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ARTICLE III DEFAULTS AND REMEDIES 3.1 Event of Default An Event of Default shall arise hereunder upon: (i) Borrower's material breach of any representation, warranty, covenant or obligation under this Agreement, the Note, the Deed of Trust or the Regulatory Agreement which is not cured within thirty (30) days after notice thereof given by the City to Borrower and Borrower's limited partners, or in the case of a default for which a cure is not possible within thirty (30) days, for which a cure is not commenced within thirty (30) days and diligently prosecuted to completion; (ii) an Event of Borrower Default shall have arisen under the OPLA and shall have remained uncured beyond the expiration of all applicable cure periods; or (iii) an event of default on the part of Borrower shall have arisen under any other document evidencing or securing financing for the Project or imposing occupancy, rent or other restrictions on the Project, and shall have remained uncured beyond the expiration of all applicable cure periods. Notwithstanding anything to the contrary contained herein, the City hereby agrees that any cure of any default made or tendered by one or more of Borrower's partners shall be deemed to be a cure by Borrower and shall be accepted or rejected on the same basis as if made or tendered by Borrower. 3.2 City's Remedies Upon the occurrence of an Event of Default, the City may pursue any remedy allowed at law or in equity, including but not limited to, accelerating payment under the Note, pursuing foreclosure under the Deed of Trust, or applying to any state or federal court for an order of specific performance of this Agreement and the Regulatory Agreement. 3.3 Remedies Cumulative, Inaction Not a Waiver The exercise by City of one or more remedy shall not preclude the exercise by it, at the same or different time, of any other remedy for the same or any other default hereunder. No failure or delay by City in asserting any of its rights and remedies as to any default shall operate as a waiver of such default or of any such rights or remedies, nor deprive City of its rights to institute and maintain any action or proceeding which it may deem necessary to protect, assert or enforce any such rights or remedies in the same or any subsequent default. ARTICLE IV HOME PROGRAM REQUIREMENTS 4.1 HOME Laws & Regulations Borrower shall comply with all applicable HOME Program Regulations and any applicable successor state or federal laws or regulations, all as amended and in effect from time to time, including (but not limited to) the requirements set forth in this Agreement and /or the Regulatory Agreement. In the event of any conflict between this Agreement and applicable laws and regulations governing the HOME Program and the use of the Loan proceeds, the applicable HOME Program laws and regulations shall govern. The Borrower agrees to enter into any modification of this Agreement and /or the Regulatory Agreement reasonably required by the City to attain compliance with the requirements of the HOME Program. Borrower acknowledges and agrees that it has reviewed the HOME Program Regulations in effect as of the date of execution of this Agreement. 1908324.5