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if, in Agency's reasonable judgment Developer's security is otherwise impaired, Agency <br />may apply the Compensation received due to judgment or settlement in connection with <br />any condemnation or other taking to reduce the unpaid obligations secured in such order <br />as Agency may determine, and without any adjustment in the amount or due dates of <br />payments due under the Note. If so applied, any award in excess of the unpaid balance of <br />the Note and other sums due to Agency shall be paid to Developer or Developer's assignee. <br />Agency shall have no obligation to take any action in connection with any actual or <br />threatened condemnation or other proceeding. <br />19.9.1 Notwithstanding the foregoing, as long as the value of Agency's <br />liens are not impaired, any condemnation proceeds may be used by the Developer for repair <br />and/or restoration of the Project. <br />19.9.2 Notwithstanding the foregoing, during the tax credit compliance <br />period for the Project, as determined under Section 42 of the Internal Revenue Code, any <br />condemnation proceeds may be used by the Developer for repair and /or restoration of the <br />Project. <br />19.10 Waiver of Subrogation. Developer hereby waives all rights to recover <br />against the Agency (or any officer, employee, agent or representative of Agency) for any <br />loss incurred by Developer from any cause insured against or required by any Loan <br />Document, to be insured against; provided, however, that this waiver of subrogation shall <br />not be effective with respect to any insurance policy if the coverage thereunder would be <br />materially reduced or impaired as a result. Developer shall use its best efforts to obtain <br />only policies which permit the foregoing waiver of subrogation. <br />20. DEFAULTS AND REMEDIES <br />20.1 Events of Default. The occurrence of any of the following, whatever the <br />reason therefore, shall constitute an Event of Default by Developer: <br />(a) Developer fails to make any payment of principal or interest <br />under the Agency Promissory Note when due, and such failure is not cured within fifteen <br />(15) Business Days after Developer's receipt of written notice that such payment was not <br />received when due; <br />(b) Developer fails to perform any other obligation for the <br />payment of money under any Loan Document, and such failure is not cured within fifteen <br />(15) Business Days after Developer's receipt of written notice that such obligation was not <br />performed when due; <br />(c) Developer fails to perform any obligation (other than the <br />obligations described in subparagraphs (a) and (b) above) under any Loan Document, and <br />such failure is not cured within thirty (30) days after Developer's receipt of written notice <br />that such obligation was not performed; provided that, if cure cannot reasonably be effected <br />within such thirty (30) -day period, such failure shall not be an Event of Default so long as <br />Developer (in any event, within ten (10) days after receipt of such notice) commences to <br />80A -161 <br />