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<br /> 7 <br /> <br /> 9. Maintenance of Property. Borrower must maintain the interior and <br />exterior of the improvements and the landscaping on the Property in a manner consistent <br />with community standards which will uphold the value of the Property, in accordance, <br />with this Agreement and the Santa Ana Municipal Code. The maintenance requirements <br />are set forth in specific detail in the recorded Affordability Covenants. <br /> <br />10. Defaults. Failure or delay by either party to perform any term of <br />provisions of this Agreement, the Promissory Note, the City Deed of Trust or the <br />Agreement Containing Covenants which is to be performed by such party constitutes a <br />default under this Agreement. The other party (the “Complaining Party”) shall give <br />written notice of default to the party in default, specifying in reasonable detail the matter <br />constituting the default. The party in default shall have 15 days following receipt of <br />notice to cure the default. Except as required to protect against further damages, the <br />Complaining Party shall not institute proceedings against the party in default unless the <br />matter is not cured within such 15 day period, or, if the default is of a nature requiring <br />more than 15 days to cure, the party in default commences to cure the m atter within such <br />period and diligently pursues such cure to completion within a reasonable time, but in no <br />event more than 45 days after notice of default. Failure to cure the default within the <br />applicable cure period shall entitle the Complaining Party to terminate this Agreement <br />and/or exercise any remedies available to such party, including, without limitation, <br />acceleration of payment due on the City Loan. <br /> <br /> 11. Loan Servicing. The City may contract with a private lender to <br />originate and service the City Loan, and any costs associated therewith shall be paid by <br />the Borrower. <br /> <br /> 12. Indemnification. Borrower shall indemnify, defend and hold <br />harmless the City, and its respective officers, agents, employees, legal counsel, <br />representatives and volunteers, from and against any loss, liability, claim or judgment <br />relating in any manner to the Property or this Agreement. Borrower shall remain fully <br />obligated for the payment of taxes, liens and assessments relating to the Property. There <br />shall be no reduction in taxes for Borrower, nor any transfer or responsibility to the City <br />to make such payments, by virtue of the City Loan. <br /> <br /> 13. Insurance. Borrower shall maintain, during the term of the City Loan, <br />an all-risk property insurance policy insuring the Property in an amount equal to the full <br />replacement value of the structures on the Property. The policy shall name the City as <br />loss payee and shall contain a statement of obligation on behalf of the insurance carrier to <br />notify the City of any material change, cancellation or termination of coverage at least 30 <br />days in advance of the effective date of such material change, cancellation or termination. <br />Borrower shall deliver a copy of the certificate of insurance and loss payee endorsement <br />to the City at the time of escrow closing, and Borrower shall annually deliver a copy of <br />the certificate of insurance and loss payee endorsement to the City, signed by an <br />authorized agent of the insurance carrier and setting forth the general provisions of <br />EXHIBIT 2