Item 24 - Agreement No. 2025-01 - MLC Holdings

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U;: Note, and Maker's failure to maintain insurance on the Property as required pursuant to the City Deed of Trust. 8.2 The entry of an order for relief under federal bankruptcy laws as to Maker or the adjudication of Maker as insolvent or bankrupt pursuant to the provisions of any state or federal insolvency or bankruptcy act, or Maker's consent to, acquiescence in, or attempt to secure the appointment of, any receiver for all or any substantial part of the Property. 8.3 The occurrence of an event of default under any loan secured by the Property and the continuance of such default beyond the expiration of all applicable cure periods such that the holder of such loan has the right to accelerate such loan. 9. Remedies. Upon the occurrence of a Default, the giving of any required notice thereof, and the expiration of any applicable cure period, City may, at its option, exercise any one or more of the following remedies: 9.1 Declare all of the sums payable under this Note to be immediately due and payable without further demand. 9.2 Pursue the exercise of the power of sale provided under the City Deed of Trust. 9.3 Either in person or by agent, with or without bringing any action or proceeding, or by a receiver appointed by a court, and without regard to the adequacy of its security, enter upon the Property and take possession thereof (or any part thereof) and of any of the Security in its own name or in the name of the Trustee, and do any acts which it deems necessary or desirable to preserve the value or marketability of the Property, or part thereof or interest therein, or protect the security thereof. The entering upon and taking possession of the Security shall not cure or waive any breach hereunder or invalidate any act done in response to such breach, and notwithstanding the continuance in possession of the Property, the City shall be entitled to exercise every remedy provided by the City Documents or by law, upon the occurrence of any uncured breach. 7 9.4 Commence an action to foreclose the City Deed of Trust as a mortgage, appoint a receiver, or specifically enforce any of the covenants set forth in the City Documents. 9.5 Exercise its option to purchase the Property pursuant to the Affordable Housing Resale Restrictions. 9.6 Exercise all other rights and remedies provided herein or in any other City Document. 9.7 Exercise any other remedy provided by law or in equity. Exhibit C Page 45 5 53 94.00 10 1 \43423340.1