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2. <br /> commence foreclosure of the Obligation Deed of Trust, as applicable. In the <br /> event the City commences foreclosure proceedings with respect to the Obligation <br /> Deed of Trust,then,as further set forth therein,the value of the obligations for <br /> work required under Section 1.2(d) and Transfer Lot 3 conveyance secured by the <br /> same shall be deemed to be$1.6 million(the"Transfer Lot 3 Secured Amount"), <br /> and the City shall be entitled to credit bid the Transfer Lot 3 Secured Amount <br /> (plus all outstanding Installment Payments, as set forth in the Obligation Deed of <br /> Trust) at a foreclosure sale of the property encumbered by the Obligation Deed of <br /> Trust. Similarly, if the City demands performance on the Bonds,the total amount <br /> drawn shall be the Transfer Lot 3 Secured Amount,plus all outstanding <br /> Installment Payments. The City may then elect between two options: <br /> Option One: The City may(i)request release of the Deed under <br /> subsection (1)above, and (ii)complete the Transfer Lot 3 Minimum Acceptance <br /> Standards Work(and the Transfer Lot 3 Maximum Work, if Owner has begun the <br /> Transfer Lot 3 Maximum Work and not completed it). After the City completes <br /> the work under Section 1.2(d) and Transfer Lot 3 is duly conveyed to the City,the <br /> City will true-up the costs, so that any portion of the Transfer Lot 3 Secured <br /> Amount not used by the City for work under Section 1.2(d) or for the conveyance <br /> of Transfer Lot 3 (such as,for example,any cost of clearing title exceptions not <br /> Permitted Exceptions) or for costs of enforcement of the Obligation Deed of Trust <br /> or the Bonds are refunded to Owner. If such costs are in excess of the Transfer <br /> Lot 3 Secured Amount,then Owner shall pay such excess to the City within 30 <br /> days after receiving an invoice. In completing the true-up,the parties agree that <br /> 23 <br /> 131047136.14 30 <br />