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conservatorship, liquidation, rehabilitation or similar proceeding relating to it or any part <br />of its property; or any similar proceeding is instituted without the consent of Developer <br />and continues undismissed or unstayed for ninety (90) days; or any judgment, writ, <br />warrant of attachment or execution, or similar process is issued or levied against any <br />property of Developer and is not released, vacated or fully bonded within ninety (90) <br />days after its issue or levy; or <br />(k) (i) any of the Senior Loan documents is revoked or terminated, in <br />whole or in part and for any reason (except due to repayment of such loans), without the <br />Executive Director's prior written consent, or (ii) Developer defaults or otherwise fails to <br />perform any of its duties or obligations under or in connection with any of the Senior <br />Loan documents, subject to all applicable notice and cure periods, or (iii) any of the <br />Senior Loan documents is amended, supplemented or otherwise modified without City's <br />prior written consent, which consent shall not be unreasonably withheld. <br />Notwithstanding anything to the contrary contained herein, City hereby agrees that any <br />cure of any default made or tendered by Developer's Limited Partner shall be deemed to <br />be a cure by Developer and shall be accepted or rejected on the same basis as if made or <br />tendered by Developer. <br />20.2 Remedies Upon Default. Upon the occurrence of any Event of Default, <br />City may, at its option and in its absolute discretion, do any or all of the following: <br />(a) By written notice to Developer, declare the principal of all <br />amounts owing under the Loan Documents, together with all accrued interest and other <br />amounts owing in connection therewith, to be immediately due and payable, regardless of <br />any other specified due date; provided that any Event of Default described in Section <br />20.1 shall automatically, without notice or other action on City's part, cause all such <br />amounts to be immediately due and payable; <br />(b) In its own right or by a court- appointed receiver, take <br />possession of the Property, enter into contracts for and otherwise proceed with the <br />completion of the rehabilitation by expenditure of its own funds; <br />(c) Exercise any of its rights under the Loan Documents and any rights <br />provided by law, including, without limitation, the right to seek specific performance and <br />the right to foreclose on any security and exercise any other rights with respect to any <br />security, all in such order and manner as City elects in its sole and absolute discretion; <br />and, <br />(d) Suspend or terminate the award of HOME funds if Developer fails <br />to comply with any term of that award. <br />20.3 Cumulative Remedies: No Waiver. City's rights and remedies under the <br />Loan Documents are cumulative and in addition to all rights and remedies provided by <br />law. The exercise by City of any right or remedy shall not constitute a cure or waiver of <br />any default, nor invalidate any notice of default or any act done pursuant to any such <br />notice, nor prejudice the City in the exercise of any other right or remedy. No waiver of <br />any default shall be implied from any omission by City to take action on account of such <br />38 <br />251 -44 <br />