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its property; or any similar proceeding is instituted without the consent of Developer and <br />continues undismissed or unstayed for ninety (90) days; or any judgment, writ, warrant of <br />attachment or execution, or similar process is issued or levied against any property of <br />Developer and is not released, vacated or fully bonded within ninety (90) days after its <br />issue or levy; or <br />0) (i) any of the Senior Loan Documents is revoked or <br />terminated, in whole or in part and for any reason (except due to repayment of such loans), <br />without the City Project Manager's prior written consent, or (ii) Developer defaults or <br />otherwise fails to perform any of its duties or obligations under or in connection with any <br />of the Senior Loan Documents, subject to all applicable notice and cure periods, or (iii) any <br />of the Senior Loan Documents is amended, supplemented or otherwise modified without <br />City's prior written consent, which consent shall not be unreasonably withheld. <br />Notwithstanding anything to the contrary contained herein, City hereby agrees that <br />any cure of any default made or tendered under this Agreement or under the other <br />Inclusionary Loan Documents by Developer's Limited Partner shall be deemed to be a cure <br />by Developer and shall be accepted or rejected on the same basis as if made or tendered by <br />Developer. <br />20.2 Remedies Upon Default. Upon the occurrence of any Event of Default, <br />City may, at its option and in its absolute discretion, do any or all of the following: <br />(a) By written notice to Developer, declare the principal of all amounts <br />owing under the Loan Documents, together with all accrued interest and other amounts <br />owing in connection therewith, to be immediately due and payable, regardless of any other <br />specified due date; provided that any Event of Default described in Section 20.1 (e) shall <br />automatically, without notice or other action on City's part, cause all such amounts to be <br />immediately due and payable; <br />(b) In its own right or by a court -appointed receiver, take possession of <br />the Property, enter into contracts for and otherwise proceed with the completion of the <br />construction by expenditure of its own funds; <br />(c) Exercise any of its rights under the Loan Documents and any rights <br />provided by law, including, without limitation, the right to seek specific performance and <br />the right to foreclose on any security and exercise any other rights with respect to any <br />security, all in such order and manner as City elects in its sole and absolute discretion; and, <br />(d) Suspend or terminate the award of City funds if Developer fails to <br />comply with any term of such award. <br />20.3 Cumulative Remedies: No Waiver. City's rights and remedies under the <br />Loan Documents are cumulative and in addition to all rights and remedies provided by law. <br />The exercise by City of any right or remedy shall not constitute a cure or waiver of any <br />default, nor invalidate any notice of default or any act done pursuant to any such notice, <br />nor prejudice the City in the exercise of any other right or remedy. No waiver of any default <br />shall be implied from any omission by City to take action on account of such default if <br />55A-52 <br />