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(D) The occurrence of a Transfer without Agency consent other than permitted <br /> pursuant to Section 1.2. <br /> (E) A default arises under any debt instrument secured by a mortgage or deed <br /> of trust on the Project or the Property and remains uncured beyond any applicable cure <br /> period such that the holder of such instrument has the right to accelerate payment <br /> thereunder. <br /> (F) Borrower fails to maintain insurance on the Property and the Project as <br /> required pursuant to the Agency Documents and Borrower fails to cure such default <br /> within ten (10) days. <br /> (G) Subject to Borrower's right to contest the following charges pursuant to the <br /> Agency Documents, if Borrower fails to pay taxes or assessments due on the Property <br /> or the Project or fails to pay any other charge that may result in a lien on the Property or <br /> the Project, and Borrower fails to cure such default within thirty (30) days of delinquency <br /> but in all events prior to the date upon which the holder of any such lien has the right to <br /> pursue foreclosure thereof. <br /> (H) If any representation or warranty contained in any Agency Document, or <br /> any certificate furnished in connection therewith, or in connection with any request for <br /> disbursement of the proceeds of the Loan proves to have been false or misleading in <br /> any material adverse respect when made and continues to be materially adverse to the <br /> Agency. <br /> (I) A default arises under the Loan Agreement, the Regulatory Agreement or <br /> any other Agency Document, and remains uncured beyond the expiration of any <br /> applicable cure period. <br /> 2.2 REMEDIES. 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 applicable law, and (iii) <br /> exercise any and all rights and remedies available to Agency under this Note and the <br /> other Agency Documents, including without limitation the right to pursue foreclosure <br /> under the Deed of Trust. Borrower shall pay all reasonable costs and expenses <br /> incurred by or on behalf of Agency including, without limitation, reasonable attorneys' <br /> fees, incurred in connection with Agency's enforcement of this Note and the exercise of <br /> any or all of its rights and remedies hereunder and all such sums shall be a part of the <br /> indebtedness secured by the Deed of Trust. The rights and remedies of Agency under <br /> this Note shall be cumulative and not alternative. <br /> 2.3 DEFAULT RATE. Upon the occurrence of an Event of Default, interest <br /> shall automatically be increased without notice to the lesser of ten percent (10 %) per <br /> annum or the maximum rate permitted by law (the "Default Rate "); provided however, if <br /> any payment due hereunder is not paid when due, the Default Rate shall apply <br /> 1582083.2 3 <br />