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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 <br />default 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 <br />default so long as it endeavors to complete such cure, correction or remedy with reasonable <br />diligence, provided such cure, correction or remedy is completed within the applicable time <br />period set forth herein after receipt of written notice (or such additional time as may be deemed <br />by the City to be 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 <br />any default shall not operate as a waiver of any default or of any such rights or remedies. Delays <br />by the City in asserting any of its rights and remedies shall not deprive the City of its right to <br />institute and maintain any actions or proceedings which it may deem necessary to protect, assert, <br />or enforce any such rights or remedies. <br />C. If a monetary event of default occurs under the terms of this Note or the Deed of <br />Trust, prior to exercising any remedies thereunder City shall give Borrower written notice of <br />such default. Borrower shall have a period of fifteen (15 Business Days after such notice is <br />received within which to cure the default prior to exercise of remedies by City under this Note <br />and the Deed of Trust. <br />f If a non - monetary event of default occurs under the terms of this Note or the Deed <br />of Trust, prior to exercising any remedies thereunder, City shall give Borrower notice of such <br />default. If the default is reasonably capable of being cured within thirty (30) days, Borrower shall <br />have such period to effect a cure prior to exercise of remedies by the City under this Note and the <br />Deed of Trust. If the default is such that it is not reasonably capable of being cured within thirty <br />(30) days, and Borrower (i) initiates corrective action within said period, and (ii) diligently, <br />continually, and in good faith works to effect a cure as soon as possible, then borrower shall have <br />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 <br />default is not cured within one hundred eighty (180) days after the first notice of default is given. <br />22. Insurance and Condemnation. <br />In the event of any fire or other casualty to the Property or eminent domain proceedings <br />resulting in condemnation of the Property or any part thereof, Borrower shall have the right to <br />rebuild the Property, and to use all available insurance or condemnation proceeds therefor, <br />provided that (a) such proceeds are sufficient to keep the City Loan in balance and rebuild the <br />Property in a manner that provides adequate security to City for repayment of the City Loan or if <br />such proceeds are insufficient then Borrower shall have funded any deficiency, (b) City shall <br />have the right to approve plans and specifications for any major rebuilding and the right to <br />approve disbursements of insurance or condemnation proceeds for rebuilding under a <br />construction escrow or similar arrangement, and (c) no material default then exists under this <br />11 <br />r - •- <br />