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DRAFT 7. DEFAULT. 7.1 Owner Events of Default. Property Owner is in default under this First Amendment upon the happening of one or more of the following events or conditions (each, an "Owner Event of Default"): (1) If a material warranty, representation, or statement made or furnished by Property Owner to the City is false or proves to have been false in any material respect when it was made; or (2) A finding and determination made by the City following a periodic review under the procedure provided for in Government Code Section 65865.1 and Section 6.1 of this First Amendment that upon the basis of substantial evidence the Property Owner has not complied in good faith with one or more of the material terms or conditions of this First Amendment; (3) Failure to comply with Governmental Requirements; (4) Any other event, condition, act, or omission which materially interferes with the intent and objectives of this First Amendment. 7.2 Procedure upon Default. (1) Upon an Owner Event of Default, the City through the Executive Director shall submit to Owner, ~ written notice of default, in the manner provided in Section 4.10 of the Amended Agreement, identifying with specificity the nature of the alleged default and, when appropriate, the manner in which said default may be satisfactorily cured. Upon receipt of the notice of default, the Owner shall cure the identified default(s) at the earliest reasonable time after receipt of the notice of default and shall complete the cure in any event not later than one hundred and twenty (120) days after receipt of the notice of default, or such longer period as is reasonably necessary to remedy such default(s), provided that the Owner shall continuously and diligently pursue such remedy at all times until such default(s) is cured. If Owner has failed to remedy or diligently proceed to remedy such default(s) after proper notice and expiration of said one hundred and twenty (120) day cure period or such extended period as provided herein, the City may terminate or amend this First Amendment in accordance with the procedure adopted by the City. Failure or delay in giving notice of default shall not constitute a waiver of any default, nor shall it change the time of default. ii 75A-85