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10.10 Time is of the Essence. Time is of the essence for each provision of this Deed of Trust. 10.11 Partial Subordination to Extended Use Agreement. Trustor and the California Tax Credit Allocation Committee may enter into a Regulatory Agreement (the "TCAC Regulatory Agreement"), which constitutes the extended low-income housing commitment described in Section 42(h)(6)(B) of the Internal Revenue Code, as amended (the "Code"). In the event of a foreclosure of Beneficiary's interest under this Deed of Trust or delivery by the Trustor of a deed in lieu thereof(collectively, a "Foreclosure"), the following rule shall apply: In the event of a Foreclosure, throughout the extended use period specified in the TCAC Regulatory Agreement, with respect to any unit that had been regulated by the TCAC Regulatory Agreement, (i) none of the eligible tenants occupying those units at the time of Foreclosure may be evicted or their tenancy terminated (other than for good cause, including but not limited to, the tenants' ineligibility pursuant to regulations of the HOME Program or Section 42 of the Code), (ii) nor may any rent be increased except as otherwise permitted under Section 42 of the Code. 11. Leasehold Mortgagee Provisions. The provisions of this Section 11 shall apply for so long any portion of the Property consists of Trustor's interest as tenant under the Ground Lease defined and described in Recital A. As used in this Section 11, the term "Ground Lease" means the Ground Lease and any extension, renewal or replacement thereof. The lien of this Deed of Trust shall encumber all of Trustor's rights and interests under and in connection with the Ground Lease, including without limitation renewal and extension rights and purchase options (if any), all of which rights shall be collectively referred to herein as the "Leasehold". 11.1 Intentionally omitted. 11.2 Intentionally omitted. 11.3 Intentionally omitted. 11.4 Unless Beneficiary otherwise consents in writing, so long as any Secured Obligation remains outstanding, neither the fee title to, nor any other estate or interest in, the Property subject to the Ground Lease shall merge with any Leasehold, notwithstanding the union of such estates in the landlord or the tenant or in a third party. Any acquisition of the landlord's interest in the Ground Lease by Trustor or any affiliate of Trustor shall be accomplished in such a manner as to avoid a merger of the interests of landlord and tenant unless Beneficiary consents to such merger in writing. 11.5 If Trustor acquires fee title to any portion of the real property subject to the Ground Lease, this Deed of Trust shall automatically be a lien on such fee title. 23 OAK #4825-3934-8270 vl