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herein after receipt of written notice (or such additional time as may be deemed by the City to be <br />reasonably necessary to correct the default). <br />d. Any failures or delays by the City in asserting any of its rights and remedies as to any <br />default shall not operate as a waiver of any default or of any such rights or remedies. Delays by <br />the City in asserting any of its rights and remedies shall not deprive the City of its right to institute <br />and maintain any actions or proceedings which it may deem necessary to protect, assert, or enforce <br />any such rights or remedies. <br />e. If a monetary event of default occurs under the terms of this Note or the Deed of Trust, <br />prior to exercising any remedies thereunder City shall give Borrower written notice of such default. <br />Borrower shall have a period of fifteen (15 Business Days after such notice is received within <br />which to cure the default prior to exercise of remedies by City under this Note and the Deed of <br />Trust. <br />f. If a non -monetary event of default occurs under the terms of this Note or the Deed of <br />Trust, prior to exercising any remedies thereunder, City shall give Borrower notice of such default. <br />If the default is reasonably capable of being cured within thirty (30) days, Borrower shall have <br />such period to effect a cure prior to exercise of remedies by the City under this Note and the Deed <br />of Trust. If the default is such that it is not reasonably capable of being cured within thirty (30) <br />days, and Borrower (i) initiates corrective action within said period, and (ii) diligently, continually, <br />and in good faith works to effect a cure as soon as possible, then borrower shall have such <br />additional time as is reasonably necessary to cure the default prior to exercise of any remedies by <br />City. In no event shall City be precluded from exercising remedies if its security becomes or is <br />about to become materially jeopardized by any failure to cure a default or the default is not cured <br />within one hundred eighty (18 0) days after the first notice of default is given. <br />g. In addition, if an Event of Default occurs hereunder, prior to taking any remedy under <br />this Note or any other document evidencing or securing this Note, City shall first give notice of <br />the occurrence of such Event of Default to the Limited Partner and the Limited Partner shall have <br />not less than 30 days to cure such Event of Default, provided if in order to cure such Event of <br />Default the Limited Partner gives notice to the City that Limited Partner must remove and replace <br />the general partner or general partners of Borrower, Limited Partner shall have until 30 days <br />following the effective date of such removal and replacement to cure such Event of Default. <br />22. Insurance and Condemnation. <br />In the event of any fire or other casualty to the Property or eminent domain proceedings <br />resulting in condemnation of the Property or any part thereof, Borrower shall have the right to <br />rebuild the Property, and to use all available insurance or condemnation proceeds therefor, <br />provided that (a) such proceeds are sufficient to keep the City Loan in balance and rebuild the <br />Property in a manner that provides adequate security to City for repayment of the City Loan or if <br />such proceeds are insufficient then Borrower shall have funded any deficiency, (b) City shall have <br />the right to approve plans and specifications for any major rebuilding and the right to approve <br />disbursements of insurance or condemnation proceeds for rebuilding under a construction escrow <br />12 <br />