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Attachment C and Freddie Mac (whether or not submitted to or through the Freddie Mac Seller/Servicer) for financing proves at any time to have been incorrect or incomplete when made in any material respect; (b) Failure by the Borrower to pay any amounts due under this Project Loan Agreement, the Project Note or the Security Instrument at the times and in the amounts required by this Project Loan Agreement, the Project Note and the Security Instrument, as applicable, subject, only during the Construction Phase, to any applicable cure or grace period set forth in the Construction Continuing Covenant Agreement; (c) The Borrower shall fail to observe or perform any other term, covenant, condition or agreement (after taking into account any applicable cure period) set forth in this Project Loan Agreement, which failure continues for a period of thirty (30) days after notice of such failure by the Governmental Lender, the Fiscal Agent, the Servicer, the Financial Monitor or the Funding Lender Representative to the Borrower (unless such default cannot with due diligence be cured within thirty (30) days but can be cured within a reasonable period and will not, in the Funding Lender RepresentativeÓs sole and absolute discretion, adversely affect the Funding Lender or result in impairment of the Loans, this Project Loan Agreement, any other Financing Document, in which case no Event of Default shall be deemed to exist so long as Borrower shall have commenced to cure the default or Event of Default within thirty (30) days after receipt of notice, and thereafter diligently and continuously prosecutes such cure to completion); provided, however, no such notice or grace periods shall apply in the case of any such failure which could, in the Funding Lender RepresentativeÓs judgment, absent immediate exercise by the Funding Lender Representative of a right or remedy under this Agreement, result in harm to the Funding Lender, impairment of the Loans, this Project Loan Agreement or any other Financing Document; (d) The occurrence of a default or an event of default (however denominated) under the Continuing Covenant Agreement or the Security Instrument (after taking into account any applicable cure period thereunder) shall, at the discretion of the Funding Lender Representative, constitute an Event of Default under this Project Loan Agreement but only if the Fiscal Agent is provided written notice by the Funding Lender Representative that an Event of Default has occurred under such Financing Document and the Fiscal Agent is instructed by the Funding Lender Representative that such default constitutes an Event of Default hereunder. The occurrence of an Event of Default hereunder shall in the sole and absolute discretion of the Funding Lender Representative constitute a default or an event of default under the other Financing Documents. Nothing contained in this Section 7.01 is intended to amend or modify any of the provisions of the Financing Documents or to bind the Governmental Lender, the Fiscal Agent, the Servicer or the Funding Lender Representative to any notice and cure periods other than as expressly set forth in the Financing Documents. Section 7.02 Remedies on Default. Subject to Section 7.06 hereof, whenever any Event of Default hereunder shall have occurred and be continuing, the Funding Lender (or the Fiscal Agent at the direction of the Funding Lender), may take any one or more of the following remedial steps: 29 12502464v3