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Compensation received due to judgment or settlement in connection with any <br />condemnation or other taking to reduce the unpaid obligations secured in such order as <br />City may determine, and without any adjustment in the amount or due dates of payments <br />due under the Note. If so applied, any award in excess of the unpaid balance of the Note <br />and other sums due to City shall be paid to Developer or Developer's assignee. City shall <br />have no obligation to take any action in connection with any actual or threatened <br />condemnation or other proceeding. <br />19.9.1 Notwithstanding the foregoing, as long as the value of <br />City's liens are not impaired, any condemnation proceeds may be used by the Borrower <br />for repair and/or restoration of the Project. <br />19.10 Waiver of Subrogation. Developer hereby waives all rights to <br />recover against the City (or any officer, employee, agent or representative of the City) for <br />any 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 <br />interest under the City/HOME Loan Note when due, and such failure is not cured within <br />fifteen (15) Business Days after Developer's receipt of written notice that such payment <br />was not 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 <br />not 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 (3 0) days after Developer's receipt of written notice <br />that such obligation was not performed; provided that, if cure cannot reasonably be <br />effected within such thirty (30) -day period, such failure shall not be an Event of Default <br />so long as Developer (in any event, within ten (10) days after receipt of such notice) <br />commences to cure, and thereafter diligently (in any event within ninety (90) days after <br />receipt of such notice) prosecutes such cure to completion; <br />(d) Any representation or warranty in any Loan Document proves to <br />have been incorrect in any material respect when made; <br />(e) The Property is materially damaged or destroyed by fire or other <br />37 <br />