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CITY COUNCIL DRAFT <br />14. Remedies. Upon the occurrence of a Default, the giving of notice thereof and the <br />expiration of any applicable cure period, City may, at its option, exercise any one or more of the <br />following remedies: <br />a. Declare all of the sums payable under the Note to be immediately due and <br />payable without further demand. <br />b. Pursue the exercise of the power of sale provided under this Deed of Trust. <br />C. Either in person or by agent, with or without bringing any action or <br />proceeding, or by a receiver appointed by a court, enter upon, take possession thereof (or any part <br />thereof) and of any of the Security, in its own name or in the name of Trustee, and do any acts <br />which it deems necessary or desirable to preserve the value or marketability of the Property, or <br />part thereof or interest therein, increase the income therefrom, or protect the security thereof. The <br />entering upon and taking possession of the Security shall not cure or waive any breach hereunder <br />or invalidate any act done in response to such breach and, notwithstanding the continuance in <br />possession of the Security, the City shall be entitled to exercise every right and remedy provided <br />under the Note, this Deed of Trust, or the Affordable Housing Resale Restrictions, or by law upon <br />occurrence of any uncured breach. <br />d. Commence an action to foreclose this Deed of Trust as a mortgage, appoint <br />a receiver, or specifically enforce any of the covenants hereof. <br />e. Exercise any option to purchase the Property, as authorized pursuant to the <br />Affordable Housing Resale Restrictions. <br />f. Exercise all other rights and remedies provided herein, in the instruments <br />by which the Trustor acquires title to any Security, or in any other document or agreement now or <br />hereafter evidencing, creating or securing all or any portion of the obligations secured hereby. <br />g. Exercise any other remedy provided by law or in equity. <br />15. Acceleration and Sale. <br />a. Notice of Default. Upon Trustor's breach of any covenant or agreement of <br />Trustor under the Note, the Affordable Housing Resale Restrictions or this Deed of Trust, City <br />shall mail notice to Trustor as provided in Section 24 hereof specifying: (i) the nature of the breach; <br />(ii) the action required to cure such breach; (iii) a date no less than thirty (30) days from the date <br />the notice is mailed to Trustor by which such breach must be cured or such shorter cure period as <br />may be provided in the Note, the Affordable Housing Resale Restrictions or this Deed of Trust; <br />and (iv) that failure to cure such breach on or before the date specified in the notice may result in <br />acceleration of the Loan and the sale of the Property. The notice shall further inform Trustor of <br />Trustor's right to reinstate after acceleration and the right to bring a court action to assert the <br />nonexistence of a default or any other defense of Trustor to acceleration and sale. If the breach is <br />not cured on or before the date specified in the notice, City at City's option declare all of the sums <br />secured by this Deed of Trust to be immediately due and payable without further demand and may <br />invoke the power of sale and/or pursue any other remedy provided herein or available under law. <br />Exhibit D <br />Page 56 <br />5 53 94.0010 1 \43721567.2 <br />