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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 />S.OI No Encumbancee Mort a e or Pled a 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 na <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 maybe 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 fallowing: <br />11 <br />