Common use of Borrower Events of Default Clause in Contracts

Borrower Events of Default. The occurrence of any of the following shall, after the giving of any notice and the expiration of any applicable cure period described therein, constitute an event of default by Borrower hereunder ("Event of Default"): (a) The failure of Borrower to pay or perform any monetary covenant or obligation hereunder or under the terms of the Note or the Deed of Trust, without curing such failure within ten (10) days after the date such payment is due. Notwithstanding anything herein to the contrary, the herein described cure period shall not apply to a failure by Borrower to timely repay the HOME Loan at the Maturity Date of the Note; (b) The failure of Borrower to perform any nonmonetary covenant or obligation hereunder or under the terms of the Note or the Deed of Trust, without curing such failure within thirty (30) days after receipt of written notice of such default from Commission (or from any party authorized by Commission to deliver such notice as identified by Commission in writing to Borrower) specifying the nature of the event or deficiency giving rise to the default and the action required to cure such deficiency; provided, however, that if any default with respect to a non-monetary obligation is such that it cannot be cured within a thirty (30) day period, it shall be deemed cured if Borrower commences the cure within said thirty (30) day period and diligently prosecutes such cure to completion thereafterwith the cure completed in any event withing 180 days after the notice.. Notwithstanding anything herein to the contrary, the herein described notice requirements and cure period shall not apply to any Event of Default described in Sections 15.1(c) through 15.1(g) below; (c) The material falsity of any representation or breach of any warranty or covenant made by Borrower under the terms of this Agreement, the Note, or the Deed of Trust; (d) Borrower or any constituent member or partner, or majority shareholder, of Borrower shall (a) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian or the like of its property, (b) fail to pay or admit in writing its inability to pay its debts generally as they become due, (c) make a general assignment for the benefit of creditors, (d) be adjudicated a bankrupt or insolvent or (e) commence a voluntary case under the Federal bankruptcy laws of the United States of America or file a voluntary petition that is not withdrawn within ten (10) days of the filing thereof or answer seeking an arrangement with creditors or an order for relief or seeking to take advantage of any insolvency law or file an answer admitting the material allegations of a petition filed against it in any bankruptcy or insolvency proceeding; (e) If without the application, approval or consent of Borrower, a proceeding shall be instituted in any court of competent jurisdiction, under any law relating to bankruptcy, in respect of Borrower or any constituent member or partner, or majority shareholder, of Borrower, for an order for relief or an adjudication in bankruptcy, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, liquidator or custodian or the like of Borrower or of all or any substantial part of Borrower's assets, or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such proceeding is being contested by Borrower, in good faith, the same shall (a) result in the entry of an order for relief or any such adjudication or appointment, or (b) continue undismissed, or pending and unstayed, for any period of ninety (90) consecutive days; (f) Following completion of the rehabilitation of the Project, voluntary cessation of the operation of the Project for a continuous period of more than thirty (30) days or the involuntary cessation of the operation of the Project in accordance with this Agreement for a continuous period of more than sixty (60) days; (g) Borrower shall suffer or attempt to effect a Transfer (as defined below) in violation of Section 14.0 above or Section 29.0 below; or (h) Borrower shall be in default under the CC&Rs, the Senior Financing, the Junior Financing, the Other Financing, the Supportive Services Agreement, if any, or any other secured or unsecured obligation relating to the Project, unless the default is cured within the cure period, if any, applicable thereto under the terms of the obligation which is in default.

Borrower Events of Default. The occurrence of any of the following shall, after the giving of any notice and the expiration of any applicable cure period described therein, constitute an event of default by Borrower hereunder ("Event of Default"): (a) The failure of Borrower to pay or perform any monetary covenant or obligation hereunder or under the terms of the Note or the Deed of Trust, without curing such failure within ten (10) days after the date such payment is due. Notwithstanding anything herein to the contrary, the herein described cure period shall not apply to a failure by Borrower to timely repay the HOME Loan at the Maturity Date of the Note; (b) The failure of Borrower to perform any nonmonetary covenant or obligation hereunder or under the terms of the Note or the Deed of Trust, without curing such failure within thirty (30) days after receipt of written notice of such default from Commission (or from any party authorized by Commission to deliver such notice as identified by Commission in writing to Borrower) specifying the nature of the event or deficiency giving rise to the default and the action required to cure such deficiency; provided, however, that if any default with respect to a non-non- monetary obligation is such that it cannot be cured within a thirty (30) day period, it shall be deemed cured if Borrower commences the cure within said thirty (30) day period and diligently prosecutes such cure to completion thereafterwith the cure completed in any event withing 180 within one hundred eighty (180) days after the notice.. Notwithstanding anything herein to the contrary, the herein described notice requirements and cure period shall not apply to any Event of Default described in Sections 15.1(c) through 15.1(g) below; (c) The material falsity of any representation or breach of any warranty or covenant made by Borrower under the terms of this Agreement, the Note, or the Deed of Trust; (d) Borrower or any constituent member or partner, or majority shareholder, of Borrower shall (a) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian or the like of its property, (b) fail to pay or admit in writing its inability to pay its debts generally as they become due, (c) make a general assignment for the benefit of creditors, (d) be adjudicated a bankrupt or insolvent or (e) commence a voluntary case under the Federal bankruptcy laws of the United States of America or file a voluntary petition that is not withdrawn within ten (10) days of the filing thereof or answer seeking an arrangement with creditors or an order for relief or seeking to take advantage of any insolvency law or file an answer admitting the material allegations of a petition filed against it in any bankruptcy or insolvency proceeding; (e) If without the application, approval or consent of Borrower, a proceeding shall be instituted in any court of competent jurisdiction, under any law relating to bankruptcy, in respect of Borrower or any constituent member or partner, or majority shareholder, of Borrower, for an order for relief or an adjudication in bankruptcy, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, liquidator or custodian or the like of Borrower or of all or any substantial part of Borrower's assets, or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such proceeding is being contested by Borrower, in good faith, the same shall (a) result in the entry of an order for relief or any such adjudication or appointment, or (b) continue undismissed, or pending and unstayed, for any period of ninety (90) consecutive days; (f) Following completion of the rehabilitation of the Project, voluntary cessation of the operation of the Project for a continuous period of more than thirty (30) days or the involuntary cessation of the operation of the Project in accordance with this Agreement for a continuous period of more than sixty (60) days; (g) Borrower shall suffer or attempt to effect a Transfer (as defined below) in violation of Section 14.0 above or Section 29.0 below; or (h) Borrower shall be in default under the CC&Rs, the Senior Financing, the Junior Financing, the Other Financing, the Supportive Services Agreement, if any, or any other secured or unsecured obligation relating to the Project, unless the default is cured within the cure period, if any, applicable thereto under the terms of the obligation which is in default.

Borrower Events of Default. The occurrence of any of the following shall, after the giving of any notice and the expiration of any applicable cure period described therein, constitute an event of default by Borrower hereunder ("Event of Default"): (a1) The failure of Borrower to pay or perform any monetary covenant or obligation hereunder or under the terms of the Note Deed of Trust or the Deed of TrustLoan Agreement, without curing such failure within ten (10) days after the date such payment is due. Notwithstanding anything herein to the contrary, the herein described cure period shall not apply to a failure by Borrower to timely repay the HOME Loan at the Maturity Date of the this Note; (b2) The failure of Borrower to perform any nonmonetary covenant or obligation hereunder or under the terms of the Note or the Deed of TrustTrust or the Loan Agreement, without curing such failure within thirty (30) days after receipt of written notice of such default from the Commission (or from any party authorized by the Commission to deliver such notice as identified by the Commission in writing to Borrower) specifying the nature of the event or deficiency giving rise to the default and the action required to cure such deficiency; provided, however, that if any default with respect to a non-monetary nonmonetary obligation is such that it cannot be cured within a thirty (30) -day period, it shall be deemed cured if Borrower commences the cure within said thirty (30) -day period and diligently prosecutes such cure to completion thereafterwith thereafter with the cure completed in any event withing 180 within one hundred eighty (180) days after the notice.. . Notwithstanding anything herein to the contrary, the herein described notice requirements and cure period periods shall not apply to any Event of Default described in Sections 15.1(c9(A)(3) through 15.1(g9(A)(8) below; (c3) The material falsity of any representation or breach of any warranty or covenant made by Borrower under the terms of this AgreementNote, the Note, Loan Agreement or the Deed of Trust; (d4) Borrower or any constituent member or partner, or majority shareholder, of Borrower shall (a) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian or the like of its property, (b) fail to pay or admit in writing its inability to pay its debts generally as they become due, (c) make a general assignment for the benefit of creditors, (d) be adjudicated a bankrupt or insolvent or (e) commence a voluntary case under the Federal bankruptcy laws of the United States of America or file a voluntary petition that is not withdrawn within ten (10) days of the filing thereof or answer seeking an arrangement with creditors or an order for relief or seeking to take advantage of any insolvency law or file an answer admitting the material allegations of a petition filed against it in any bankruptcy or insolvency proceeding; (e5) If without the application, approval or consent of Borrower, a proceeding shall be instituted in any court of competent jurisdiction, under any law relating to bankruptcy, in respect of Borrower or any constituent member or partner, partner or majority shareholder, shareholder of Borrower, for an order for relief or an adjudication in bankruptcy, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, liquidator or custodian or the like of Borrower or of all or any substantial part of Borrower's assets, or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such proceeding is being contested by Borrower, in good faith, the same shall (a) result in the entry of an order for relief or any such adjudication or appointment, or (b) continue undismissed, or pending and unstayed, for any period of ninety (90) consecutive days; (f6) Following completion of the rehabilitation construction of the Project, voluntary cessation of the operation of the Project for a continuous period of more than thirty (30) days or the involuntary cessation of the operation of the Project in accordance with this Agreement Note for a continuous period of more than sixty (60) days; (g7) Borrower shall suffer or attempt to effect a Transfer (as defined below) Transfer, in violation of Section 14.0 above 14 or Section 29.0 below; or30 of the Loan Agreement; (h) 8) Borrower shall be in default under the terms of the CC&Rs, the Senior Financing, the Junior Financing, the Other Financing, the Supportive Services Agreement (if applicable under Section 7 of the Loan Agreement, if any, ) or any other secured or unsecured obligation relating to the Project, unless the default is cured within the cure period, if any, applicable thereto under the terms of the obligation which is in default.

Borrower Events of Default. The occurrence of any of the following shall, after the giving of any notice and the expiration of any applicable cure period described therein, constitute an event of default by Borrower hereunder ("Event of Default"):), each of which are acknowledged by Borrower to constitute a material default under this Agreement: (a1) The failure of Borrower to pay or perform any monetary covenant or obligation hereunder or under the terms of the Note or the Leasehold Deed of TrustTrust or any other Loan Document, without curing such failure within ten (10) days after the date receipt of written notice of such payment is duedefault from First 5 LA (or from any party authorized by First 5 LA to deliver such notice as identified by First 5 LA in writing to Borrower). Notwithstanding anything herein to the contrary, the herein described cure period shall not apply to a failure by Borrower to timely repay the HOME Loan at the Maturity Date of the Note; (b2) The failure of Borrower to perform any nonmonetary covenant or obligation hereunder or under the terms of the Note or the Leasehold Deed of TrustTrust or any other Loan Document, without curing such failure within thirty (30) days after receipt the giving of written notice of such default from Commission First 5 LA (or from any party authorized by Commission First 5 LA to deliver give such notice as identified by Commission First 5 LA in writing to Borrower) specifying the nature of the event or deficiency giving rise to the default and the action required to cure such deficiency; provided, however, that if any default with respect to a non-monetary nonmonetary obligation is such that it cannot be cured within a thirty (30) day -day period, it shall be deemed cured if Borrower commences the cure within said thirty (30) day -day period and diligently prosecutes such cure to completion thereafterwith thereafter with the cure completed in any event withing 180 within one hundred eighty (180) days after the giving of said notice.. . Notwithstanding anything herein to the contrary, the herein described notice requirements and cure period periods shall not apply to any Event of Default described in Sections 15.1(c17.1(3) through 15.1(g17.1(8) below; or for nonmonetary covenants or obligations otherwise set forth in the Loan Documents where an express time period is otherwise provided elsewhere in the Loan Documents; (c3) The material falsity of any representation or breach of any warranty or covenant made by Borrower under the terms of or in connection with this Agreement, the Note, or the Leasehold Deed of Trust; (d) Borrower or any constituent member or partner, or majority shareholder, of Borrower shall (a) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian or the like of its property, (b) fail to pay or admit in writing its inability to pay its debts generally as they become due, (c) make a general assignment for the benefit of creditors, (d) be adjudicated a bankrupt or insolvent or (e) commence a voluntary case under the Federal bankruptcy laws of the United States of America or file a voluntary petition that is not withdrawn within ten (10) days of the filing thereof or answer seeking an arrangement with creditors or an order for relief or seeking to take advantage of any insolvency law or file an answer admitting the material allegations of a petition filed against it in any bankruptcy or insolvency proceeding; (e) If without the application, approval or consent of Borrower, a proceeding shall be instituted in any court of competent jurisdiction, under any law relating to bankruptcy, in respect of Borrower or any constituent member or partner, or majority shareholder, of Borrower, for an order for relief or an adjudication in bankruptcy, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, liquidator or custodian or the like of Borrower or of all or any substantial part of Borrower's assets, or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such proceeding is being contested by Borrower, in good faith, the same shall (a) result in the entry of an order for relief or any such adjudication or appointment, or (b) continue undismissed, or pending and unstayed, for any period of ninety (90) consecutive days; (f) Following completion of the rehabilitation of the Project, voluntary cessation of the operation of the Project for a continuous period of more than thirty (30) days or the involuntary cessation of the operation of the Project in accordance with this Agreement for a continuous period of more than sixty (60) days; (g) Borrower shall suffer or attempt to effect a Transfer (as defined below) in violation of Section 14.0 above or Section 29.0 below; or (h) Borrower shall be in default under the CC&Rs, the Senior Financing, the Junior Financing, the Other Financing, the Supportive Services Agreement, if any, or any other secured Loan Documents, or unsecured obligation relating the First 5 Application (a cure period does not apply to the Project, unless the default is cured within the cure period, if any, applicable thereto under the terms of the obligation which is in default.this subsection);

Borrower Events of Default. The occurrence of any of the following shall, after the giving of any notice and the expiration of any applicable cure period described therein, constitute an event of default by Borrower hereunder ("Event of Default"): (a) The failure of Borrower to pay or perform any monetary covenant or obligation hereunder or under the terms of the Note or any of the Deed of TrustLoan Documents, without curing such failure within ten (10) days after the date receipt of written notice of such payment is duedefault from COUNTY (or from any party authorized by COUNTY to deliver such notice as identified by COUNTY in writing to Borrower). Notwithstanding anything herein to the contrary, the herein described no notice requirement or cure period shall not apply to a failure by Borrower to make timely repay payments of principal and interest in advance of payment dates on the HOME HUD Loan at the Maturity Date of the Noteas specified in Section 2.3 above; (b) The failure of Borrower to perform any nonmonetary non-monetary covenant or obligation hereunder or under the terms of the Note or any of the Deed of TrustLoan Documents, without curing such failure within thirty (30) days after receipt of written notice of such default from Commission COUNTY (or from any party authorized by Commission COUNTY to deliver such notice as identified by Commission COUNTY in writing to Borrower) specifying the nature of the event or deficiency giving rise to the default and the action required to cure such deficiency; provided. Provided, however, that if any default with respect to a non-monetary obligation is such that it cannot be cured within a thirty (30) -day period, it shall be deemed cured if Borrower commences the cure within said thirty (30) -day period and diligently prosecutes such cure to completion thereafterwith the cure completed in any event withing 180 days after the notice.. thereafter. Notwithstanding anything herein to the contrary, the herein described notice requirements and cure period periods shall not apply to any Event of Default described in Sections 15.1(c15.1 (c) through 15.1(gthrough 15.1 (i) below; (c) The material falsity of any material representation or breach of any material warranty or covenant made by Borrower under the terms of this Agreement, Agreement or any of the Note, or the Deed of TrustLoan Documents; (d) Borrower or any constituent member or partner, or majority shareholder, of Borrower shall (ai) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian or the like of its property, (bii) fail to pay or admit in writing its inability to pay its debts generally as they become due, (ciii) make a general assignment for the benefit of creditors, (div) be adjudicated a bankrupt or insolvent or (ev) commence a voluntary case under the Federal bankruptcy laws of the United States of America or file a voluntary petition that is not withdrawn within ten (10) days of the filing thereof or answer seeking an arrangement with creditors or an order for relief or seeking to take advantage of any insolvency law or file an answer admitting the material allegations of a petition filed against it in any bankruptcy or insolvency proceeding; (e) If without the application, approval or consent of Borrower, a proceeding shall be instituted in any court of competent jurisdiction, under any law relating to bankruptcy, in respect of Borrower or any constituent member or partner, or majority shareholder, of Borrower, for an order for relief or an adjudication in bankruptcy, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, liquidator or custodian or the like of Borrower or of all or any substantial part of Borrower's assets, or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such proceeding is being contested by Borrower, in good faith, the same shall (ai) result in the entry of an order for relief or any such adjudication or appointment, or (bii) continue undismissed, or pending and unstayed, for any period of ninety (90) consecutive days; (f) Following completion of the rehabilitation construction of the Project, and during the term of the CC&R’s, voluntary or involuntary cessation of the operation of the Project for a continuous period of more than thirty ninety (30) days or the involuntary cessation of the operation of the Project in accordance with this Agreement for a continuous period of more than sixty (6090) days; (g) Borrower shall suffer or attempt to effect a Transfer (as defined below) in violation of Section 14.0 14 above or Section 29.0 30 below; or; (h) Borrower shall be in default under the CC&Rs, the Senior Financing, the Junior Financing, terms of the Other Financing, the Supportive Services Agreement, if any, Financing or any other secured or unsecured obligation to a third party relating to the Project, unless the default is cured within the cure period, if any, applicable thereto under the terms of the obligation which is in default; or (i) Borrower shall obtain “entitlement” status under the HUD Community Development Block Grant Program and separates from the Los Angeles Urban County Program for purposes of receiving its Community Development Block Grant (CDBG) funds from the State and/or HUD. Borrower shall use its Los Angeles Urban County allocated CDBG funds as the primary source of repayment for the Loan. Borrower may use any other eligible funding source available to Borrower, subject to COUNTY’s approval, to make timely payments. Borrower pledges to commit and deposit non-restrictive funds in the amount necessary to meet annual repayment obligations into the escrow account to be used as security and annual debt service in the event the primary source of repayment is not available for yearly interest payments.

Borrower Events of Default. The occurrence of any of the following shall, after the giving of any notice and the expiration of any applicable cure period described therein, constitute an event of default by Borrower hereunder ("Event of Default"): (a1) The failure of Borrower to pay or perform any monetary covenant or obligation hereunder or under the terms of the Note Deed of Trust or the Deed of TrustLoan Agreement, without curing such failure within ten (10) days after the date such payment is due. Notwithstanding anything herein to the contrary, the herein described cure period shall not apply to a failure by Borrower to timely repay the HOME Loan at the Maturity Date of the this Note; (b2) The failure of Borrower to perform any nonmonetary covenant or obligation hereunder or under the terms of the Note or the Deed of TrustTrust or the Loan Agreement, without curing such failure within thirty (30) days after receipt of written notice of such default from the Commission (or from any party authorized by the Commission to deliver such notice as identified by the Commission in writing to Borrower) specifying the nature of the event or deficiency giving rise to the default and the action required to cure such deficiency; provided, however, that if any default with respect to a non-monetary nonmonetary obligation is such that it cannot be cured within a thirty (30) -day period, it shall be deemed cured if Borrower commences the cure within said thirty (30) -day period and diligently prosecutes such cure to completion thereafterwith thereafter with the cure completed in any event withing within 180 days after the notice.. . Notwithstanding anything herein to the contrary, the herein described notice requirements and cure period periods shall not apply to any Event of Default described in Sections 15.1(c9(A)(3) through 15.1(g9(A)(8) below; (c3) The material falsity of any representation or breach of any warranty or covenant made by Borrower under the terms of this AgreementNote, the Note, Loan Agreement or the Deed of Trust; (d4) Borrower or any constituent member or partner, or majority shareholder, of Borrower shall (a) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian or the like of its property, (b) fail to pay or admit in writing its inability to pay its debts generally as they become due, (c) make a general assignment for the benefit of creditors, (d) be adjudicated a bankrupt or insolvent or (e) commence a voluntary case under the Federal bankruptcy laws of the United States of America or file a voluntary petition that is not withdrawn within ten (10) days of the filing thereof or answer seeking an arrangement with creditors or an order for relief or seeking to take advantage of any insolvency law or file an answer admitting the material allegations of a petition filed against it in any bankruptcy or insolvency proceeding; (e5) If without the application, approval or consent of Borrower, a proceeding shall be instituted in any court of competent jurisdiction, under any law relating to bankruptcy, in respect of Borrower or any constituent member or partner, partner or majority shareholder, shareholder of Borrower, for an order for relief or an adjudication in bankruptcy, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, liquidator or custodian or the like of Borrower or of all or any substantial part of Borrower's assets, or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such proceeding is being contested by Borrower, in good faith, the same shall (a) result in the entry of an order for relief or any such adjudication or appointment, or (b) continue undismissed, or pending and unstayed, for any period of ninety (90) consecutive days; (f6) Following completion of the rehabilitation construction of the Project, voluntary cessation of the operation of the Project for a continuous period of more than thirty (30) days or the involuntary cessation of the operation of the Project in accordance with this Agreement Note for a continuous period of more than sixty (60) days; (g7) Borrower shall suffer or attempt to effect a Transfer (as defined below) Transfer, in violation of Section 14.0 above 14 or Section 29.0 below; or30 of the Loan Agreement; (h) 8) Borrower shall be in default under the terms of the CC&Rs, the Senior Financing, the Junior Financing, the Other Financing, the Supportive Services Agreement (if applicable under Section 7 of the Loan Agreement, if any, ) or any other secured or unsecured obligation relating to the Project, unless the default is cured within the cure period, if any, applicable thereto under the terms of the obligation which is in default.