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City tinder this Note and the Deed of Trust for repayment of the City Loan and for sawn other arnounts arising therefrom shall be the exercise of its rights against the Property and related security thereunder, 20. Subordination, It is hereby expressly agreal and acknowledged by Borrower, and City that the Deed of Tr is a subordinate deed of trust, and that this Note is subject and subordinate to any Senior Deed of Trust. 21. Notice of Default. a. Subject to the applicable cure period,, set forth in Soctiort 14 and subject to the flarthur provlaons of this Soctiort 21, failure or delay by the Borrower to perform any term or provision of dais Note constitutes a default tinder this Note, The Borrowcr must immediately canintenco to cure;, correct, or remedy such failure or delay and shall complete such cure, correction or remedy with reasonable diligence b The City shall give written notice of default to the Borrower specifying the default complained of by the City- Delay in giving such notice shall not constitute a waiver of any default nor shall it change the time of default. G. Except in the case of a monetary event of default, the Borrower shall not be in default so lorry as it endeavors to complete such cure, correction or re,,tnedy with remanable ditigere provid ed such c cure, correction or remedy is completed Nviddn the applicable time period set forth hecohi after receipt of written notice (or Such additional time as inay be deernal by [tic City lo be reasonably necessary to correct the default). d. Any failures or dclaysby the City in asserting any oftts rights and remedies as to any default shall not operate as a waiver of any default or Of any such rights or remedies, Delays by the City in asscrLingany of its rights and remedies shall not deprive the City of its right to institute and maintain any actions or proceedings which it tangy doom necessary to protect, assert, or enforce any such rights or revialics• c. If a monetary event of default occurs under the terms of this Note Or the Deed of Trust, prior to exorcising arty remedies thereunder City ;hall give Bormwcr written notice of such default, Borrower shall have a period of fil'Itcer (15 Business Days after such notice is received within which to cure the default prior to exercise of remedies by City under this Note and the Deed, of Trust, f, If a non-monerary event of default occurs under the tertins Of this Note or the Deed ofTrust, prior to oxercishigany remedies thereunder, City shall give Borrower notice of such default, Tf tlic default is reasonably capable, of-'being rural within thirty (30) days, Borrower shall have such period to effect a cure prior to exercise of rannedies by the City under this Note and the Deed of Trust, If the default is such that it is not reasonably capable of being cured within thirty (30) days, and Borrower (i) initiates corrective action within said period, and (ii) diligently, continually, and iii good faith works to effect a cure as soon as possible, then burrower shall have such additional time as is reasonably necessary to cure the default prior to exercise of any remedies by City. In no event shall City be precluded from exercising remedies if its security, becomes or is about to become materially jeopardized by any failure to cure a dcfault or the default is not cured within one hundred eighty (180) days after the first aertice or default is given. 107663%. 1 -1 25B-74