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of such compliance and conclusive evidence thereof in favor of bona fide purchasers <br /> and encumbrancers for value. <br /> 6. The power of sale conferred by this Deed of Trust and by the Deed of Trust Act of the <br /> State of Washington is not an exclusive remedy; Beneficiary may cause this Deed of <br /> Trust to be foreclosed as a mortgage. <br /> 7. In the event of the death, incapacity, disability or resignation of Trustee, Beneficiary may <br /> appoint in writing a successor trustee, and upon the recording of such appointment in <br /> the mortgage records of the county in which this Deed of Trust is recorded, the <br /> successor trustee shall be vested with all powers of the original trustee. The Trustee is <br /> not obligated to notify any party hereto of pending sale under any other deed of trust or <br /> of any action or proceeding in which Grantor, Trustee or Beneficiary shall be a party <br /> unless such action or proceeding is brought by the Trustee. <br /> 8. This Deed of Trust applies to and inures to the benefit of, and is binding not only on the <br /> parties hereto, but on their heirs, devisees, legatees, administrators, executors and <br /> assigns. The term Beneficiary shall mean the holder and owner of the Note secured <br /> hereby, whether or not named as Beneficiary herein. <br /> 9. The liens and security interests granted to Beneficiary pursuant to this Leasehold Deed <br /> of Trust and the exercise of Beneficiary's rights or remedies hereunder are subject and <br /> subordinate to the rights of Enterprise Community Loan Fund, Inc., a Maryland <br /> nonstock, nonprofit corporation ("ECLF"), pursuant to that certain Leasehold Deed of <br /> Trust, Security Agreement, Assignment of Rents and Fixture Filing dated as of the date <br /> hereof between Grantor, as grantor, and ECLF, as grantee. <br /> GRANTOR FURTHER AGREES: <br /> 1. Grantor will perform each and every obligation contained in the Agreement and any <br /> amendments thereto. <br /> 2. Grantor will ensure that the Property will remain available pursuant to the terms of the <br /> Agreement and the Use Restriction Covenant Agreement. "Very Low Income" means <br /> gross annual household income (at the time of initial occupancy) is not more than fifty <br /> percent (50%) of the annual median income for the Seattle-Bellevue-Everett <br /> metropolitan statistical area, adjusted for household size, as estimated from time to time <br /> by the U.S. Department of Housing & Urban Development (HUD). <br /> 3. If Grantor shall fail to perform any obligation hereunder and Beneficiary elects to perform <br /> the same and expends any monies therefor, such expenditure shall be deemed in <br /> addition to the amount secured by this deed of trust and be immediately due and <br /> payable in accordance with the Loan Documents. <br /> 4. If Grantor fails to make payment on the sum secured hereunder when due, or defaults <br /> under the terms of the Agreement, the whole indebtedness secured thereby shall be due <br /> and payable in accordance with the Loan Documents and Beneficiary may proceed to <br /> foreclose this Deed of Trust. If Beneficiary shall incur any costs and expenses, including <br /> reasonable attorneys' fees and costs of any title reports, in connection with the <br /> performance of any of its rights hereunder including foreclosure, such costs and <br /> C-3 <br />