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Implementation Agreements hereto, shall be construed to provide that a Default relating to one <br />Phase shall constitute a Default under any other Phase, i.e., there shall be no cross defaults <br />between Phases or each Phase's Developer entity. Accordingly, any rights and remedies sought <br />tinder this Agreement t follo ving a Default shall be limited to the Phase in which such Default <br />occurred. <br />503, tights of Termination. <br />503.1 Termination by Agenc y. In the evert that the Agency is not its Default <br />tinder this Agreement, and a the Developer does not fulfill one or more of the Agency's <br />Conditions Precedent with respect to a Phase which is capable of being satisfied by the <br />Developer on or before the time set forth herein or in the Schedule of Performance) and Such <br />condition is not satisfied after notice and an opportunity to ere as provided its Section 501 <br />hereof, and such failure is not caused by the Agency; orb the Developer is otherwise in Default <br />under the terms of this Agreement and fails to cure such Default within the time set forth in <br />Section 501 hereof; then this Agreement and any rights of the Developer or any assignee or <br />transferee with respect to or arising out of this Agreement shall, at the option of the Agency, be <br />terminated as to such Phase by written notice thereof to the Developer. From the date of the <br />written notice of termination of this Agreement as to such Phase by the Agency to the Developer <br />and thereafter this Agreement shall be deci ned terminated as to such Phase but not as to ally <br />other Phase), then the Agency shall not be obligated to ale any fat her disbursement of the <br />Ageney Loan for such Phase or of any Homebuyer Assistance Loan, repayment of the <br />Promissory Note relating to stieh Phase shall be accelerated, and there shall be no further rights <br />or obligations between the parties with respect to such Phase, except that if the Developer is in <br />default hereunder, er, the Agency, after delivery of notice of default and expiration of the cure <br />period provided its Section 501 hereof, may pursue any remedies it has at law or equity against <br />the Developer in accordance with Section 502 hereof. <br />503,2 Termination by Developer. In the event the Developer is not in Default <br />under this Agreement, and a the Agency does not fulfill one or more of the Developer's <br />Conditions Precedent with respect to Phase which is capable of being satisfied by the Agency <br />on or before the time set forth in this Agreement or in the Schedule of Performance and such <br />condition is not satisfied after notice and an opportunity to cure as provided in Section 501 <br />hereof, and such failure is not caused by the Developer; or b the Agency is otherwise in Default <br />under the teems of this Agreeme nt and fails to cure such Default within the time set forth in <br />Section 501 hereof; then this Agreement and any rights of the Agency with respect to or arising <br />out of this Agreement shall, at the option of the Developer, be terminated as to such Phase by <br />written notice thereof to the Agency. From the date of the written notice of termination of this <br />Agreement as to such Phase by the Developer to the Agency and thereafter this Agreement shall <br />be deemed terminated as to such Phase but not as to any other Phase), the Developer shall not <br />be obligated to fuillier perform tinder this Agreement with respect to such Phase and there shall <br />be no further rights or obligations between the panties with respect to such Phase, except that if <br />the Agency is in default hereunder then the Developer, after delivery of notice of default and <br />expiration of the cure period provided in Section 501 hereof, may pursue any remedies they it <br />has at law or equity against the Agency in accordance with Section 502 hereof, <br />59 <br />D S J1400673v131200272 -0001 <br />