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express or implied. The recital in such deed of any matter of fact shall be conclusive proof of the truthfulness thereof. After deducting all costs, fees, and expenses of Trustee under this section, including costs of procuring evidence of title and Trustee's and Trustee's attorneys' fees incurred in connection with such sale. Trustee shall deliver all proceeds up to the purchase price to Trustor and any excess to Beneficiary. 9. Survival of Purchase Option Upon Transfer. a. In General. The City's right to exercise its purchase option pursuant to Section 3 of the Resale Restrictions shall survive any transfer of the Property by Owner. The purchase option may be exercised against the Property whether owned, possessed or occupied by (i) an Eligible Household, (ii) any successor, transferee, assignee, heir, executor, or administrator of an Eligible Household, including a debtor-in-possession, debtor or trustee pursuant to Title 11 of the United States Code, or (iii) any person owning, possessing or occupying the Property who does not meet the eligibility criteria established by the City under the Program (collectively all referred to and defined herein as "Owner"). Notwithstanding the foregoing, the purchase option shall not survive (1) the sale and transfer of the Property under a judicial or non-judicial foreclosure or a deed-in-lieu of foreclosure pursuant to a mortgage or deed of trust recorded against the Property in the Office of the Recorder of the County of Alameda on or prior to the date of this Agreement, provided that the City has received timely notice of such purchase option event and has failed to either reinstate said mortgage or deed of trust or complete the purchase of the Property pursuant to its purchase option prior to the date of the foreclosure sale, or (2) the recording of an instrument conveying Owner's interest in the Property to the City, or its assignee, provided the conveyance is in accordance with the terms of this Agreement. b. HUD Insured or CalHFA Held Mortqaqe. If Owner has acquired the Property by a mortgage insured by the Secretary of the United States Department of Housing and Urban Development or held by the California Housing Finance Agency, and provided that the City has received timely notice of such purchase option event (which notice could include a notice of default recorded pursuant to California Civil Code Section 2924 or successor provisions), then this Option shall automatically terminate if title to the Property is transferred by foreclosure or deed-in-lieu of foreclosure, or if the insured mortgage is assigned to the Secretary. 10. Subordination. This Deed of Trust shall be subordinate to the liens of the senior deeds of trust to be recorded against the Property, and any deed of trust held by the California Housing Finance Agency. 11. Obliqation to Inform Beneficiary of Default. Trustor will notify Beneficiary in writing, at or prior to the time of the occurrence of any Default event described in Section 7 hereof, of such event and will promptly furnish Beneficiary with any and all information concerning such event which Beneficiary may request. 12. Remedies Cumulative. Each remedy provided by this Deed of Trust is separate and distinct and is cumulative to all other rights and remedies provided hereby or by applicable law, and each may be exercised concurrently, independently or successively, in any order whatsoever. 783031-1 4