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~' City shall have given written notice of the default to Participant (or such longer time as City may agree upon in writing), provided that in each case Participant commences to cure the default within thirty (30) days and thereafter prosecutes the curing of such default with due diligence and in good faith. (d) Participant becomes insolvent or shall cease to pay its debts as they mature or voluntarily files a petition seeking reorganization of, or the appointment of a receiver, trustee, or liquidation for it or a substantial portion of its assets, or to effect a plan or other arrangement with creditors, or shall be adjudicated bankrupt, or shall make voluntary assignment for the benefit of creditors. (e) An insolvency petition is filed against Participant under any bankruptcy, insolvency, or similar law or seeking the reorganization of or the appointment of a receiver, trustee, or liquidator for Recipient, or of a substantial part of the property of the Recipient's, or a writ or warrant of attachment or similar process shall be issued against a substantial part of the property of Recipient, and such petition shall not be dismissed, or such writ or warrant of attachment or similar process shall not be released or bonded, within sixty (60) days of filing of levy. 5.2 REMEDIES AND RIGHTS UPON DEFAULT. Upon the occurrence of an Event of Default, City shall have all remedies available to it under law or equity, including, but not limited to the following, and City may, at its election, without notice to or demand upon Participant, except for notices or demands required by law or expressly required .pursuant to this Agreement, exercise one or more of the following remedies: a) Seek specific performance to enforce the terms of this Agreement; b) Accelerate and declare the balance of the Note and interest accrued thereon immediately due and payable; c) Foreclose on any real property or appropriate personal property by strict foreclosure in equity; d) Pursue any and all other remedies available under law to enforce the terms of this Agreement and City's rights hereunder, 5.3 REMEDIES CUMULATIVE. Each of the remedies provided herein is cumulative and not exclusive of, and shall not prejudice any other remedy provided herein. The City may exercise from time to time any rights and remedies available to it under applicable law, in addition to, and not in lieu of, any rights and remedies expressly granted in this Agreement or in any other instrument or notice, demand or legal process of any kind. ARTICLE VI MISCELLANEOUS 6.1 NOTICES. All notices to be sent pursuant to this Agreement shall be made in writing, and sent to the Parties at their respective addresses specified below or to such other address as a Party may designate by written notice delivered to the other Party in accordance with this Section. All such notices sent by personal delivery shall be deemed delivered upon receipt and all notices sent first class, postage Fiscal Year 09-10 5 San Leandro Capital Improvement Loan Agreement