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11 <br /> (c) Any assignment, sale, transfer, conveyance or other disposition of the Mortgaged <br /> Property or any part of the Mortgaged Property other than as described in this Agreement, <br /> whether voluntary or involuntary or by operation of law shall be an Event of Default. <br /> ARTICLE V <br /> OTHER ENCUMBRANCES <br /> 5.01 No Encumbrance Mortgage or Pledge of Site or Facilities. <br /> (a) The affordable housing owner shall not directly or indirectly create, incur, assume <br /> or suffer to exist any mortgage, pledge, lien (including mechanics' and materialmen's liens), <br /> charge, encumbrance or other claim in the nature of a lien on or with respect to the Mortgaged <br /> Property, except Permitted Encumbrances. The affordable housing owner shall promptly, at its <br /> own expense, take such action as may be duly necessary to discharge any such mortgage, pledge, <br /> lien, charge, encumbrance or claim not excepted above which it shall have created, incurred or <br /> suffered to exist. <br /> (b) The affordable housing owner shall reimburse the County for any expense <br /> incurred by the County to discharge or remove any such mortgage, pledge, lien, security interest, <br /> encumbrance or claim with interest thereon at an annual rate equal to 10%. <br /> ARTICLE VI <br /> THE DEED OF TRUST TRUSTEE <br /> 6.01 Deed of Trust Trustee's Liability. The Deed of Trust Trustee shall suffer no <br /> liability by virtue of his acceptance of this trust except such as may be incurred as a result of the <br /> Deed of Trust Trustee's failure to account for the proceeds of any sale under this Agreement. <br /> 6.02 Substitute Trustees. If the Deed of Trust Trustee, or any successor, shall die, <br /> become incapable of acting or renounce his trust, or if for any reason the County desires to <br /> replace the Deed of Trust Trustee,then the County shall have the unqualified right to appoint one <br /> or more substitute or successor Deed of Trust Trustees by instruments filed for registration in the <br /> office of the Register of Deeds where this Agreement is recorded. Any such removal or <br /> appointment may be made at any time without notice,without specifying any reason therefor and <br /> without any court approval. Any such appointee shall become vested with title to the Mortgaged <br /> Property and with all rights, powers and duties conferred upon the Deed of Trust Trustee by this <br /> Agreement in the same manner and to the same effect as though such Deed of Trust Trustee were <br /> named as the original Deed of Trust Trustee. <br /> ARTICLE VII <br /> DEFAULTS AND REMEDIES; FORECLOSURE <br /> 7.01 Events of Default. An"Event of Default"is any of the following: <br /> 11 <br />