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<br /> 11 <br /> e. If a monetary event of default occurs under the terms of this Promissory Note or the <br />Deed of Trust, prior to exercising any remedies thereunder Agency shall give Borrower written <br />notice of such default. Borrower shall have a period of ten (10) business days after such notice is <br />received within which to cure the default prior to exercise of remedies by Agency under this <br />Promissory Note and the Deed of Trust. <br /> <br /> f. If a non-monetary event of default occurs under the terms of this Promissory Note <br />or the Deed of Trust, prior to exercising any remedies thereunder, Agency shall give Borrower <br />notice of such default. If the default is reasonably capable of being cured within thirty (30) <br />calendar days, Borrower shall have such period to effect a cure prior to exercise of remedies by <br />the Agency under this Promissory Note and the Deed of Trust. If the default is such that it is not <br />reasonably capable of being cured within thirty (30) calendar days, and Borrower (i) initiates <br />corrective action within said period, and (ii) diligently, continually, and in good faith works to <br />effect a cure as soon as possible, then borrower shall have such additional time as is reasonably <br />necessary to cure the default prior to exercise of any remedies by Agency. In no event shall <br />Agency be precluded from exercising remedies if its security becomes or is about to become <br />materially jeopardized by any failure to cure a default or the default is not cured within one <br />hundred eighty (180) days after the first notice of default is given. <br /> <br />22. Insurance and Condemnation. <br /> <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 Agency Loan in balance and rebuild the <br />Property in a manner that provides adequate security to Agency for repayment of the Agency <br />Loan or if such proceeds are insufficient then Borrower shall have funded any deficiency, (b) <br />Agency shall have the right to approve plans and specifications for any major rebuilding and the <br />right to approve disbursements of insurance or condemnation proceeds for rebuilding under a <br />construction escrow or similar arrangement, and (c) no material default then exists under this <br />Promissory Note or the Deed of Trust. If the casualty or condemnation affects only part of the <br />Property and total rebuilding is infeasible, then proceeds may be used for partial rebuilding and <br />partial repayment of the Agency Loan in a manner that provides adequate security for repayment <br />of the remaining balance of the Agency Loan. <br /> <br />23. Force Majeure. <br /> <br />Notwithstanding specific provisions of this Promissory Note, performance hereunder <br />shall not be deemed to be in default where delays or defaults are due to: war; insurrection; <br />strikes; lock-outs; riots; floods; earthquakes; fires; casualties; acts of God or other deities; acts of <br />the public enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; <br />governmental restrictions or priority; litigation; unusually severe weather; inability to secure <br />necessary labor, materials or tools; delays of any contractor or supplier; acts of the other party; <br />acts or failure to act of the Agency or any other public or governmental Agency or entity (except <br />that any act or failure to act of Agency shall not excuse performance by Agency); or any other <br />EXHIBIT 3 <br />3-98