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EXHIBIT 3 16. Event of Default. Subject to the Provisions of Section 25 hercot, the occurrence of any of the tollowing shall be deemed to be an event of default (" kveot of Default") hereunder: (a) failure by Borrower to make any payments provided fin- herein, and if such default is not made good within lifleen (15) days of written notice to Borrower of such default; or (b) failure by Borrower- to perform any covenant or agreement in the Deed of Trust, the Loan Agreement, or the Affordability Restrictions on Transfer of Property within thirty (30) days after written demand therefor by City (or, in the event that more than thirty (10) days is reasonably required to cure such default, should Burrower fail to promptly commence such cure, and dilivenily and continuously prosecute same 10 completion). Notwithstanding the foregoing, if Borrower fail, to cure such breach during the tittle set forth herein fur such cure, City shall provide written notice of such failure to Limited Paruter and oo Fveot of Default shall be deemed to occur unless Limited Partner Iails to cure such breach willim 30 days following delivery of such notice, provided, however, if in carder to cure such breach Limited Partner determines that it must remove the Gaactal Partner ptnsuant to the tams of the Parmership Agrecmem, then no Event of Default shall occur until 30 days follow ing the effective date of such removal. 17. Remedies. Upon tlic uccurrenec and during the continuance of an Event of Default. after any applicable notice has been provided aril the expiration of any applicable cure period therefore, Gly may declare all sums evidenced hereby immediately due and payable by delivery to the Trustee named in the City Deed of Trust securing this Note, and to Borrower, written declaration of default and demand for sale, and written notice of dcfattlt and of election to cattle the Property to be sold, which notice Trustee shall cause to be duly filed for record and City may foreclose on the City Deed of Trust. Cit-v shall also deposit with Trustee the Deed of Trust, this Note and all documents evidencing expenditures secured thereby and evidenced hereby- No delay or omission on the part of the City in exercising any tight under this Note or under any of the other Loan Documents shall operate as a waiver of such right. 18. Attornevs' Fees. 1f this City Loan Nulc is not paid whets due or if any Event of Default occurs, Bon-owcr promises to pay all Costs of entorcerncnt and collection, including but not limited to, reasonable attorneys' fees, whetlner or not an-y action or proceeding is brought to enforce the provisions hereof 19. Severnhility. Every provision of this Note is intended to be severable. In the event any term or provision hereof is declared by a court of compefent jurisdiction, to be illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the balance of the terms and provisions hereof, which terms and provisions sltall remain binding and cnfmccablc. 9 City Council 21 — 80 4/20/2021