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completion and in no event later than 120 days after receipt of notice of the default or such <br />longer period as the City may allow. <br />10.2 City Default. An event of default on the part of City (“Event of City Default”) <br />shall arise hereunder if City fails to keep, observe, or perform any of its covenants, duties, or <br />obligations under this Agreement, and the default continues for a period of thirty (30) days after <br />written notice thereof from Developer to City, or in the case of a default which cannot with due <br />diligence be cured within thirty (30) days, City fails to commence to cure the default within <br />thirty (30) days of such notice and thereafter fails to prosecute the curing of such default with <br />due diligence and in good faith to completion. <br />10.3 City’s Right to Terminate Agreement. If an Event of Developer Default shall <br />occur and be continuing beyond any applicable cure period, then City shall, in addition to other <br />rights available to it under law or this Agreement, have the right to terminate this Agreement. If <br />City makes such election, City shall give written notice to Developer and to any mortgagee or <br />investor limited partner of Developer, entitled to such notice specifying the nature of the default <br />and stating that this Agreement shall expire and terminate on the date specified in such notice, <br />and upon the date specified in the notice, this Agreement and all rights of Developer under this <br />Agreement, shall expire and terminate. <br />10.4 City’s Remedies and Rights Upon an Event of Developer Default. Upon the <br />occurrence of an Event of Developer Default and the expiration of any applicable cure period, <br />City shall have all remedies available to it under law or equity, including, but not limited to the <br />following, and City may, at its election, without notice to or demand upon Developer, except for <br />notices or demands required by law or expressly required pursuant to this Agreement, the <br />Regulatory Agreement, or the City Documents, exercise one or more of the following remedies: <br />(a) Accelerate and declare the balance of the City Note and interest accrued <br />thereon immediately due and payable; <br />(b) Seek specific performance to enforce the terms of this Agreement, the <br />Regulatory Agreement, or the City Documents; <br />(c) Foreclose on the Property pursuant to the Leasehold Deed of Trust; <br />(d) Pursue any and all other remedies available under law to enforce the terms <br />of this Agreement, the Regulatory Agreement, and the City Documents and City’s rights <br />thereunder. <br />10.5 Developer’s Remedies Upon an Event of City Default. Upon the occurrence of an <br />City Event of Default, in addition to pursuing any other remedy allowed at law or in equity or <br />otherwise provided in this Agreement, Developer may bring an action for equitable relief seeking <br />the specific performance of the terms and conditions of this Agreement, and/or enjoining, <br />abating, or preventing any violation of such terms and conditions, and/or seeking to obtain any <br />other remedy consistent with the purpose of this Agreement. <br />144\259\1892880.4 <br />30