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Owner's contractors and subcontractors with respect to the payment or requirement of <br />payment of prevailing wages, whether or not any insurance policies shall have been <br />determined to be applicable to any such Claims. It is further agreed that Agency does not, <br />and shall not, waive any rights against Owner which it may have by reason of this indemnity <br />and hold harmless agreement because of the acceptance by Agency, or the deposit with <br />Agency, of any of the insurance policies described in this Agreement. The provisions of <br />this Section shall survive the expiration or termination of this Agreement, the making and <br />repayment of the Loan, any release or reconveyance of the Deed of Trust, and any <br />foreclosure proceeding, foreclosure sale, or delivery of a deed in lieu of foreclosure. <br />ARTICLE V <br />EVENTS OF DEFAULT <br />The occurrence of any one or more of the following events shall constitute an event <br />of default hereunder ("Event of Default"): <br />(a) Owner removes the Improvements from the Property. <br />(b) Owner fails to maintain the Improvements and the Property in good <br />condition and repair in violation of Section 4.3 and Owner fails to cure such default within <br />30 days following written notice from Agency. <br />(c) Owner fails to maintain insurance as required pursuant to the Loan <br />Documents, and Owner fails to cure such default within 15 days. <br />(d) Any representation or warranty contained in this Agreement or any <br />certificate furnished in connection with the Loan or in connection with any request for <br />disbursement of Loan Proceeds proves to have been false or misleading in any material <br />adverse respect when made. <br />(e) Owner defaults in the performance of any term, provision, covenant or <br />agreement (other than an obligation enumerated in this Article V) contained in this <br />Agreement or in any other Loan Document, and unless such document specifies a shorter <br />cure period for such default, the default continues for ten (10) days in the event of a <br />monetary default or thirty (30) days in the event of a nonmonetary default after the date <br />upon which Agency shall have given written notice of the default to Owner (or such longer <br />time as Agency may agree upon in writing), provided that in each case Owner commences <br />to cure the default within thirty (30) days and thereafter prosecutes the curing of such <br />default with due diligence and in good faith. <br />(f) If an Event of Default shall have been declared under any other Loan <br />Document, subject to the expiration of any applicable cure period set forth in such <br />documents. <br />1172395-2 13 <br />Commercial Rehabilitation Loan Program <br />Owner Participation and Loan Agreement <br />Form: 12-3-08 <br />