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Subject to the provisions of Sections 23 hereof, the occurrence of any of the following shall be <br />deemed to be an event of default ( "Event of Default ") hereunder: (a) failure by Borrower to make any <br />payments provided for herein, and if such default is not made good within fifteen (15) Business Days <br />after Developer's receipt of written notice that such payment was not received when due; (b) failure by <br />Borrower to perform any covenant or agreement in the Deed of Trust, the Agreement, or the Affordability <br />Restrictions on Transfer of Property within thirty (30) days after written demand therefor by City (or, in <br />the event that more than thirty (30) days is reasonably required to cure such default, should Borrower fail <br />to promptly commence such cure, and diligently and continuously prosecute same to completion); or (c) a <br />default under the Senior Loan Deed of Trust that remains uncured after any applicable notice has been <br />provided and the expiration of any applicable cure period therefore„ if any, provided therein. <br />15. Remedies. <br />Upon the occurrence of an Event of Default, after any applicable notice has been provided and <br />the expiration of any applicable cure period therefore, City may declare all sums evidenced hereby <br />immediately due and payable by delivery to the Trustee named in the Deed of Trust securing this Note, <br />and to Borrower, written declaration of default and demand for sale, and written notice of default and of <br />election to cause the Property to be sold, which notice Trustee shall cause to be duly filed for record and <br />City may foreclose on the Deed of Trust. City shall also deposit with Trustee the Deed of Trust, this Note <br />and all documents evidencing expenditures secured thereby and evidenced hereby. Upon the occurrence <br />of an Event of Default (and so long as such Event of Default shall continue), the entire balance of <br />principal shall bear interest at the Bank of America reference rate on the due date of the delinquent <br />payment plus four percent (4 %). No delay or omission on the part of the City in exercising any right <br />under this Note or under any of the other Loan Documents shall operate as a waiver of such right. <br />16. Attorney Tees. <br />If this City Promissory Note is not paid when clue or if any Event of Default occurs, Borrower <br />promises to pay all costs of enforcement and collection, including but not limited to, reasonable attorneys' <br />fees, whether or not any action or proceeding is brought to enforce the provisions hereof. <br />17. Severabilitv. <br />Every provision of this Note is intended to be severable. In the event any term or provision <br />hereof is declared by a court of competent jurisdiction, to be illegal or invalid for any reason whatsoever, <br />such illegality or invalidity shall not affect the balance of the terms and provisions hereof, which terms <br />and provisions shall remain binding and enforceable. <br />18. Number and Gender. <br />In this Note the singular shall include the plural and the masculine shall include the feminine and <br />neuter gender, and vice versa, if the context so requires. <br />19. Non - recourse. <br />The City Loan is a nonrecourse obligation of the Borrower. Neither Borrower, nor its partners nor <br />any other party shall have any personal liability for repayment of the City Loan or for any other amounts <br />under any of the documentation evidencing, securing or describing the City Loan. The sole recourse of <br />t076A5311389334.1 Q <br />