Laserfiche WebLink
11 <br />amendments, modifications, restatements, renewals, or <br />extensions of any such documents. <br />(b) The Borrower waives notice of Default and opportunity <br />for hearing with respect to a Default under paragraph 11(a). <br />(c) In addition to Defaults under paragraph 11(a), the <br />Secretary may declare the Note in Default if the Secretary <br />makes a final decision in accordance with the provisions of <br />section 111 of the Act and 24 CFR 570.913 (or any successor <br />provisions), including requirements for reasonable notice and <br />opportunity for hearing, that the Borrower has failed to <br />comply substantially with title I of the Act. <br />Notwithstanding any other provision, following the giving of <br />such reasonable notice, the Secretary may, in the Secretary's <br />sole discretion pending the Secretary's final decision, <br />withhold the guarantee of any or all obligations not yet <br />guaranteed on behalf of the Borrower under outstanding <br />commitments, suspend approval of any further Advances or <br />Conversion Date Advances under the Note, and/or direct the <br />Borrower's financial institution to: refuse to honor any <br />instruments drawn upon, or withdrawals from, the Guaranteed <br />Loan Funds Account or the Loan Repayment Account initiated by <br />the Borrower, and/or refuse to release obligations and <br />assignments by the Borrower from the Guaranteed Loan Funds <br />Investment Account or the Loan Repayment Investment Account. <br />12. Remedial Actions. Upon a Default or declaration of Default <br />under this Contract, the Secretary may, in the Secretary's sole <br />discretion, take any or all of the following remedial actions: <br />(a) With any funds or security pledged under this Contract, the <br />Secretary may: (i) continue to make payments due on the Note, <br />(ii) make a prepayment under Section I.D. of the Note or make an <br />acceleration payment with respect to the principal amount of the <br />Note subject to Optional Redemption as provided in Section III <br />of the Note, (iii) purchase Government Obligations in accordance <br />with paragraph 10 of this Contract, (iv) pay any interest due <br />for late payment as provided in the Note, this Contract, or the <br />Fiscal Agency/Trust Agreements, (v) pay any other obligation of <br />the Borrower under this Contract or the Fiscal Agency/Trust <br />Agreements, and/or (vi) pay any reasonable expenses incurred by <br />the Secretary or the Fiscal Agent/Trustee as result of the <br />Borrower's Default. <br />(b) The Secretary may withhold the guarantee of any or all <br />obligations not yet guaranteed or the disbursement of any or all <br />grants not yet disbursed in full under outstanding guarantee <br />commitments or grant approvals for the Borrower under Sections <br />108 and/or 106 of the Act. <br />(c) The Secretary may withhold approval of any or all further <br />Advances or Conversion Date Advances under the Note (if <br />