80A - JT PH VISTA DEL RIO HOUSING

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19.9.1 Notwithstanding the foregoing, as long as the value of City's liens are not impaired, any condemnation proceeds may be used by the Borrower for repair and/or restoration of the project. 19.10 Waiver of Subrogation. Vista Del Rio hereby waives all rights to recover against the Agency or the City (or any officer, employee, agent or representative of Agency or City) for any loss incurred by Vista Del Rio from any cause insured against or required by any Loan Document, to be insured against; provided, however, that this waiver of subrogation shall not be effective with respect to any insurance policy if the coverage thereunder would be materially reduced or impaired as a result. Vista Del Rio shall use its best efforts to obtain only policies which permit the foregoing waiver of subrogation. 20. DEFAULTS AND REMEDIES 20.1 Events of Default. The occurrence of any of the following, whatever the reason therefore, shall constitute an Event of Default by Vista Del Rio: (a) Vista Del Rio fails to make any payment of principal or interest under the City Loan Note(s) when due, and such failure is not cured within fifteen (15) Business Days after Vista Del Rio's receipt of written notice that such payment was not received when due; (b) Vista Del Rio fails to perform any other obligation for the payment of money under any Loan Document, and such failure is not cured within fifteen (15) Business Days after Vista Del Rio's receipt of written notice that such obligation was not performed when due; (c) Vista Del Rio fails to perform any obligation (other than the obligations described in subparagraphs (a) and (b) above) under any Loan Document, and such failure is not cured within thirty (30) days after Vista Del Rio's receipt of written notice that such obligation was not performed; provided that, if cure cannot reasonably be effected within such thirty (30)-day period, such failure shall not be an Event of Default so long as Vista Del Rio (in any event, within ten (10) days after receipt of such notice) commences to cure, and thereafter diligently (in any event within ninety (90) days after receipt of such notice) prosecutes such cure to completion; (d) Any representation or warranty in any Loan Document proves to have been incorrect in any material respect when made; (e) Reserved. ( f) The Property is materially damaged or destroyed by fire or other casualty unless Vista Del Rio fulfills the Restoration Conditions set forth in the insurance provisions of this Agreement within ninety (90) days (unless extended pursuant to Section 19.5) and thereafter diligently restores the Property in accordance with this Agreement; 37 80A-113