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46 <br />Westview House <br />City HOME Loan Agreement <br />such remaining Compensation to City immediately upon receipt. If the taking results in a <br />loss of the Property to an extent that, in the reasonable opinion of City, renders or is likely <br />to render the Property not economically viable or if, in City’s reasonable judgment <br />Developer’s security is otherwise impaired, City may apply the Compensation received <br />due to judgment or settlement in connection with any condemnation or other taking to <br />reduce the unpaid obligations secured in such order as City may determine, and without <br />any adjustment in the amount or due dates of payments due under the City/HOME Loan <br />Note. If so applied, any award in excess of the unpaid balance of the City/HOME Loan <br />Note and other sums due to City shall be paid to Developer or Developer’s assignee. City <br />shall have no obligation to take any action in connection with any actual or threatened <br />condemnation or other proceeding. <br />(a) Notwithstanding the foregoing, as long as the Developer is not in <br />default under the Loan Documents, any condemnation proceeds may be used by the <br />Developer for repair and/or restoration of the Project. <br />Section 20. DEFAULTS AND REMEDIES <br /> <br />20.1. Events of Default. The occurrence of any of the following, whatever the <br />reason therefore, shall constitute an Event of Default by Developer: <br />(a) Developer fails to make any payment of principal or interest under <br />the City/HOME Loan Note when due, and such failure is not cured within thirty (30) <br />Business Days after Developer's receipt of written notice that such payment was not <br />received when due; <br />(b) Developer fails to perform any other obligation for the payment of <br />money under any Loan Document, and such failure is not cured within thirty (30) Business <br />Days after Developer's receipt of written notice that such obligation was not performed <br />when due; <br />(c) Developer fails to perform any obligation (other than the obligations <br />described in subparagraphs (a) and (b) above) under any Loan Document, and such failure <br />is not cured within thirty (30) days after Developer's receipt of written notice that such <br />obligation was not performed; provided that, if cure cannot reasonably be effected within <br />such thirty (30)-day period, such failure shall not be an Event of Default so long as <br />Developer (in any event, within ten (10) days after receipt of such notice) commences to <br />cure, and thereafter diligently (in any event within one hundred and twenty (120) days after <br />receipt of such notice) prosecutes such cure to completion; <br />(d) Any representation or warranty in any Loan Document proves to <br />have been incorrect in any material respect when made; <br />(e) Reserved; <br />(f) Work on the construction ceases for ninet y (90) consecutive days <br />for any reason (other than governmental orders, decrees or regulations, acts of God or any <br />other deity, strikes or other causes beyond Developer's reasonable control), provided that <br />EXHIBIT 3