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Covenants: <br /> Standard for commercial real estate loans. <br />Collateral: <br /> The Acquisition Loan will be secured by the Trust Deed. The lien of the Trust Deed shall, with respect <br />to the Property, take priority over any other debt incurred by Buyer relating to acquisition of the Property, if any, but <br />shall be subordinate to the Senior Loan on terms reasonably satisfactory to Agency. <br />Events of Default: <br />Standard for commercial real estate loans. Also, Borrower causes a default under the City’s <br />Section 108 Loan with HUD. <br /> <br />Page - 37 <br /> <br />