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EXHIBIT 2 Developer: Michael Finn Chief Financial Officer National Community Renaissance of California 9421 Haven Avenue Rancho Cucamonga, CA 91730 7. Events of Default. The occurrence of any of the following events shall constitute an "Event of Default' under this Agreement: (a) A Party fails to perform any of its obligations under this Agreement, and does not cure such failure within 30 days after written notice of such failure has been delivered to the defaulting party, or (b) A Party purports to revoke this Agreement or this Agreement becomes ineffective for any reason (other than by virtue of the application of clauses (i) or (ii) of Section 8). 8. Termination. This Agreement shall terminate upon the earlier of. (i) completion of the all obligations under the AHSC Documents; or (ii) mutual agreement of the parties hereto; or (iii) the occurrence of an Event of Default. 9. Third Party Beneficiary. The Partnership shall be a third party beneficiary of this Agreement and shall be entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party to this Agreement. 10. Miscellaneous. (a) Nothing in this Agreement shall be construed to limit any claim or right which any party may otherwise have at any time against an indemnifying Party under Section 2 or any other person arising from any source other than this Agreement, including any claim for fraud, misrepresentation, waste, or breach of contract other than this Agreement, and any rights of contribution or indemnity under any federal or state environmental law or any other applicable law, regulation, or ordinance. (b) If any party delays in exercising or fails to exercise any right or remedy against a Party, that alone shall not be construed as a waiver of such right or remedy. All remedies of any Party against the other Party are cumulative. (c) This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective representatives, heirs, executor, administrators, successors, and assigns. This Agreement may not be amended except by a written instrument executed by the parties hereto. (d) This Agreement shall be deemed to have been delivered and accepted in the State of California and governed exclusively by the internal substantive laws of the State of California as the same may exist at the date hereof. The parties hereto hereby agree that any action hereon between the parties hereto and their successors in interest may be maintained in a 75A-22