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required or permitted under this Agreement, such action shall be in writing, and such <br /> action may be given, made or taken by Beneficiary's Executive Director or by any <br /> person who shall have been designated by Beneficiary's Executive Director, without <br /> further approval by the governing board of Beneficiary. <br /> 10.9 Joint and Several Liability. If Trustor consists of more than one person or <br /> entity, each shall be jointly and severally liable for the faithful performance of all of <br /> Trustor's obligations under this Deed of Trust. <br /> 10.10 Time is of the Essence. Time is of the essence for each provision of this <br /> Deed of Trust. <br /> 10.11 Partial Subordination to Extended Use Agreement. Trustor and the <br /> California Tax Credit Allocation Committee may enter into a Regulatory Agreement (the <br /> "TCAC Regulatory Agreement "), which constitutes the extended low- income housing <br /> commitment described in Section 42(h)(6)(B) of the Internal Revenue Code, as <br /> amended (the "Code "). In the event of a foreclosure of Beneficiary's interest under this <br /> Deed of Trust or delivery by the Trustor of a deed in lieu thereof (collectively, a <br /> "Foreclosure "), the following rule shall apply: <br /> In the event of a Foreclosure, throughout the extended use period <br /> specified in the TCAC Regulatory Agreement, with respect to any unit <br /> that had been regulated by the TCAC Regulatory Agreement, (i) none <br /> of the eligible tenants occupying those units at the time of Foreclosure <br /> may be evicted or their tenancy terminated (other than for good <br /> cause, including but not limited to, the tenants' ineligibility pursuant to <br /> regulations of the HOME Program or Section 42 of the Code), (ii) nor <br /> may any rent be increased except as otherwise permitted under <br /> Section 42 of the Code. <br /> SIGNATURES ON FOLLOWING PAGE. <br /> 1582131.3 22 <br />