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2000. DEFAULTS AND REMEDIES <br />2001. Events of Default. Subject to the extensions of time set forth in Article 1700, failure <br />by either party to perform any action or covenant required by this Agreement or any other Project <br />Document within the time periods provided herein (or therein) following notice and faihrre to cure as <br />described hereafter, constitutes a "Default" or "Event of Default" under this Agreement. A party <br />claiming a Default shall give written notice of Default to the other party specifying the Default <br />complained of. Except as otherwise expressly provided in this Agreement, the claimant shall not <br />institute any proceeding against any other party, and the other pa}-ty shall not be in Default if such <br />party within thirty (30) days from receipt of such notice immediately; with due diligence, commences <br />to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy <br />with diligence. Without limiting the generality of the foregoing, the occurrence of any of the <br />following, whatever the reason therefore, shall const~tu{e an Event of Default by Developer under <br />this Agreement: <br />(a) Developer fails to;fnalce any payment of pi`i~6ipal or interest under the <br />Promissory Notes when due, and such faihue rs rfot cured within fifteen (CS)'Business Days after <br />Developer's receipt of written notice that such paymenf ryas not,repeived when dues;,. <br />~~ f _ ;:, <br />(b) Developer fails to perform ~fz~ other obligation for the payment of <br />money under any Loan Document, and~suCh failure is not cut~d within fifteen (15) Business llays <br />after Developer's receipt of written nottce3hat stieh obligation v~~s not performed when due; <br />(e) Developer fails"to perform~~any obligation (other than the obligations <br />described in subparagrafihs (a) ari~i (b) abov0) under any Loan ;Document, and such failure is not <br />cured within thirty (30) tfays after D,e~elopet's tccetp`t of written Yiotice that such obligation was not <br />performed; provided that, rf;cur~ cat(not reasonably;bc effected within such thirty (30)-day period, <br />such failure shall not be an Fyept,~if 15efaultso long aS Developer (in any event, within ten (10) days <br />after rec,etrpt p,~snch notice) cotltlxierices to cute, and thereafter diligently (in any event within ninety <br />(90) dais;after receipt ofsuch notioc) prosecutes suoll;curc to completion; <br />.., ; <br />(d) `~py representation or warranty in any Loau Document proves to have <br />been mcotrect"irany material 're'spect wheriinade; <br />(e) T1e;Property is materially damaged or destroyed by fire or other <br />casualty unless Developer fulfills "the Restoration Conditions set forth in the insurance provisions of <br />this Agreement within `ninety (9,0} days (unless extended pursuant to Section 1905) and thereafter <br />diligently restores the Propegty iii accordance with this Agreement; <br />(f) Worlc on the construction ceases for thirty (30) consecutive days for <br />any reason (other than governmental orders, decrees or regulations, acts of God or any other deity, <br />strikes or other causes beyond Developer's reasonable control), provided that the same do not, in the <br />aggregate and in the Agency/City's reasonable judgment, tlueaten to delay the completion of the <br />construction beyond the required completion date set forth in the Schedule of Performance; <br />(g) Developer is enjoined or otherwise prohibited by any Governmental <br />Authority from constructing and/or occupying the improvements and such injunction or prohibition <br />continues unstayed for sixty (60) days or more for any reason; <br />56 <br />