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(h) Developer is dissolved, liquidated or terminated, or all or
<br />substantially all of the assets of Developer are sold or otherwise transferred without the Executive
<br />Director's prior written consent;
<br />(i) Developer is the subject of an order for relief by a bankruptcy court,
<br />or is unable or admits its inability to pay its debts as they mature, or makes an assignment for the
<br />benefit of creditors; or Developer applies for or consents to the appointment of any receiver, trustee,
<br />custodian, conservator, liquidator, rehabilitator or similar officer for it or any part of its property; or
<br />any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed
<br />without the application or consent of Developer and the appointment continues undischarged or
<br />unstayed for ninety (90) days; or Developer institutes or consents to any bankruptcy, insolvency,
<br />reorganization, arrangement, readjustment of debt, dissolution, custodianship, conservatorship,
<br />liquidation, construction or similar proceeding relating to it or any part of its property; or any similar
<br />proceeding is instituted without the consent of Developer and continues undismissed or unstayed for
<br />ninety (90) days; or any judgment, writ, warrant of attachment or execution, or similar process is
<br />issued or levied against any property of Developer and is not released, vacated or fully bonded within
<br />ninety (90) clays after its issue or levy; or
<br />0) (i) any of the Senior Loan documents is revoked or terminated, in
<br />whole or in part and for any reason (except due to repayment in full of the Senior Loan), without the
<br />Executive Director's prior written consent, or (ii) Developer defaults or otherwise fails to perform
<br />any of its duties or obligations under or in connection with any of the Senior Loan documents,
<br />subject to all applicable notice and cure ,periods, or (iii) any of the Senior Loan documents is
<br />amended, supplemented or otherwise modified without Agency/City's prior written consent, which
<br />consent shall not be unreasonably withheld. Notwithstanding anything to the contrary contained
<br />herein, Agency/City hereby agrees that any cure of any default made or tendered by Developer's
<br />Limited Partner shall be deemed to be a cure by Developer and shall be accepted or rejected on the
<br />same basis as if made or tendered by Developer.
<br />2002. Remedies Upon Default. Upon the occurrence of any Event of Default,
<br />Agency/City may, at its option and in its absolute discretion, do any or all of the following:
<br />(a) By written notice to Developer, declare the principal of all amounts
<br />owing under the Loan Documents, together with all accrued interest and other amounts owing in
<br />connection therewith, to be immediately due and payable, regardless of any other specified due date;
<br />(b) In its own right or by a court-appointed receiver, take possession of
<br />the Property, enter into contracts for and otherwise proceed with the completion of the construction
<br />by expenditure of its own funds;
<br />(c) Exercise any of its rights under the Loan Documents and any rights
<br />provided by law, including, without limitation, the right to seek specific performance and the right to
<br />foreclose on any security and exercise any other rights with respect to any security, all in such order
<br />and manner as City elects in its sole and absolute discretion;
<br />(d) Suspend or terminate the award of HOME funds if Developer fails to
<br />comply with any term of that award; and
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<br />25F-63
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