Agmt 2009 Alameda County Allied Housing Program

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provide to City and Agency a copy of any notice of default Owner receives from any Third-Party Lender within three (3} business days following-Owner's receipt thereof. 8.4 Mortgal;ee Protection. Na violation of any provision contained herein shall defeat or render invalid the lien of any mortgage or deed of trust made in good faith and for value upon all or any portion of the Project ar the Property, and the purchaser at any trustee's sale or foreclosure sale shall not be liable for any violation of any provision hereof occurring prior to the acquisition of title by such purchaser. Such purchaser shall be bound by and subject to this Agreement from and after such trustee's sale or foreclosure sale. Promptly upon determining that a violation of this Agreement has occurred, Agency and City shall give written notice to the holders of record of any mortgages or deeds of trust encumbering the Project or the Property that such violation has occurred. 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 Default"}: (a} The occurrence of a Transfer in violation of Section 8 hereof; (b) Owner's failure to maintain insurance an the Property and the Project as required hereunder, and the failure of Owner to cure such default within 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 10 days. (d) Owner's default in the performance of any term, provision or covenant under this Agreement or under any other City Document or Agency Document (other than an obligation enumerated in this Suhse_ctian_ 9.1), and unless such provision specifies a shorter cure period for such default, the continuation of such default fox ten (10) days in the event of a monetary default or thirty (30} days in the event of anon-monetary default following the date upon which Agency and City shall have given written notice of the default to Owner, ar if the nature of any such non-monetary default is such that it cannot be cured within thirty (30) days, Owner's failure to commence to cure the default within thirty (30) days and thereafter prosecute the curing of such default with due diligence and in good faith, but in no event longer than one hundred twenty (120) days from receipt of the notice of default. The limited partners of Owner shall have the right to cure any default of Owner hereunder upon the same terms and conditions afforded to Owner. Provided that Agency and City have been given written notice of the address for delivery of notices to the limited partners, Agency and City shall provide any notice of default hereunder to the limited partners concurrently with the provision of such notice to Owner, and as to the limited partners, the cure periods specified herein shall commence upon the date of delivery of such notice in accordance with Subsection 11.3. AMENDED AND RESTATED REGULATORY AGREEMENT ~ 5 MISSION BELL APARTMENTS 1227466-8