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19. If an event of default occurs under the terms of these Restrictions, prior to <br />exercising any remedies hereunder, City shall give Developer written notice of such <br />default. If the default is reasonably capable of being cured within thirty (30) days, <br />Developer shall have such period to effect a cure prior to exercise of remedies by the City <br />under these Restrictions. If the default is such that it is not reasonably capable of being <br />cured within thirty (30) days, and Developer: (i) initiates corrective action within said <br />period; and (ii) diligently, continually, and in good faith works to effect a cure as soon as <br />reasonably possible, then Developer shall have such additional time as is reasonably <br />necessary to cure the default prior to exercise of any remedies by City. The City shall <br />provide the Developer's Limited Partner with an opportunity to cure any default. Any <br />cure made or tendered by Limited Partner shall be accepted as if made by Developer. <br />The City is a beneficiary of the terms and provisions of these Restrictions and the <br />covenants herein, both for and in their own right and for the purposes of protecting the <br />interests of the community and other parties, public or private, for whose benefit these <br />Restrictions and the covenants running with the land have been provided. Upon the <br />occurrence of and continuation of an event of default following written notice to Developer <br />thereof and the expiration of the cure period specified above, the City shall have the right <br />to exercise all rights and remedies, and to maintain any actions or suits at law or in equity <br />or other proper proceedings to enforce the curing of such breaches to which they or any <br />other beneficiaries of these Restrictions and covenants are entitled. <br />20. Default. <br />Each of the following shall constitute an "Event of Default" by Developer under <br />these Restrictions: <br />20.1. Failure to Make Payments. Developer fails to make any payment due the <br />City under these Restrictions within thirty (30) days after receiving written notice for said <br />payment from the City; <br />20.2. Non -Monetary Failure to Perform. Developer fails to timely perform, <br />comply with or observe any of the terms, covenants, or conditions of these Restrictions <br />(other than those provisions elsewhere referred to in this Section 18) and such failure <br />continues uncured or without Developer commencing to diligently cure for thirty (30) days <br />after notice thereof in writing is given by the City to Developer, provided that if Developer <br />has commenced cure but cannot complete such cure reasonably within thirty (30) days, <br />Developer shall have one hundred and twenty (120) days from the date of notice to cure <br />such failure without such failure constituting an event of default; <br />20.3. Senior Loan Document Breach. Any default or breach of Developer which <br />continues uncured after the expiration of any applicable cure period under the Loan <br />Agreement (including, but not limited to, the obligations of the Developer under Section 6 <br />of the Loan Agreement), or any Loan Document or any default or breach of Developer <br />under the Senior Loan Documents, which continues uncured after the expiration of any <br />applicable cure period thereunder; <br />17 <br />WISEPlace Permanent Supportive Housing <br />City HOME -ARP Affordability Restrictions on Transfer of Property <br />