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court, or is unable or admits its inability to pay its debts as they mature, or makes an
<br />assignment for the benefit of creditors; or Developer applies for or consents to the
<br />appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or
<br />similar officer for it or any part of its property; or any receiver, trustee, custodian,
<br />conservator, liquidator, rehabilitator or similar officer is appointed without the
<br />application or consent of Developer and the appointment continues undischarged or
<br />unstayed for ninety (90) days; or Developer institutes or consents to any bankruptcy,
<br />insolvency, reorganization, arrangement, readjustment of debt, dissolution, custodianship,
<br />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 />clays after its issue or levy; or
<br />(k) 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.
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