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b. The City shall give written notice of default to the Borrower, specifying the default <br />complained of by the City. Delay in giving such notice shall not constitute a waiver of any default <br />nor shall it change the time of default. <br />c. Except in the case of a monetary event of default, the Borrower shall not be in default <br />so long as it endeavors to complete such cure, correction or remedy with reasonable diligence, <br />provided such cure, correction or remedy is completed within the applicable time period set forth <br />herein after receipt of written notice (or such additional time as maybe deemed by the City to be <br />reasonably necessary to correct the default). <br />d. Any failures or delays by the City in asserting any of its rights and remedies as to any <br />default shall not operate as a waiver of any default or of any such rights or remedies. Delays by the <br />City in asserting any of its rights and remedies shall not deprive the City of its right to institute and <br />maintain any actions or proceedings which it may deem necessary to protect, assert, or enforce any <br />such rights or remedies. <br />e. If a monetary event of default occurs under the terms of this Note or the City/HOME <br />Loan Deed of Trust, prior to exercising any remedies thereunder City shall give Borrower written <br />notice of such default. Borrower shall have a period of seven (7) days after such notice is given <br />within which to cure the default prior to exercise of remedies by City under this Note and the <br />City/HOME Loan Deed of Trust. <br />f. If anon-monetary event of default occurs under the terms of this Note or the <br />City/HOME Loan Deed of Trust, prior to exercising any remedies thereunder, City shall give <br />Borrower notice of such default. If the default is reasonably capable of being cured within thirty (30) <br />days, Borrower shall have such period to effect a cure prior to exercise of remedies by the City under <br />this Note and the Deed of Trust. If the default is such that it is not reasonably capable of being cured <br />within thirty (30) days, and Borrower (i) initiates corrective action within said period, and <br />(ii) diligently, continually, and in good faith works to effect a cure as soon as possible, then Borrower <br />shall have such additional time as is reasonably necessary to cure the default prior to exercise of any <br />remedies by City. In no event shall City be precluded from exercising remedies if its security <br />becomes or is about to become materially jeopardized by any failure to cure a default or the default is <br />not cured within one hundred eighty (180) days after the first notice of default is given. <br />24. Insurance and Condemnation. <br />In the event of any fire or other casualty to the Project or eminent domain proceedings <br />resulting in condemnation of the Project or any part thereof, Borrower shall have the right to rebuild <br />the Project, and to use all available insurance or condemnation proceeds therefor, provided that <br />(a) such proceeds are sufficient to keep the City/HOME Loan in balance and rebuild the Project in a <br />manner that provides adequate security to City for repayment of the City/HOME Loan or if such <br />proceeds are insufficient then Borrower shall have funded any deficiency, (b) City shall have the <br />right to approve plans and specifications for any major rebuilding and the right to approve <br />disbursements of insurance or condemnation proceeds for rebuilding under a construction escrow or <br />similar arrangement, and (c) no material default then exists under this Note or the Deed of Trust. If <br />the casualty or condemnation affects only part of the Project and total rebuilding is infeasible, then <br />proceeds maybe used for partial rebuilding and partial repayment of the City/HOME Loan in a <br />manner that provides adequate security for repayment of the remaining balance of the City/HOME <br />Loan. <br />D-9 <br />DOCSOC/ 1475221 v5/200272-0004 <br />