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to be null and void, or the validity or enforceability <br />of any thereof shall be contested by the Developer or <br />any governmental agency or authority (other than the <br />Agency), or if the Developer shall deny that it has any <br />further liability or obligation under the Developer <br />Documents; or <br />(i) MBIA shall fail to have a valid and <br />enforceable perfected security interest in or lien on <br />the Development, subject to the terms of the Deed of <br />Trust and the rights of the Agency set forth therein. <br />Section 5.02. Remedies. Whenever any cause <br />referred to in Section 5.01 hereof shall have happened and be <br />continuing, MBIA may take any one or more of the following <br />remedial steps: <br />(a) Demand immediate payment of the entire amount <br />due under the Note and foreclose upon and exercise its <br />rights under the Deed of Trust; <br />' (b) Take whatever action at law or in equity may <br />appear necessary or desirable (other than such action as <br />is described in clause (a) above) to enforce performance <br />and observance of any obligation, agreement or covenant <br />of the Developer under this Agreement; <br />provided, however, that MBIA's rights to pursue the remedy <br />described in this Section 5.02 shall be available to it only <br />upon the written consent of the Agency, which consent shall <br />be deemed to have been given upon the occurrence of any one <br />of the events described in Section 2(b) of Rider A to the <br />Assignment of Deed of Trust. <br />Section 5.03. No Remedy Exclusive. Unless <br />otherwise expressly provided, no remedy herein conferred upon <br />or reserved is intended to be exclusive of any other <br />available remedy, but each remedy shall be cumulative and <br />shall be in addition to other remedies given under this <br />Agreement or existing at law or in equity. No delay or <br />omission to exercise any right or 'power accruing under this <br />Agreement upon the happening of any event set forth in <br />Section 5.01 hereof shall impair any such right or power or <br />shall be construed to be a waiver thereof, but any such right <br />and power may be exercised from time to time and as often as <br />may be deemed expedient. In order to entitle MBIA to <br />exercise any remedy reserved to it in this Article, it shall <br />not be necessary to give any notice, other than such notice <br />as may be required in this Article. <br />7 <br />