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2890662.3 25 <br />days in the event of a monetary default or thirty (30) days in the event of a nonmonetary default <br />after the date upon which City shall have given written notice of the default to Developer; <br />provided however, if the default is of a nature that it cannot be cured within 30 days, a Developer <br />Event of Default shall not arise hereunder if Developer commences to cure the default within <br />thirty (30) days and thereafter prosecutes the curing of such default with due diligence and in <br />good faith to completion and in no event later than ninety (90) days after receipt of notice of the <br />default or such 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 <br />entitled to such notice specifying the nature of the default and stating that this Agreement shall <br />expire and terminate on the date specified in such notice, and upon the date specified in the <br />notice, this Agreement and all rights of Developer under this Agreement, shall expire and <br />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 them under law or equity, including, but not limited to <br />the following, 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 Note and interest accrued thereon <br />immediately due and payable; <br />(b) Seek specific performance to enforce the terms of this Agreement, the Regulatory <br />Agreement, or City Documents; <br />(c) Foreclose on the Property pursuant to the Deed of Trust; <br />(d) Pursue any and all other remedies available under law to enforce the terms of the <br />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 />47