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delivery to Agency and City of a true copy of each and any notice provided by the Senior Lender for the Project to Developer (as its borrower) during the term of the Senior Loan for the Project; (b) a reasonably extended cure period and right to Agency and City to cure and assume the Senior Loan, and/or other senior lien(s) for the Project upon the same terms applicable to the approved financing to Developer pursuant to the loan documents applicable thereto with such right, but with no obligation, to the Agency and City being available both from the date of issuance of any notice of default through and after the recordation of a formal Notice of Default by the Senior Lender for the Project pursuant to applicable California Code of Civil Procedure foreclosure requirements, and (c) a right of Agency and City to cure a default on each of the senior loan(s) for the Project prior to foreclosure and after recordation of a Notice of Default pursuant to applicable California Code of Civil Procedure requirements; and such cure rights may also include: (d) a right of Agency and City to negotiate with the Senior Lender(s) for the Project after notice of default from the Senior Lender(s) and prior to foreclosure, (e) an agreement that if prior to foreclosure of the Senior Loan for the Project, Agency or City takes title to the Property and cures the default on the senior loan(s) for the Project, the Senior Lender(s) will not exercise any right it may have to accelerate the Senior Loan by reason of the transfer of title to Agency or City, and (f) a right of Agency and City to acquire Developer's interest in the Property from Developer at any time after a material default on the Senior Loan for the Project. 400. [RESERVED] 500. LOANS 501. Agency Loan. 501.1 Amount and Purpose. Subject to the terms and conditions of this Agreement, Agency agrees to make the Agency Loan to Developer from tax increment money in the principal amount of up to $3,888,497 for those purposes described in this Agreement. 501.2 Agency Promissory Note and Deed of Trust. The Agency Loan shall be evidenced by the Agency Promissory Note in the form attached hereto as Exhibit F. The Agency Loan shall be secured by the Agency Deed of Trust in the form attached hereto as Exhibit H-1. The Agency Deed of Trust shall be a deed of trust encumbering the Property in second position, subordinate only to the Senior Loan Deed of Trust. 501.3 Use of Agency Loan Proceeds. Proceeds of the Agency Loan shall be used only for costs incurred by Developer to construct the Improvements as set forth in the approved Project Budget. 501.4 Agency Loan Terms. The terms and conditions of the Agency Loan are as set forth in the Agency Promissory Note which is a residual receipts note. 502. City Loan. 502.1 Amount and Purpose. Subject to the terms and conditions of this Agreement, City agrees to make the City Loan from HOME Program funds to Developer in the principal amount of up to $2,500,000 for those purposes described in this Agreement. 19 DOCSOC/ I469583v5/200272-0003