Agmt 2006 Allied Housing Program (2)

Home

(E) If an event of default has been declared by the holder of any debt instrument secured by a mortgage or deed of trust on the Project or Borrower's interest in the Property and such holder exercises a right to declare all amounts due under that debt instrument immediately due and payable, subject to the expiration of any applicable cure period set forth in such holder's documents. (F) If the Borrower fails to maintain insurance on the Property and the Project as required pursuant to the City Documents, and Borrower fails to cure such default within 10 days. (G) Subject to Borrower's right to contest the following charges pursuant to the City Documents, if the Borrower fails to pay taxes or assessments due on the Property or the Project or fails to pay any other charge that may result in a lien on the Property or the Project, and Borrower fails to cure such default within 10 days. (H) If any representation or warranty contained in the City Documents or any certificate furnished in connection with the foregoing or in connection with any request for disbursement of Loan Proceeds proves to have been false or misleading in any material adverse respect when made. (1) If the Borrower defaults in the performance of any term, provision, covenant or agreement (other than an obligation enumerated in this Article V) contained in this Agreement or in any other City Document, and unless such document specifies a shorter cure period for such default, the default continues for ten (10) days in the event of a monetary default or thirty (30) days in the event of a non-monetary default after the date upon which City shall have given written notice of the default to Borrower, provided that in the case of a non~monetary default that is not susceptible of cure within thirty (30) days, an Event of Default shall not arise hereunder if Borrower commences to cure the default within thirty (30) days and thereafter prosecutes the curing of such default to completion with due diligence and in good faith, but in no event longer than 120 days from the receipt of notice of default. (1) If an Event of Default shall have been declared under any other City Document, subject to the expiration of any applicable cure period set forth in such documents. ARTICLE VI REMEDIES 6.1 REMEDIES AND RIGHTS UPON DEF AUL T. Upon the occurrence of an Event of Default and the expiration of any applicable cure period, subject to Section 1.8 herein, City shall have all remedies available to it under law or equity, including, but not limited to the following, and City may, at its election, without notice to or demand upon Borrower, except for notices or demands required by law or expressly required pursuant to the City Documents, exercise one or more of the following remedies: 818012-3 15