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{6} If �he Borrower shall default or fail to perform any covenant, conditian or <br />agreement on its part under ihe Mortgage or any other security docuEment securing the Note, and <br />such failure continues beyond the period set farth in such dacu�nents during which the Borrower <br />may cure the default. <br />(7) Any staie or federal tax lien shail �e filed against the Borrower and shali <br />remain undischarged #'or a period of sixty (64) days. <br />{8} All or any portion of the Land or the Project, or the legal, equitable or any <br />other interest �ierein, sha11 be sold, transferred, asszgned, leased, fi�rther encumbered (except as <br />permitted herein} or otherwise disposed of, unless the pr�ar written consent o� the Lender is first <br />abtained; pzovided that nothing in �his Agreement prohibits the Borrower from entering into an <br />agreernent for sale of the Land where the Loan and all other aznounts due under this Agreement <br />and the other documen#s evidencing the Loan will be paid in full at the closing of the saie. <br />Section 6.2 R�medies. Whenever any Event of Default referred to in Section 6.I <br />hereof shall have happened and be subsisting, any one or more af the following remedial steps io <br />the extent permitted by law may be taken by the City wiih the prior writte� consent of the Lender <br />or by the Lender itself: <br />(1) The Lender's obligation to advance any further amounts under the Loan <br />Agreement and the Disbursing Agreerz�ent shall terminate. Notwithstanding anything to the <br />contrary contained herein ar in atiy other instrument evidencing or securing the Loan, the Lender <br />may exercise tb.e foregoing remedy upan the occurrence of an event that wonld constitute such <br />an Event of Defaul� but for the requiremeni that notice be given or that a period of grace or time <br />elaps�. <br />(2) The City, upon written direction af the Lender, or the Lender may declaxe <br />all installrnents of the Loan (beira.g an amount equal to that nece�sary fo pay in full the Fnincipal <br />Balance plus accrued interest thereon and any premium of the Note assuming acceleration of the <br />Note unc�er the terms thereof and to pay all other indeb�edness thereunder} to be immediately due <br />and payable, whereupon the same shall become immediaiely due and payable by the Borrower. <br />(3) The City, upon written direction of the Lender (except as otherwise <br />provided in Section 7.9 herein), or the Lender (in either case at no expense to the City} may iake <br />whatever action at lavv or in equity rr�ay appear necessary or appropriate to collect the amounts <br />then due and thereafter to become due under this Agreement, or to enforce performance and <br />observance of any obligation, agreement or covenant of tY�e Borrower und�r this Agreement. <br />{4) The Lender may foreclose the Mortgage and proceed against the collateral <br />described th�rein. <br />(5) The Czty, upon written direction of the Lender, or the Lender may exercise <br />any other remedy permitted under any oiher instruameni evidencing or securing the Loan. <br />(6} Tn addition to the remedies set forth in this Agreement, upon the <br />occurrence of any Event of Default and ihereafter while the same be continuing, the Borrower <br />hereby irrevocably authorizes the Lender to set off all sums owing by #he Borrower to the Lender <br />220S845v4 2 j <br />