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3 <br />Project or fails to pay any other charge that may result in a lien on the Property or the Project, <br />and Borrower fails to cure such default within 10 days. <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 <br />disbursement of the proceeds of the Loan (the “Loan Proceeds”) proves to have been false or <br />misleading in any material adverse respect when made and continues to be materially adverse <br />to the City. <br />(I)An Event of Default shall have been declared under the Regulatory Agreement <br />or any City Document, and remains uncured beyond the expiration of any applicable cure <br />period. <br />2.2 REMEDIES. Upon the occurrence of an Event of Default hereunder, City <br />may, at its option (i) by written notice to Borrower, declare the entire unpaid principal <br />balance of this Note, together with all accrued interest thereon and all sums due hereunder, <br />immediately due and payable regardless of any prior forbearance, (ii) exercise any and all <br />rights and remedies available to it under applicable law, and (iii) exercise any and all rights <br />and remedies available to City under this Note and the other City Documents, including <br />without limitation the right to pursue foreclosure under the Deed of Trust. Borrower shall <br />pay all reasonable costs and expenses incurred by or on behalf of City including, without <br />limitation, reasonable attorneys' fees, incurred in connection with City's enforcement of this <br />Note and the exercise of any or all of its rights and remedies hereunder and all such sums <br />shall be a part of the indebtedness secured by the Deed of Trust. The rights and remedies of <br />City under this Note shall be cumulative and not alternative. <br />2.3 DEFAULT RATE. Upon the occurrence of an Event of Default, interest shall <br />automatically be increased without notice to the rate of ten percent (10%) per annum (the <br />“Default Rate"); provided however, if any payment due hereunder is not paid when due, the <br />Default Rate shall apply commencing upon the due date for such payment. When Borrower <br />is no longer in default, the Default Rate shall no longer apply, and the interest rate shall once <br />again be the rate specified in the first paragraph of this Note. Notwithstanding the foregoing <br />provisions, if the interest rate charged exceeds the maximum legal rate of interest, the rate <br />shall be the maximum rate permitted by law. The imposition or acceptance of the Default <br />Rate shall in no event constitute a waiver of a default under this Note or prevent City from <br />exercising any of its other rights or remedies. <br />3.MISCELLANEOUS <br />3.1 WAIVERS; BORROWER’S WAIVERS. No waiver by City of any right or <br />remedy under this Note shall be effective unless in a writing signed by City. Neither the <br />failure nor any delay in exercising any right, power or privilege under this Note will operate <br />as a waiver of such right, power or privilege, and no single or partial exercise of any such <br />right, power or privilege by City will preclude any other or further exercise of such right, <br />power or privilege or the exercise of any other right, power or privilege. No waiver that may <br />be given by City will be applicable except in the specific instance for which it is given. No <br />notice to or demand on Borrower will be deemed to be a waiver of any obligation of <br />Borrower or of the right of City to take further action without notice or demand as provided <br />in this Note.