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and Mortgagor to cure the default prior to exercise of any remedies by the Mortgagee. If Mortgagor fails to take corrective action or to cure the default within a time agreed to in writing by the Mortgagee and the Mortgagor, Mortgagee shall give Mortgagor and each of the general and limited partners of the Partnership written notice thereo£ In no event shall Mortgagee be precluded from exercising remedies if its security becomes or is about to become materially jeopardized by any failure to cure a default or the default is not cured within one hundred eighty (180) days after the first notice of default is given, or such longer period of time as may be specified in the Loan Documents. 4. Casualtv, Condemnation, Etc. In the event of any fire or other casualty to the Project or eminent domain proceedings resulting in condemnation of the Project or any part thereof, Mortgagor shall have the right to rebuild the Project, and to use all available insurance or condemnation proceeds therefore, provided that (a) such proceeds are sufficient to keep the Loan in balance and rebuild the Project in a manner that provides adequate security to Mortgagee for repayment of the Loan or if such proceeds are insufficient then Mortgagor shall have funded any deficiency, (b) Mortgagee shall have the right to approve plans and specifications for any major rebuilding and the right to approve disbursements of insurance or condemnation proceeds for rebuilding under a construction escrow or similar arrangement, and (c) no material default then exists under the Loan Documents. If the casualty or condemnation affects only part of the Proj ect and total rebuilding is infeasible, then proceeds may be used for partial rebuilding and partial repayment of the Loan in a manner that provides adequate security to the Mortgagee for repayment of the remaining balance of the Loan. 5. Force Maieure. There shall be no default for construction delays beyond the reasonable control of Mortgagor, provided that such delays do not exceed one hundred eighty (180) days, or such longer period of time as may be specified in the Loan Documents. 6. Purchase Ri�hts. The execution and delivery of the purchase option and right of first refusal agreement described in the Partnership Agreement, if any, shall not constitute a default under the Loan Documents or accelerate the maturity of the Loan thereunder. Any requisite consent of the Mortgagee to (a) the exercise of said purchase option and right of first refusal agreement by the proj ect sponsor identified therein, and to (b) the assumption without penalty of Loan obligations by the project sponsor and the release of Mortgagor from such obligations, sha11 not be unreasonably withheld. Subject to any such consent requirement, the exercise of rights under such agreement shall not constitute a default or accelerate maturity of the Loan. 7. Loan Assumption. If the purchase option and right of first refusal agreement described in the Partnership Agreement, if any, is not exercised and the Project is sold subject to low-income housing use restrictions similar to those contained in the Declaration of Restrictive Covenants dated December 27, 2007 and recorded on December 28, 2007 as Document Number 4072216, any requisite consent of Mortgagee to said sa1e, and to the assumption without penalty of loan obligations by the purchaser and the release of �