action required to cure such breach; (3) a date not less
<br />than 30 days from the date the notice is received by Trustor as shown on the return receipt,
<br />by which such breach is to be cured provided, however, that if such default is not reasonable
<br />susceptible to being cured within 30 days, Trustor shall have a reasonable period to cure the
<br />defect so long as Trustor is diligently prosecuting the cure to completion; and (4) that failure
<br />to cure such breach on or before the date specified in the notice may result in acceleration of
<br />the sums secured by this City Deed of Trust and sale of the Security. The notice will also
<br />inform Trustor of Trustor's right to reinstate after acceleration and the right to bring a court
<br />action to assert the non-existence of default or any other defense of Trustor to acceleration
<br />and sale.
<br />
<br />The City Note contains additional cure periods granted to Trustor’s limited
<br />partner and no event of default shall have occurred until and unless the Trustor’s limited
<br />partner fails to cure such breach during such cure period.
<br />
<br />EXHIBIT 3
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