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3/30/11 <br />C. Except in the case of a monetary event of default, the Borrower shall not be <br />in default so long as it endeavors to complete such cure, correction or remedy with <br />reasonable diligence, provided such cure, correction or remedy is completed within the <br />applicable time period set forth herein after receipt of written notice (or such additional <br />time as may be deemed by the City to be reasonably necessary to correct the default). <br />d. Any failures or delays by the City in asserting any of its rights and remedies <br />as to any default shall not operate as a waiver of any default or of any such rights or <br />remedies. Delays by the City in asserting any of its rights and remedies shall not deprive <br />the City of its right to institute and maintain any actions or proceedings which it may <br />deem necessary to protect, assert, or enforce any such rights or remedies. <br />e. If a monetary event of default occurs under the terms of this Agreement, the <br />Note or the City Deed of Trust, prior to exercising any remedies thereunder City shall <br />give Borrower written notice of such default. Borrower shall have a period of seven (7) <br />days after such notice is received within which to cure the default prior to exercise of <br />remedies by City under this Agreement. <br />f. If a non-monetary event of default occurs under the terms of this Agreement <br />or the Note or City Deed of Trust, prior to exercising any remedies thereunder, City shall <br />give Borrower notice of such default. If the default is reasonably capable of being cured <br />within thirty (30) days, Borrower shall have such period to effect a cure prior to exercise <br />of remedies by the City under this Agreement, the Note and the Deed of Trust. If the <br />default is such that it is not reasonably capable of being cured within thirty (30) days, and <br />Borrower (i) initiates corrective action within said period, and (ii) diligently, continually, <br />and in good faith works to effect a cure as soon as possible, then borrower shall have <br />such additional time as is reasonably necessary to cure the default prior to exercise of any <br />remedies by City. In no event shall City be precluded from exercising remedies if its <br />security becomes or is about to become materially jeopardized by any failure to cure a <br />default or the default is not cured within one hundred eighty (180) days after the first <br />notice of default is given. <br />13. Remedies. <br />Upon the occurrence of an Event of Default, after any applicable notice has been <br />provided and the expiration of any applicable cure period therefore, City may declare all <br />sums evidenced hereby immediately due and payable by delivery to the Trustee named in <br />the City Deed of Trust securing the Note, and to Borrower, written declaration of default <br />and demand for sale, and written notice of default and of election to cause the Property to <br />be sold, which notice Trustee shall cause to be duly filed for record and City may <br />foreclose on the City Deed of Trust. City shall also deposit with Trustee the Deed of <br />Trust, the Note and all documents evidencing expenditures secured thereby and <br />evidenced hereby. Upon the occurrence of an Event of Default (and so long as such Event <br />of Default shall continue), the entire balance of principal shall bear interest at the Bank of <br />America reference rate on the due date of the delinquent payment plus four percent (4%). <br />Page 7 of 14 <br />Exhibit 2 <br />25E-11