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(d) Borrower flails to maintain insurance as required pursuant to the <br />Agency Documents and Borrower fails to cure such default within ten (10) days. <br />(e) Pursuant to or within the meaning of the United States Bankruptcy <br />Code or any other federal or state law relating to insolvency or relief of debtors <br />("Bankruptcy Law"), Borrower (or any general partner thereof): (i) commences <br />a voluntary case or proceeding; (ii) consents to the entry of an order for relief <br />against Borrower (or any general partner thereof) in an involuntary case; {iii) <br />consents to the appointment of a trustee, receiver, assignee, liquidator or similar <br />official for Borrower (or any general partner thereof); (iv) makes an assignment <br />for the benefit of its creditors; or (v) admits in writing its inability to pay its debts <br />as they become due. <br />(f) A court of competent jurisdiction enters an order or decree under <br />any Bankruptcy Law that: (i) is for relief against Borrower {or any general <br />partner thereof) in an involuntary case, (ii) appoints a trustee, receiver, assignee, <br />liquidator or similar official far Borrower (or any general partner thereof) or <br />substantially all of such entity's assets, (iii) orders the liquidation of Borrower (or <br />any general partner thereof), or (iv) issues or levies a judgment, writ, warrant of <br />attachment or similar process against the Property or the Project, and in each <br />case the order or decree is not released, vacated, dismissed or fully bonded <br />within 60 days after its issuance. <br />(g) An Event of Developer Default is declared under the Loan <br />Agreement or Developer has defaulted under the Assignment Agreement and <br />such default remains uncured beyond the expiration of any applicable cure <br />period. <br />2.2 REMEDIES. The rights and remedies of Agency under this Note shall be <br />cumulative and not alternative. Upon the occurrence of an Event of Default hereunder, <br />Agency may, at its option: (i) by written notice to Borrower declare the entire unpaid <br />principal balance of this Note, together with all accrued interest thereon and all sums <br />due hereunder, immediately due and payable regardless of any prior forbearance, (ii) <br />exercise any and all rights and remedies available to it under law or equity, and {iii) <br />exercise any and all rights and remedies available to Agency pursuant to the Loan <br />Agreement or the Assignment Agreement. Borrower shall pay all reasonable costs and <br />expenses incurred by or on behalf of Agency including, without limitation, reasonable <br />attorneys' fees, incurred in connection with Agency's enforcement of this Note and the <br />exercise of any or all of its rights and remedies hereunder <br />2.3 DEFAULT RATE. Upon the occurrence of an Event of Default, interest <br />shall automatically be increased without notice to the rate of ten percent (10%) per <br />annum (the "Default Rate"). When Borrower is no longer in default, the Default Rate <br />shall no longer apply, and the interest rate shall once again be the rate specified in the <br />first paragraph of this Note. Notwithstanding the foregoing provisions, if the interest rate <br />charged exceeds the maximum legal rate of interest, the rate shall be the maximum rate <br />permitted by law. The imposition or acceptance of the Default Rate shall in no event <br />] 270391-4 <br />