Common use of Default; Enforcement Clause in Contracts

Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) days after notice thereof shall have been given by the Governmental Lender or the Bank to the Borrower (with a copy to the Equity Investor), or for a period of thirty (30) days from the date the Borrower should, with due diligence, have discovered such default, then the Governmental Lender or the Bank, acting on its own behalf or on behalf of the Governmental Lender (to the extent directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement), shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt Notes. The Governmental Lender and the Bank shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of the Borrower shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender and the Bank agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. (a) If the Borrower Owner defaults in the performance or observance of any covenant, agreement or obligation of the Borrower Owner set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender or the Bank Fiscal Agent to the Borrower (with a copy to the Equity Investor)Owner, or for a period of thirty (30) 60 days from the date the Borrower Owner should, with due reasonable diligence, have discovered such default, then the Governmental Lender or the Bank, acting on its own behalf or on behalf of the Governmental Lender Fiscal Agent (to the extent as directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)) acting on its own behalf or on behalf of the Governmental Lender, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesGovernmental Loan Note. The Governmental Lender and the Bank Fiscal Agent shall have the right to enforce the obligations of the Borrower Owner under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of Notwithstanding anything to the Borrower shall have the right but not the obligation to cure any Event of Defaultcontrary contained herein, and the Governmental Lender and the Bank Fiscal Agent hereby agree to accept that any cure of any default made or tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of Owner’s limited partners shall be deemed to be a cure by Owner and shall be accepted or rejected on the following steps, in addition to all other remedies provided same basis as if made or tendered by law or equity:Owner.

Default; Enforcement. (a) If the Borrower Owner defaults in the performance or observance of any covenant, agreement or obligation of the Borrower Owner set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender Issuer or the Bank Trustee to the Borrower (with a copy Owner and to the Equity Investor)Owner’s limited partners at the addresses set forth in Section 11.06 of the Indenture, or for a period of thirty (30) 60 days from the date the Borrower Owner should, with due reasonable diligence, have discovered such default, then the Governmental Lender Issuer or the BankTrustee (as directed by the Issuer, subject to the provisions of the Indenture) acting on its own behalf or on behalf of the Governmental Lender (to the extent directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)Issuer, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner or the Owner’s limited partner institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Bond Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesBonds. The Governmental Lender Issuer and the Bank Trustee shall have the right to enforce the obligations of the Borrower Owner under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of Notwithstanding anything to the Borrower shall have the right but not the obligation to cure any Event of Defaultcontrary contained herein, Issuer and the Governmental Lender and the Bank Trustee hereby agree to accept that any cure of any default made or tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of Owner’s limited partners shall be accepted or rejected on the following steps, in addition to all other remedies provided same basis as if made or tendered by law or equity:Owner. 653546.doc 4/29/2010

Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) days after notice thereof shall have been given by the Governmental Lender Issuer or the Bank Trustee to the Borrower (with a copy to the Equity InvestorInvestor Limited Partner), or for a period of thirty (30) days from the date the Borrower should, with due diligence, have discovered such default, then the Governmental Lender Issuer or the BankTrustee, acting on its own behalf or on behalf of the Governmental Lender Issuer (to the extent directed in writing by the Governmental LenderIssuer, subject to the provisions of the Funding Loan AgreementIndenture), shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Bond Counsel, the failure to cure said default within thirty (30) days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesBonds. The Governmental Lender Issuer and the Bank Trustee shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Bond Counsel to insure compliance with the Act or the Code. Any limited partner of the Borrower shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender Issuer and the Bank Trustee agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental LenderIssuer, or the Bank Trustee may, at their respective options, take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) days after notice thereof shall have been given by the Governmental Lender or the Bank Funding Lender to the Borrower (with a copy to the Equity Investor), or for a period of thirty (30) days from the date the Borrower should, with due diligence, have discovered such default, then the Governmental Lender or the BankFunding Lender, acting on its own behalf or on behalf of the Governmental Lender (to the extent directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement), shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesGovernmental Lender Note. The Governmental Lender and the Bank Funding Lender shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of the Borrower (including the Equity Investor) shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender and the Bank Funding Lender agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank Funding Lender may, at their respective options, take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. (a) If the Borrower Owner defaults in the performance or observance of any covenant, agreement or obligation of the Borrower Owner set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender or the Bank Fiscal Agent to the Borrower (with a copy to the Equity Investor)Owner, or for a period of thirty (30) 60 days from the date the Borrower Owner should, with due reasonable diligence, have discovered such default, then the Governmental Lender or the Bank, acting on its own behalf or on behalf of the Governmental Lender Fiscal Agent (to the extent as directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)) acting on its own behalf or on behalf of the Governmental Lender, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesGovernmental Loan Note. The Governmental Lender and the Bank Fiscal Agent shall have the right to enforce the obligations of the Borrower Owner under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of Notwithstanding anything to the Borrower shall have the right but not the obligation to cure any Event of Defaultcontrary contained herein, and the Governmental Lender and the Bank Fiscal Agent hereby agree to accept that any cure of any default made or tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of Owner’s limited partners shall be deemed to be a cure by Owner and shall be accepted or rejected on the following steps, in addition same basis as if made or tendered by Owner. Copies of all notices which are sent to all other remedies provided by law or equity:Owner hereunder shall also be sent to [ ].

Default; Enforcement. (a) If the Borrower Owner defaults in the performance or observance of any covenant, agreement or obligation of the Borrower Owner set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender or the Bank Fiscal Agent to the Borrower (with a copy Owner and to the Equity Investor)Owner’s limited partners at the addresses set forth in Section 12.1 of the Funding Loan Agreement, or for a period of thirty (30) 60 days from the date the Borrower Owner should, with due reasonable diligence, have discovered such default, then the Governmental Lender or the Bank, acting on its own behalf or on behalf of the Governmental Lender Fiscal Agent (to the extent as directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)) acting on its own behalf or on behalf of the Governmental Lender, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner or the Owner’s limited partner institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Bond Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesGovernmental Lender Note. The Governmental Lender and the Bank Fiscal Agent shall have the right to enforce the obligations of the Borrower Owner under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure ensure compliance with the Act or the Code. Any limited partner of Notwithstanding anything to the Borrower shall have the right but not the obligation to cure any Event of Defaultcontrary contained herein, and the Governmental Lender and the Bank Fiscal Agent hereby agree to accept that any cure of any default made or tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of Owner’s limited partners shall be accepted or rejected on the following steps, in addition to all other remedies provided same basis as if made or tendered by law or equity:Owner.

Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) days after notice thereof shall have been given by the Governmental Lender Issuer or the Bank Bondowner Representative to the Borrower (with a copy to the Equity InvestorInvestor Limited Partner), or for a period of thirty (30) days from the date the Borrower should, with due diligence, have discovered such default, then the Governmental Lender Issuer or the BankBondowner Representative, acting on its own behalf or on behalf of the Governmental Lender Issuer (to the extent directed in writing by the Governmental LenderIssuer, subject to the provisions of the Funding Loan AgreementIndenture), shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Bond Counsel, the failure to cure said default within thirty (30) days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesBonds. The Governmental Lender Issuer and the Bank Bondowner Representative shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Bond Counsel to insure compliance with the Act or the Code. Any limited partner of the Borrower shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender Issuer and the Bank Bondowner Representative agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental LenderIssuer, or the Bank Bondowner Representative may, at their respective options, take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) days after notice thereof shall have been given by the Governmental Lender Issuer or the Bank Funding Lender to the Borrower (with a copy to the Equity InvestorInvestor Limited Partner), or for a period of thirty (30) days from the date the Borrower should, with due diligence, have discovered such default, then the Governmental Lender Issuer or the BankFunding Lender, acting on its own behalf or on behalf of the Governmental Lender Issuer (to the extent directed in writing by the Governmental LenderIssuer, subject to the provisions of the Funding Loan Agreement), shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesNote. The Governmental Lender Issuer and the Bank Funding Lender shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Housing Act or the Code. Any limited partner of the Borrower shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender Issuer and the Bank Funding Lender agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental LenderIssuer, or the Bank Funding Lender may, at their respective options, take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. (a) If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender or the Bank Fiscal Agent to the Borrower (with a copy to the Equity Investor)Borrower, or for a period of thirty (30) 60 days from the date the Borrower should, with due reasonable diligence, have discovered such default, then the Governmental Lender or the Bank, acting on its own behalf or on behalf of the Governmental Lender Fiscal Agent (to the extent as directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)) acting on its own behalf or on behalf of the Governmental Lender, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax CounselCounsel filed with the Governmental Lender and the Fiscal Agent, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesGovernmental Lender Note. The Governmental Lender and the Bank Fiscal Agent shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of Notwithstanding anything to the Borrower shall have the right but not the obligation to cure any Event of Defaultcontrary contained herein, and the Governmental Lender and the Bank Fiscal Agent hereby agree to accept that any cure of any default made or tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of Borrower’s limited partners (including the following steps, in addition Investor Limited Partner) shall be deemed to all other remedies provided be a cure by law Borrower and shall be accepted or equity:rejected on the same basis as if made or tendered by Borrower.‌‌

Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after notice thereof shall have been given by the Governmental Lender Bondowner Representative or the Bank Issuer to the Borrower (with a copy to the Equity Investor)Borrower, or for a period of thirty (30) 60 days from the date the Borrower should, with due reasonable diligence, have discovered such default, then the Governmental Lender Issuer or the BankBondowner Representative (as directed by the Issuer, subject to the provisions of the Pledge Agreement) acting on its own behalf or on behalf of the Governmental Lender (to the extent directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)Issuer, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, corrected and (ii) in the opinion of Tax Bond Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Tax- Exempt status of interest on the Tax-Exempt NotesBonds; and provided further, that notice shall be given to the Borrower’s Investor Limited Partner (as designated in Section 23 of this Regulatory Agreement), who shall be entitled to cure any such default under the conditions set forth herein. The Governmental Lender Issuer and the Bank Bondowner Representative shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of the Borrower shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender and the Bank agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration and during the continuance of an Event of Default hereunder hereunder, the Governmental Lender, Issuer or the Bank mayBondowner Representative, at their respective optionsthe direction of the Issuer, subject to the provisions of the Pledge Agreement, may take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. If the County determines that Borrower defaults is in the default of its performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty sixty (3060) days after notice thereof shall have been given by the Governmental Lender or the Bank County to the Borrower (with a copy to the Equity Investor), or for a period of thirty (30) days from the date the Borrower should, with due diligence, have discovered such defaultBorrower, then the Governmental Lender or the Bank, acting on its own behalf or on behalf of the Governmental Lender (to the extent directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement), shall County may declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty sixty (3060) days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty sixty (3060) days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Bond Counsel, the failure to cure said default within thirty sixty (3060) days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt Notes. The Governmental Lender and the Bank shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of the Borrower shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender and the Bank agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified aboveSeries 2020A Bonds. Following the declaration of an Event of Default hereunder, the County, may (i) by mandamus or other suit, action or proceeding at law or in equity, including injunctive relief, require the Borrower to perform its obligations and covenants hereunder the Governmental Lender, or the Bank may, at their respective options, take enjoin any one acts or more things that may be unlawful or in violation of the following stepsrights of the County hereunder, and (ii) have access to and inspect, examine and make copies of all of the books and records of the Borrower pertaining to the Project. The Borrower hereby agrees that specific enforcement of the Borrower’s agreements contained herein is the only means by which the County may fully obtain the benefits of this Regulatory Agreement made by the Borrower herein, and the Borrower, therefore, agrees to the imposition of the remedy of specific performance against it in addition the case of any Event of Default by the Borrower hereunder. In the event of any action taken to all other remedies provided by law or equity:enforce this Regulatory Agreement, each party is solely responsible for its own attorney fees and costs.

Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) days after notice thereof shall have been given by the Governmental Lender or the Bank Funding Lender to the Borrower (with a copy to the Equity Investor), or for a period of thirty (30) days from the date the Borrower should, with due diligence, have discovered such default, then the Governmental Lender or the BankFunding Lender, acting on its own behalf or on behalf of the Governmental Lender (to the extent directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement), shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesGovernmental Lender Note. The Governmental Lender and the Bank Funding Lender shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of the Borrower (including the Equity Investor) shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender and the Bank Funding Lender agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank Funding Lender may, at their respective options, take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) days after notice thereof shall have been given by the Governmental Lender Issuer or the Bank Bondowner Representative to the Borrower (with a copy to the Equity InvestorInvestor Limited Partner), or for a period of thirty (30) days from the date the Borrower should, with due diligence, have discovered such default, then the Governmental Lender Issuer or the BankBondowner Representative, acting on its own behalf or on behalf of the Governmental Lender Issuer (to the extent directed in writing by the Governmental LenderIssuer, subject to the provisions of the Funding Loan AgreementIndenture), shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Bond Counsel, the failure to cure said default within thirty (30) days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesBonds. The Governmental Lender Issuer and the Bank Bondowner Representative shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Bond Counsel to insure compliance with the Housing Act or the Code. Any limited partner of the Borrower shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender Issuer and the Bank Bondowner Representative agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental LenderIssuer, or the Bank Bondowner Representative may, at their respective options, take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. (a) If the Borrower Owner defaults in the performance or observance of any covenant, agreement or obligation of the Borrower Owner set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender or the Bank Fiscal Agent to the Borrower (with a copy Owner and to the Equity Investor)Owner’s limited partners at the addresses set forth in Section 12.1 of the Funding Loan Agreement, or for a period of thirty (30) 60 days from the date the Borrower Owner should, with due reasonable diligence, have discovered such default, then the Governmental Lender or the Bank, acting on its own behalf or on behalf of the Governmental Lender Fiscal Agent (to the extent as directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)) acting on its own behalf or on behalf of the Governmental Lender, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner or the Owner’s limited partner institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Bond Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt Governmental Lender Notes. The Governmental Lender and the Bank Fiscal Agent shall have the right to enforce the obligations of the Borrower Owner under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure ensure compliance with the Act or the Code. Any limited partner of Notwithstanding anything to the Borrower shall have the right but not the obligation to cure any Event of Defaultcontrary contained herein, and the Governmental Lender and the Bank Fiscal Agent hereby agree to accept that any cure of any default made or tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of Owner’s limited partners shall be accepted or rejected on the following steps, in addition to all other remedies provided same basis as if made or tendered by law or equity:Owner.

Default; Enforcement. If the Borrower Owner defaults in the performance or observance of any covenant, agreement or obligation of the Borrower Owner set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender or the Bank Noteowner Representative or the Subordinate Bondholder Representative to the Borrower (with a copy to the Equity Investor)Owner, or for a period of thirty (30) 60 days from the date the Borrower Owner should, with due reasonable diligence, have discovered such default, then the Governmental Lender or the Bank, acting on its own behalf or on behalf of the Governmental Lender (to the extent directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement), shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesObligations. The Governmental Lender and the Bank shall have the right to enforce the obligations of the Borrower Owner under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act Housing Law or the Code. Any limited partner cure of the Borrower shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender and the Bank agree to accept any cure default made or tendered by any such limited partner the Investor Limited Partner shall be deemed to be a cure by Owner and shall be accepted or rejected on behalf of the Borrower within any cure period specified abovesame basis as if made or tendered by Owner. Following the declaration of an Event of Default hereunder hereunder, the Governmental Lender, or subject to the Bank mayterms of the Funding Loan Agreement, at their respective options, may take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. ﷒ (a) If the Borrower Owner defaults in the performance or observance of any covenant, agreement or obligation of the Borrower Owner set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender or Issuer and the Bank Fiscal Agent/Trustee to the Borrower (with a copy to the Equity Investor)Owner, or for a period of thirty (30) 60 days from the date the Borrower Owner should, with due reasonable diligence, have discovered such default, then the Governmental Lender Issuer or the BankFiscal Agent/Trustee (as directed by the Issuer, subject to the provisions of the Senior Funding Loan Agreement and the Junior Indenture) acting on its own behalf or on behalf of the Governmental Lender (to the extent directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)Issuer, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Governmental Lender Tax- Exempt NotesNote and the Junior Bonds. The Governmental Lender Issuer and the Bank Fiscal Agent/Trustee (as directed by the Issuer, subject to the provisions of the Senior Funding Loan Agreement and the Junior Indenture) shall have the right to enforce the obligations of the Borrower Owner under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of Code.‌‌ Notwithstanding anything to the Borrower shall have contrary contained herein, Issuer, for itself or in direction the right but not the obligation to cure any Event of DefaultFiscal Agent/Trustee, and the Governmental Lender and the Bank agree to accept hereby agrees that any cure of any default made or tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of Owner’s limited partners shall be accepted or rejected on the following steps, in addition to all other remedies provided same basis as if made or tendered by law or equity:Owner.

Default; Enforcement. If the Borrower defaults in the performance or observance of any covenant, agreement or obligation of the Borrower set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after notice thereof shall have been given by the Governmental Lender County, or by the Subordinate Bonds Trustee or the Bank to the Borrower Funding Lender (with a copy to the Equity Investor)County) to the Borrower, or for a period of thirty (30) 60 days from the date the Borrower should, with due reasonable diligence, have discovered such default, then the Governmental Lender County or the Bank, Subordinate Bonds Trustee or the Funding Lender acting on its own respective behalf or on behalf of the Governmental Lender County (to the extent directed in writing by the Governmental LenderCounty, subject to the provisions of the Funding Loan AgreementAgreement and the Subordinate Loan Agreements), shall may declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on any of the Tax-Exempt NotesObligations. The Governmental Lender County, the Subordinate Bonds Trustee and the Bank Funding Lender shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of the Borrower shall have the right but not the obligation to cure any Event of Default, and the Governmental Lender and the Bank agree to accept any cure tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder hereunder, the Governmental LenderCounty, the Subordinate Bonds Trustee (subject to the terms of the Subordinate Indentures) or the Bank mayFunding Lender (subject to the terms of the Funding Loan Agreement), at their respective options, may take any one or more of the following steps, in addition to all other remedies provided by law or equity:

Default; Enforcement. (a) If the Borrower Owner defaults in the performance or observance of any covenant, agreement or obligation of the Borrower Owner set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender or Issuer and the Bank Fiscal Agent/Trustee to the Borrower (with a copy to the Equity Investor)Owner, or for a period of thirty (30) 60 days from the date the Borrower Owner should, with due reasonable diligence, have discovered such default, then the Governmental Lender Issuer or the BankFiscal Agent/Trustee (as directed by the Issuer, subject to the provisions of the Senior Funding Loan Agreement and the Junior Indenture) acting on its own behalf or on behalf of the Governmental Lender (to the extent directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)Issuer, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner institutes corrective action within said thirty (30) 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Governmental Lender Tax- Exempt NotesNote and the Junior Bonds. The Governmental Lender Issuer and the Bank Fiscal Agent/Trustee (as directed by the Issuer, subject to the provisions of the Senior Funding Loan Agreement and the Junior Indenture) shall have the right to enforce the obligations of the Borrower Owner under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of Code.‌‌ Notwithstanding anything to the Borrower shall have contrary contained herein, Issuer, for itself or in direction the right but not the obligation to cure any Event of DefaultFiscal Agent/Trustee, and the Governmental Lender and the Bank agree to accept hereby agrees that any cure of any default made or tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of Owner’s limited partners shall be accepted or rejected on the following steps, in addition to all other remedies provided same basis as if made or tendered by law or equity:Owner.

Default; Enforcement. (a) If the Borrower Owner defaults in the performance or observance of any covenant, agreement or obligation of the Borrower Owner set forth in this Regulatory Agreement or in the Other Regulatory Agreement, and if such default remains uncured for a period of thirty (30) 60 days after written notice thereof shall have been given by the Governmental Lender or the Bank Fiscal Agent to the Borrower (with a copy to the Equity Investor)Owner, or for a period of thirty (30) 60 days from the date the Borrower Owner should, with due reasonable diligence, have discovered such default, then the Governmental Lender or the Bank, acting on its own behalf or on behalf of the Governmental Lender Fiscal Agent (to the extent as directed in writing by the Governmental Lender, subject to the provisions of the Funding Loan Agreement)) acting on its own behalf or on behalf of the Governmental Lender, shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default is of such a nature that it cannot be corrected within thirty (30) 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner institutes corrective action within said thirty (30) 60 days and and‌ OHS WEST:261227972.3 15 OHS West:261227972.3 diligently pursues such action until the default is corrected, and (ii) in the opinion of Tax Counsel, the failure to cure said default within thirty (30) 60 days will not adversely affect the Tax-Exempt status of interest on the Tax-Exempt NotesGovernmental Loan Note. The Governmental Lender and the Bank Fiscal Agent shall have the right to enforce the obligations of the Borrower Owner under this Regulatory Agreement and under the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary in the opinion of Tax Counsel to insure compliance with the Act or the Code. Any limited partner of Notwithstanding anything to the Borrower shall have the right but not the obligation to cure any Event of Defaultcontrary contained herein, and the Governmental Lender and the Bank Fiscal Agent hereby agree to accept that any cure of any default made or tendered by any such limited partner on behalf of the Borrower within any cure period specified above. Following the declaration of an Event of Default hereunder the Governmental Lender, or the Bank may, at their respective options, take any one or more of Owner’s limited partners shall be deemed to be a cure by Owner and shall be accepted or rejected on the following steps, in addition to all other remedies provided same basis as if made or tendered by law or equity:Owner.