RES 16831 - Laserfiche WebLink

9.1 Events of Default. The occurrence of any one or more of the following events shall constitute an event of default hereunder("Event of Default"): (i) The occurrence of a Transfer in violation of Section 8 hereof; (ii) Owner's failure to maintain insurance on the Property and the Project as required hereunder, and the failure of Owner to cure such default within five (5) days; (iii) Subject to Owner's right to contest the following charges, Owner's failure to pay taxes or assessments due on the Property or the Project or failure to pay any other charge that may result in a lien on the Property or the Project, and Owner's failure to cure such default within twenty(20) days of delinquency, but in all events prior to the date upon which the holder of any such lien has the right to foreclose thereon; (iv) A default arises under any loan secured by a mortgage, deed of trust or other security instrument recorded against the Property and remains uncured beyond any applicable cure period such that the holder of such security instrument has the right to accelerate repayment of such loan; (v) A default arises under the Loan Agreement, the Note, the City HOME Note, the Deed of Trust, the City HOME Deed of Trust, or the Ground Lease and remains uncured beyond the expiration of any applicable cure period; (vi) Owner's default in the performance of any term, provision or covenant under this Agreement(other than an obligation enumerated in this Section 9.1), and unless such provision specifies a shorter cure period for such default, the continuation of such default for ten (10) days in the event of a monetary default or thirty(30) days in the event of a non-monetary default following the date upon which City shall have given written notice of the default to Owner, or if the nature of any such non-monetary default is such that it cannot be cured within thirty(30)days. Owner's failure to commence to cure the default within thirty(30) days and thereafter prosecute the curing of such default with due diligence and in good faith, but in no event longer than ninety(90)days from receipt of the notice of default. The limited partners of Owner shall have the right to cure any default of Owner hereunder upon the same terms and conditions afforded to Owner; provided however, if the default is of such nature that the limited partners reasonably determine that it is necessary to replace the general partner of Developer in order to cure such default, then the cure period shall be extended by an additional sixty (60) days after the removal and replacement of such general partner, provided that the limited partners have promptly commenced and diligently proceeded with all requisite actions to effect such removal and replacement. City shall provide a copy of any notice of default hereunder to the limited partners at the address set forth in Section 11.3 hereof, or to such other address provided to the City in writing, concurrently with the provision of such notice to Owner. 9.2 Remedies. Upon the occurrence of an Event of Default and its continuation beyond any applicable cure period, City may proceed with any of the following remedies: 21 OAK 04832-3506-8205 v2