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similar official for Borrower or any general partner thereof; (iv) makes an assignment for the <br /> benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become due. <br /> (C) A court of competent jurisdiction enters an order or decree under any Bankruptcy <br /> Law that (i) is for relief against Borrower or any general partner thereof in an involuntary case, <br /> (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Borrower or any <br /> general partner thereof or substantially all of such entity's assets, (iii) orders the liquidation of <br /> Borrower or any general partner thereof, or (iv) issues or levies ajudgment, writ, warrant of <br /> attachment or similar process against the Property or the Project, and in each case the order or <br /> decree is not released, vacated, dismissed or fully bonded within ninety (90) days after its <br /> issuance. <br /> (D) The occurrence of a Transfer in violation of Article VI of the Loan Agreement. <br /> (E) A default arises under any debt instrument secured by a mortgage or deed of trust <br /> on the Project or the Property and remains uncured beyond any applicable cure period such that <br /> the holder of such instrument has the right to accelerate payment thereunder. <br /> (F) Borrower fails to maintain insurance on the Property and the Project as required <br /> pursuant to the City Documents and Borrower fails to cure such default within ten (10) days. <br /> (G) Subject to Borrower's right to contest the following charges pursuant to the City <br /> Documents, if Borrower fails to pay taxes or assessments due on the Property or the Project or <br /> fails to pay any other charge that may result in a lien on the Property or the Project, and <br /> Borrower fails to cure such default within sixty (60) days of delinquency but in all events prior to <br /> the date that the holder of any such lien has the right to pursue foreclosure thereof; <br /> (H) If any representation or warranty contained in any City Document, or any <br /> certificate furnished in connection therewith, or in connection with any request for disbursement <br /> of the proceeds of the Loan proves to have been false or misleading in any material adverse <br /> respect when made and continues to be materially adverse to the City. <br /> (I) A default arises under the Loan Agreement, the Regulatory Agreement or any <br /> other City Document and remains uncured beyond the expiration of the applicable cure period. <br /> 2.2 REMEDIES. Upon the occurrence of an Event of Default hereunder, City may, at <br /> its option (i) by written notice to Borrower, declare the entire unpaid principal balance of this <br /> Note, together with all accrued interest thereon and all sums due hereunder, immediately due and <br /> payable regardless of any prior forbearance, (ii) exercise any and all rights and remedies <br /> available to it under applicable law, and (iii) exercise any and all rights and remedies available to <br /> City under this Note and the other City Documents, including without limitation the right to <br /> pursue foreclosure under the Deed of Trust. Borrower shall pay all reasonable costs and <br /> expenses incurred by or on behalf of City including, without limitation, reasonable attorneys' <br /> fees, incurred in connection with City's enforcement of this Note and the exercise of any or all of <br /> its rights and remedies hereunder and all such sums shall be a part of the indebtedness secured by <br /> the Deed of Trust. The rights and remedies of City under this Note shall be cumulative and not <br /> alternative. <br /> 1762578.2 5 <br />