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Documents or exercise any other rights or remedies it may have under the Subordinate Loan <br />Documents, including, but not limited to accelerating one or both of the Subordinate Loans, <br />collecting rents, appointing (or seeking the appointment of) a receiver or exercising any other <br />rights or remedies thereunder unless and until it has given the County at least sixty (60) days' <br />prior written notice; during such sixty (60) day period, however, the Subordinate Lender shall <br />be entitled to exercise and enforce all other rights and remedies available to the Subordinate <br />Lender under the Subordinate Loan Documents and/or under applicable laws. <br /> <br /> (c) Cross Default. The Borrower and the Subordinate Lender agree that any of <br />a Subordinate Loan Default, or Regulatory Agreement Default shall constitute a Senior <br />Mortgage Loan Default under the Senior Mortgage Loan Documents and the County shall <br />have the right to exercise all rights or remedies under the Senior Mortgage Loan Documents <br />in the same manner as in the case of any other Senior Mortgage Loan Default. If the <br />Subordinate Lender notifies the County in writing that any Subordinate Loan Default or <br />Regulatory Agreement Default of which the County has received a Default Notice has been <br />cured or waived, as determined by the Subordinate Lender in its sole discretion, then provided <br />that County has not conducted a sale of the Property pursuant to its rights under the Senior <br />Mortgage Loan Documents, any Senior Mortgage Loan Default under the Senior Mortgage <br />Loan Documents arising solely from such Subordinate Loan Default or Regulatory <br />Agreement Default shall be deemed cured, and the Senior Mortgage Loan shall be reinstated, <br />provided, however, that the County shall not be required to return or otherwise credit for the <br />benefit of the Borrower any default rate interest or other default related charges or payments <br />received by the County during such Senior Mortgage Loan Default. <br /> <br /> 6. Default Under Senior Mortgage Loan Documents. <br /> <br /> (a) Notice of Default and Cure Rights. The County shall deliver to the <br />Subordinate Lender a Default Notice within five (5) Business Days in each case where the <br />County has given a Default Notice to the Borrower. Failure of the County to send a Default <br />Notice to the Subordinate Lender shall not prevent the exercise of the County's rights and <br />remedies under the Senior Loan Documents, subject to the provisions of this Agreement. The <br />Subordinate Lender shall have the right, but not the obligation, to cure any such Senior <br />Mortgage Loan Default within sixty (60) days following the date of such notice; provided, <br />however, that the County shall be entitled during such sixty (60) day period to continue to <br />pursue its remedies under the Senior Mortgage Loan Documents. Subordinate Lender may <br />have up to ninety (90) days from the date of the Default Notice to cure a non-monetary default <br />if during such ninety (90) day period Subordinate Lender keeps current all payments required <br />by the Senior Mortgage Loan Documents. In the event that such a non-monetary default <br />creates an unacceptable level of risk relative to the Property, or County's secured position <br />relative to the Property, as determined by County in its sole discretion, then County may <br />exercise during such ninety (90) day period all available rights and remedies to protect and <br />preserve the Property and the rents, revenues and other proceeds from the Property. All <br />EXHIBIT 8