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Developer's assignee. City shall have no obligation to take any action in connection with any <br />actual or threatened condemnation or other proceeding. <br />a. Notwithstanding the foregoing, as long as the value of City's liens are not <br />impaired, any condemnation proceeds may be used by the Developer for repair and/or restoration <br />of the Project. <br />b. Nothwithstanding the foregoing, during the tax credit compliance period <br />for the Project, as determined under Section 42 of the Internal Revenue Code, any condemnation <br />proceeds may be used by the Developer for repair and/or restoration of the Project. <br />19.10 Waiver of Subro¢ation. Developer hereby waives all rights to recover <br />against the City (or any officer, employee, agent or representative of City) for any loss incurred <br />by Developer from any cause insured against or required by any Loan Document, to be insured <br />against; provided, however, that this waiver of subrogation shall not be effective with respect to <br />any insurance policy if the coverage thereunder would be materially reduced or impaired as a <br />result. Developer shall use its best efforts to obtain only policies which permit the foregoing <br />waiver of subrogation. <br />20. DEFAULTS AND REMEDIES <br />20.1 Events of Default. The occurrence of any of the following, whatever the reason <br />therefore, shall constitute an Event of Default by Developer: <br />a. Developer fails to make any payment of principal or interest under the <br />City Promissory Note when due, and such failure is not cured within fifteen (15) Business Days <br />after Developer's receipt of written notice that such payment was not received when due; <br />b. Developer fails to perform any other obligation for the payment of money <br />under any Loan Document, and such failure is not cured within fifteen (15) Business Days after <br />Developer's receipt of written notice that such obligation was not performed when due; <br />C. Developer fails to perform any obligation (other than the obligations <br />described in subparagraphs (a) and (b) above) under any Loan Document, and such failure is not <br />cured within thirty (30) days after Developer's receipt of written notice that such obligation was <br />not performed; provided that, if cure cannot reasonably be effected within such thirty (30)-day <br />period, such failure shall not be an Event of Default so long as Developer (in any event, within <br />ten (10) days after receipt of such notice) commences to cure, and thereafter diligently (in any <br />event within ninety (90) days after receipt of such notice) prosecutes such cure to completion; <br />d. Any representation or warranty in any Loan Document proves to have <br />been incorrect in any material respect when made; <br />e. The Property is materially damaged or destroyed by fire or other casualty <br />unless Developer fulfills the Restoration Conditions set forth in the insurance provisions of this <br />Agreement within one hundred twenty (120) days after the applicable insurance company has <br />35 <br />80A-91