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secured by a lien on the Property, all amounts payable to Developer in connection with any <br />Condemnation, and any proceeds of any related settlement (collectively, "Compensation "). <br />Subject to any superior rights of Senior Lender, Developer shall deliver such remaining <br />Compensation to City immediately upon receipt. If the taking results in a loss of the Property to <br />an extent that, in the reasonable opinion of City, renders or is likely to render the Property not <br />economically viable or if, in City's reasonable judgment Developer's security is otherwise <br />impaired, City may apply the Compensation received due to judgment or settlement in <br />connection with any condemnation or other taking to reduce the unpaid obligations secured in <br />such order as City may determine, and without any adjustment in the amount or due dates of <br />payments due under the City Promissory Note. If so applied, any award in excess of the unpaid <br />balance of the City Promissory Note and other sums due to City shall be paid to Developer or <br />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 Subrogation. 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 />35 <br />1076 \53 \1389382.1 <br />