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(b) Foreclosure of City Deed of Trust. The Bank specifically <br />acknowledges and agrees that nothing set forth herein is intended to limit the City's right to <br />foreclose the City Deed of Trust; provided, however, that the purchaser of the Property at such <br />sale shall take title to the Property subject to the Bank Deed of Trust. <br />2. Lenders' Rights to Notice. Each Lender shall deliver to the other Lender <br />copies of any notices of default delivered to the Owner in connection with a default under the <br />Bank Loan or the City Loan, provided, however, that a party's inadvertent and good faith failure <br />to provide a copy of such notice shall not affect or impair in any way such party's rights against <br />Owner under the Bank Loan or the City Loan, as applicable. For a notice under this Agreement <br />to be valid, it must be in writing and the sending party must use one of the following methods of <br />delivery: (a) personal delivery to the address stated below; (b) first class postage prepaid U.S. <br />Mail to the address stated below; or (c) nationally recognized courier to the address stated <br />below, with all fees prepaid. A party may change its address for notice purposes hereunder <br />from time to time by giving the other parties such new address in accordance with the provisions <br />of this Section 2. <br />City: <br />Owner: <br />Bank <br />City of Everett <br />Attention: Community Development Manager <br />Community, Planning, and Economic <br />Development Department <br />2930 Wetmore Ave, Suite 8-A <br />Everett, WA 98201 <br />With copy to: <br />City of Everett <br />Office of the City Attorney <br />2930 Wetmore Ave, Suite 10-C <br />Everett, WA 98201 <br />Housing Hope <br />Attention: Fred Safstrom <br />5830 Evergreen Way <br />Everett, WA 98203-3748 <br />Beneficial State Bank <br />Attn: Loan Servicing <br />3400 Douglas Blvd., #265 <br />Roseville, CA 95661 <br />Subordination Agreement <br />Page2of8 <br />