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7.18 Subordination. Beneficiary hereby acknowledges and agrees that this Deed of Trust and <br />the promissory note and all rights of Beneficiary thereunder shall be subordinate to the following <br />liens and encumbrances: <br />(i) A deed of trust executed by Trustor in favor of Bank of America, N.A., to <br />evidence and secure a loan in the approximate amount of $34,658,226 (Thirty Four Million, Six <br />Hundred Fifty-Eight Thousand, Two Hundred Twenty-Six Dollars), recording concurrently <br />herewith; <br />(ii) A deed of trust executed by Trustor in favor of California Community <br />Reinvestment Corporation; <br />(iii) An amended and restated deed of trust executed by Trustor in favor of the <br />County of Alameda, a political subdivision of the State of California, to evidence and secure a <br />loan in the approximate amount of $4,000,000 (Four Million Dollars), recording concurrently <br />herewith; and <br />(iv) Any regulatory agreements executed in connection with the County of <br />Alameda loan. <br />8. Default and Remedies. <br />8.1 Events of Default. Trustor acknowledges and agrees that an Event of Default <br />shall occur under this Deed of Trust upon the occurrence of any one or more of the following <br />events: <br />a. Beneficiary's declaration of an Event of Default under any City <br />Document, subject to the expiration of any applicable cure period set forth in such document; <br />b. Trustor fails to perform any monetary obligation which arises under this <br />Deed of Trust, and does not cure that failure within ten (10) days following written notice from <br />Beneficiary or Trustee; <br />c. If Trustor' s interest in the Property or any part thereof is voluntarily or <br />involuntarily sold, transferred, leased, encumbered, or otherwise conveyed in violation of <br />Section 7.4 hereof or if any other Transfer occurs in violation of the Loan Agreement; <br />d. Trustor fails to maintain the insurance coverage required under the City <br />Documents or otherwise fails to comply with the requirements of Section 7.8 hereof and Trustor <br />fails to cure such default within the time specified in Section 7.8; <br />e. Subject to Trustor's right to contest such charges as provided herein, <br />Trustor fails to pay taxes or assessments due on the Land or the Improvements or fails to pay any <br />other charge that may result in a lien on the Land or the Improvements, and Trustor fails to cure <br />such default within ten (10) days. <br />f. Any representation or warranty of Trustor contained in or made in <br />connection with the execution and delivery of this Deed of Trust or in any certificate or <br />2890663.l 13