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13. Utilization of Property. Trustor agrees that the property subject to this Deed of Trust shall <br />be utilized by Trustor for residential housing pursuant to the Regulatory Agreement entered into between <br />the parties and recorded on the title of the property and failure to so utilize constitutes a default under the <br />Deed of Trust and the Note. <br />14. Successors and Assigns. This Deed of Trust applies to, inures to the benefit of, and binds <br />all parties hereto, their heirs, legatees, devisees, administrators, executors, successors, and assigns. The <br />term Beneficiary shall mean the holder and owner of the Note secured hereby; or, if the Note has been <br />pledged, the pledgee thereof. In this deed of Trust, whenever the context so requires, the singular number <br />includes the plural. <br />15. Other Sales, Actions or Proceedings. Trustee is not obligated to notify any party hereto of <br />pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary, or <br />Trustee shall be a party unless brought by Trustee. <br />16. Substitution of Trustee. Beneficiary may from time to time or at any time substitute a <br />Trustee or Trustees to execute the trust hereby created, and when any such substitution has been filed for <br />record in the office of the Recorder of the county in which the Property is situated, it shall be conclusive <br />evidence of the appointment of such Trustee or Trustees, and such new Trustee or Trustees shall succeed <br />to all of the powers and duties of the Trustee or Trustees named herein. <br />IN WITNESS WHEREOF, Trustor has executed this Deed of Trust. <br />Catherine A. Merschel <br />Executive Director <br />LMR kag <br />JIWPDIMNRSW113610011AGREEIOPAIEden Deed of Trust Revision two.wpd <br />7 <br />