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16. Event of Default. <br />Subject to the provisions of Section 25 hereof, the occurrence of any of the following <br />shall be deemed to be an event of default ("Event of Default") hereunder: (a) failure by Borrower <br />to make any payments provided for herein, and if such default is not made good within fifteen <br />(15) days of written notice to Borrower of such default; or (b) failure by Borrower to perform <br />any covenant or agreement in the Deed of Trust, the Loan Agreement, or the Affordability <br />Restrictions on Transfer of Property within thirty (30) days after written demand therefor by City <br />(or, in the event that more than thirty (30) days is reasonably required to cure such default, <br />should Borrower fail to promptly commence such cure, and diligently and continuously <br />prosecute same to completion). Notwithstanding the foregoing, if Borrower fails to cure such <br />breach during the time set forth herein for such cure, City shall provide written notice of such <br />failure to Limited Partner and no Event of Default shall be deemed to occur unless Limited <br />Partner fails to cure such breach within 30 days following delivery of such notice; provided, <br />however, if in order to cure such breach Limited Partner determines that it must remove the <br />General Partner pursuant to the terms of the Partnership Agreement, then no Event of Default <br />shall occur until 30 days following the effective date of such removal. <br />17. Remedies. <br />Upon the occurrence and during the continuance of an Event of Default, after any <br />applicable notice has been provided and the expiration of any applicable cure period therefore, <br />City may declare all sums evidenced hereby immediately due and payable by delivery to the <br />Trustee named in the City Deed of Trust securing this Note, and to Borrower, written declaration <br />of default and demand for sale, and written notice of default and of election to cause the Property <br />to be sold, which notice Trustee shall cause to be duly filed for record and City may foreclose on <br />the City Deed of Trust. City shall also deposit with Trustee the Deed of Trust, this Note and all <br />documents evidencing expenditures secured thereby and evidenced hereby. No delay or <br />omission on the part of the City in exercising any right under this Note or under any of the other <br />Loan Documents shall operate as a waiver of such right. <br />18. Attorneys' Pees. <br />If this City Loan Note is not paid when due or if any Event of Default occurs, Borrower <br />promises to pay all costs of enforcement and collection, including but not limited to, reasonable <br />attorneys' fees, whether or not any action or proceeding is brought to enforce the provisions <br />hereof. <br />19. Severability. <br />Every provision of this Note is intended to be severable. In the event any term or <br />provision hereof is declared by a court of competent jurisdiction, to be illegal or invalid for any <br />reason whatsoever, such illegality or invalidity shall not affect the balance of the terms and <br />provisions hereof, which terms and provisions shall remain binding and enforceable. <br />9 <br />