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CITY COUNCIL DRAFT <br />or operation of any part of it , and unless due solely to the willful misconduct or gross negligence <br />of City, shall not be responsible for any dangerous or defective condition of the Property or any <br />negligence in the management, repair or control of the Property. <br />13. Default. An event of default ("Default") shall arise hereunder upon the occurrence <br />of any one or more of the following and the expiration of any applicable cure period: <br />a. Trustor fails to occupy the Property as Trustor's principal residence; <br />b. The sale, conveyance, encumbrance, refinance, assignment, or other <br />transfer of the Property including without limitation, the lease or rental of the Property in violation <br />of the Affordable Housing Resale Restrictions; <br />C. An event of default arises under the Note or the Affordable Housing Resale <br />Restrictions, and such default remains uncured following the expiration of any applicable cure <br />period; <br />d. Trustor fails to pay when due any sum payable pursuant to the Note, the <br />Affordable Housing Resale Restrictions or this Deed of Trust; <br />e. The Property is refinanced or encumbered in violation of the Affordable <br />Housing Resale Restrictions or this Deed of Trust; <br />f. Trustor fails to maintain insurance on the Property as required by the <br />Affordable Housing Resale Restrictions and this Deed of Trust, <br />g. Subject to Trustor's right to contest the following charges, Trustor fails to <br />pay prior to delinquency taxes or assessments due on the Property or fails to pay when due any <br />other charge that may result in a lien on the Property, and Trustor fails to cure such default within <br />twenty (20) days of date of delinquency, but in all events prior to the time that the holder of such <br />lien has the right to pursue foreclosure thereon; <br />h. Trustor declares bankruptcy or makes an assignment of assets for the benefit <br />of creditors, or an order for relief is entered under federal bankruptcy laws as to Trustor, or Trustor <br />is adjudicated as insolvent or bankrupt pursuant to the provisions of any state or federal insolvency <br />or bankruptcy, or Trustor consents to, acquiesces in, or attempts to secure the appointment of, any <br />receiver for all or any substantial part of the Property; <br />i. The occurrence of an event of default under any loan secured by the <br />Property and the continuance of such default beyond the expiration of all applicable cure periods <br />such that the holder of such loan has the right to accelerate such loan. <br />j. Trustor fails to observe or perform any other covenant, condition, or <br />agreement to be observed or performed by Trustor pursuant to the Note, the Affordable Housing <br />Resale Restrictions or this Deed of Trust. <br />Exhibit D <br />Page 55 <br />5 53 94.0010 1 \43721567.2 <br />