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<br />40 <br /> <br /> <br />(j) The following occurs: (i) any of the Senior Loan <br />documents is revoked or terminated, in whole or in part and for any reason (except due to <br />repayment of such loans), without the City Project Manager's prior written consent, or (ii) <br />Developer defaults or otherwise fails to perform any of its duties or obligations under or <br />in connection with any of the Senior Loan documents, subject to all applicable notice and <br />cure periods, or (iii) any of the Senior Loan documents is amended, supplemented or <br />otherwise modified without Agency's prior written consent, which consent shall not be <br />unreasonably withheld. Notwithstanding anything to the contrary contained herein, <br />Agency hereby agrees that any cure of any default made or tendered by Developer’s <br />Limited Partner shall be deemed to be a cure by Developer and shall be accepted or <br />rejected on the same basis as if made or tendered by Developer. <br /> <br />20.2 Remedies upon Default. Upon the occurrence of any Event of Default, <br />Agency may, at its option and in its absolute discretion, do any or all of the following: <br /> <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(e) shall automatically, without notice or other action on Agency's part, cause all <br />such amounts to be immediately due and payable; <br /> <br />(b) In its own right or by a court-appointed receiver, take possession of <br />the Property, enter into contracts for and otherwise proceed with the completion of the <br />construction by expenditure of its own funds; <br /> <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 Agency elects in its sole and absolute discretion; <br />and, <br /> <br />(d) Suspend or terminate the award of Agency funds if Developer fails <br />to comply with any term of such award. <br /> <br />20.3 Cumulative Remedies: No Waiver. Agency's rights and remedies under <br />the Loan Documents are cumulative and in addition to all rights and remedies provided <br />by law. The exercise by Agency of any right or remedy shall not constitute a cure or <br />waiver of any default, nor invalidate any notice of default or any act done pursuant to any <br />such notice, nor prejudice the Agency in the exercise of any other right or remedy. No <br />waiver of any default shall be implied from any omission by Agency to take action on <br />account of such default if such default persists or is repeated. No waiver of any default <br />shall affect any default other than the default expressly waived, and any such waiver shall <br />be operative only for the time and to the extent stated. No waiver of any provision of any <br />Loan Document shall be construed as a waiver of any subsequent breach of the same <br />provision. Agency's consent to or approval of any act by Developer requiring further <br />EXHIBIT 3 <br />3-50