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4. Payment of the Loan Amount. Upon the sale of the Property, the loan will be transferred <br />from the Trustor to the qualified Homebuyer. The amount to be repaid shall be the amount of <br />NSP Funds to create the homeownership opportunity, which will be determined based on the <br />affordable sales price, the fair market value or the maximum sales price permitted under the NSP <br />Program. In those instances where properties have an appraised Fair Market Value that is greater <br />than the sales price, a silent second. will be placed on the Property for that difference. <br />5. Subrogation: Payment of Claims. Provided that the Beneficiary gives notice of at least <br />five (5) business days to the Trustor, the Beneficiary shall be subrogated to the claims and liens <br />of all parties whose claims or liens are discharged or paid by the Beneficiary pursuant to the <br />provisions hereof. <br />6. Use of the Property. The Trustor agrees and covenants to require its successors and <br />assigns to use the Property as their primary residence in full compliance with the Agreement and <br />Deed of Trust. <br />7. Transfer. No sale, transfer, lease, pledge, encumbrance, creation of a security interest in <br />or other hypothecation of the Security shall relieve or release the Trustor from primary liability <br />under this Deed of Trust or the Agreement. <br />8. Sale. Upon sale of the Property to a Low or Moderate Income Household, approved by <br />Beneficiary in accordance with the Agreement, upon repayment to Beneficiary of the Loan <br />Amount received for the sale of said Property, Beneficiary shall execute a reconveyance of the <br />lien of this Deed of Trust from the Property. <br />Article VII. EVENTS OF DEFAULT AND REMEDIES <br />1. Events of Default Defined. The occurrence of any failure of the Trustor to perform under <br />the Agreement or this Deed of Trust, and the continuation of said failure for a period of thirty <br />(30) business days as to monetary obligations and, except as otherwise set forth below, sixty (60) <br />business days as to non-monetary obligations, after written notice specifying such failure and <br />requesting that it be remedied (such notice being referred to herein as a "notice of default") shall <br />have been given to Trustor from the Beneficiary, shall be an Event of Default under this Deed of <br />Trust. If the default is such that it is not reasonably capable of being cured within sixty (60) <br />days, and Trustor (i) initiates corrective action within said period, and (ii) diligently and in good <br />faith works to effect a cure as soon as possible, then Trustor shall have such additional time as is <br />reasonably necessary to cure the default prior to exercise of any remedies by the Beneficiary. In <br />no event shall the Beneficiary be precluded from exercising remedies if its security becomes or is <br />about to become materially jeopardized by any failure to cure a default or the default is not cured <br />within ninety (90) days after the notice of default is first given. <br />2. Acceleration of Maturity. If an Event of Default shall have occurred and be continuing, <br />then the entire indebtedness secured hereby shall, at the option of the Beneficiary, <br />immediately become due and payable without notice or demand which are hereby expressly <br />waived, and no omission on the part of the Beneficiary to exercise such option when entitled <br />to do so shall be construed as a waiver of such right. <br />