10B Action 2009 0406 - Laserfiche WebLink

Home

9. Default and Remedies. 9.1 Events of Default. The occurrence of any one or more of the following events shall constitute an event of default hereunder ("Event of Developer Default"): (a) The occurrence of a Transfer in violation of Section 8 hereof; (b) Owner's failure to maintain insurance on the Property and the Project as required hereunder, and the failure of Owner to cure such default within ten (10) days; (c) Subject to Owner's right to contest the following charges, Owner's failure to pay taxes or assessments due on the Property or the Project or failure to pay any other charge that may result in a lien on the Property or the Project, and Owner's failure to cure such default within thirty (30) days of delinquency; (d) A default arises under any loan secured by a mortgage, deed of trust or other security instrument recorded against the Property and remains uncured beyond any applicable cure period such that the holder of such security instrument has the right to accelerate repayment of such loan; (e) An Event of Developer Default has been declared under the OPA, the Note or the Deed of Trust; (f) Owner's default in the performance of any term, provision or covenant under this Agreement (other than an obligation enumerated in this Subsection 9____1), and unless such provision specifies a shorter cure period for such default, the continuation of such default for ten (10) days in the event of a monetary default or sixty (60) days in the event of anon-monetary default following the date upon which Agency shall have given written notice of the default to Owner, or if the nature of any such non- monetarydefault is such that it cannot be cured within sixty (60) days, Owner's failure to commence to cure the default within sixty (60) days and thereafter prosecute the curing of such default with due diligence and in good faith, but in no event longer than 120 days from receipt of the notice of default. The limited partners of Owner and Project lenders shall have the right to cure any default of Owner hereunder upon the same terms and conditions afforded to Owner, subject to any additional rights set forth in the OPA. Provided that Agency has been given written notice of the address for delivery of notices to the limited partners and Project lenders, Agency shall provide any notice of default hereunder to the limited partners and Project lenders concurrently with the provision of such notice to Owner, and as to the limited partners and Project lenders, the cure periods specified herein shall commence upon the date of delivery of such notice in accordance with Subsection 11.3. 9.2 Remedies. Upon the occurrence of an Event of Developer Default and its continuation beyond any applicable cure period, Agency may proceed with any of the 1180414-4 1 [j