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 60 days after notice thereof shall have been given by the Issuer or the Bondowner Representative (with a copy to the Issuer) to the Borrower, or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the 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 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the Bonds. The Issuer and the 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 to insure compliance with the Act or the Code. Following the declaration of an Event of Default hereunder, the Issuer or the Bondowner Representative, subject to the terms of the Loan 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 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 60 days after notice thereof shall have been given by the Issuer Governmental Lender or the Bondowner Representative Funding Lender (with a copy to the IssuerGovernmental Lender) to the Borrower, or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the Issuer shall Governmental Lender 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 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Tax Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the BondsGovernmental Lender Note. The Issuer Governmental Lender and the Bondowner Representative 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 to insure compliance with the Act or the Code. Following the declaration of an Event of Default hereunder, the Issuer Governmental Lender or the Bondowner RepresentativeFunding Lender, subject to the terms of the Funding Loan Agreement, 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 60 days after written notice thereof shall have been given by the Issuer or the Bondowner Representative (with a copy Trustee to the Issuer) Owner and to the BorrowerOwner’s limited partners at the addresses set forth in Section 11.06 of the Indenture, or for a period of 60 days from the date the Borrower Owner should, with reasonable diligence, have discovered such default, then the Issuer or the Trustee (as directed by the Issuer, subject to the provisions of the Indenture) acting on its own behalf or on behalf of the 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 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 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the BondsBond. The Issuer and the Bondowner Representative 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 to insure compliance with the Act or the Code. Following the declaration of an Event of Default hereunder, the Issuer or the Bondowner Representative, subject Notwithstanding anything to the terms contrary contained herein, Issuer and Trustee hereby agree that any cure of the Loan Agreement, may take any default made or tendered by 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 60 days after notice thereof shall have been given by the Issuer Governmental Lender or the Bondowner Representative Funding Lender to the Borrower (with a copy in any case to the Issuer) to the BorrowerGovernmental Lender), or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the Issuer shall Governmental Lender 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 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Tax Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the BondsGovernmental Lender Note. The Issuer Governmental Lender and the Bondowner Representative 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 to insure compliance with the Act or the Code. Following the declaration of an Event of Default hereunder, the Issuer Governmental Lender or the Bondowner RepresentativeFunding Lender, subject to the terms of the Funding Loan Agreement, 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 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 60 days after notice thereof shall have been given by the Issuer or the Bondowner Representative Administrator, on behalf of the Issuer, to the Owner (with a copy to the Issuer) Agent and to the Borrowerinvestor limited partner of the Owner), or for a period of 60 days from the date the Borrower Owner should, with reasonable diligence, have discovered such default, then the 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 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the Bonds. The Issuer and the Bondowner Representative 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 to insure compliance with the Act Housing Law or the Code. Following the declaration of an Event of Default hereunder, the Issuer or the Bondowner RepresentativeIssuer, subject to the terms provisions of the Loan AgreementPledge and Assignment, 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 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 AgreementAgreements, and if such default remains uncured for a period of 60 days after notice thereof shall have been given by the Issuer or the Bondowner Representative (with a copy to the Issuer) to the Borrower, or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the 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 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the Bonds. The Issuer and the Bondowner Representative shall have the right to enforce the obligations of the Borrower under this Regulatory Agreement and under the Other Regulatory Agreement Agreements within shorter periods of time than are otherwise provided herein if necessary to insure compliance with the Act or the Code. Following the declaration of an Event of Default hereunder, the Issuer or the Bondowner Representative, subject to the terms of the Loan 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 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 60 days after notice thereof shall have been given by the Issuer or the Bondowner Representative (with a copy to the Issuer) to the Borrower, or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the 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 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the Bonds. The Issuer and the 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 to insure compliance with the Act or the Code. Following the declaration of an Event of Default hereunder, the Issuer or the Bondowner Representative, subject to the terms of the Loan Agreement, 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 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 60 days after notice thereof shall have been given by the Issuer or Issuer, the Bondowner Representative (with a copy to or the Issuer) Trustee to the Borrower, or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the Issuer Issuer, the Bondowner Representative or the Trustee 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 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond CounselCounsel (filed with the Trustee, the Bondowner Representative and the Issuer), the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on either series of the Bonds. The Issuer and Issuer, the Bondowner Representative and the 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 to insure compliance with the Act or the Code. Following Notwithstanding anything to the declaration of an Event of Default hereundercontrary contained herein, the Issuer or Issuer, the Bondowner Representative, subject to Representative and the terms Trustee hereby agree that any cure of the Loan Agreement, may take any default hereunder made or tendered by one or more of the following steps, in addition to all other remedies provided Borrower’s limited partners shall be accepted or rejected on the same basis as if made or tendered by law or equity:the 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 60 days after notice thereof shall have been given by the Issuer Governmental Lender, the Administrator or the Bondowner Representative Funding Lender to the Borrower (with a copy to the IssuerFunding Lender and the Investor Limited Partner) to the Borrower, or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the Issuer 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 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the BondsGovernmental Lender Note. The Issuer and the Bondowner Representative Governmental 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 to insure compliance with the Act or the Code. The Governmental Lender shall accept cures offered by the Investor Limited Partner within the cure periods set forth in this paragraph as it would accept a cure from the Borrower. Following the declaration of an Event of Default hereunder, the Issuer or the Bondowner RepresentativeGovernmental Lender, subject to the terms of the Funding Loan 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 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 60 days after notice thereof shall have been given by the Issuer or the Bondowner Representative (with a copy to the Issuer) City to the Borrower, or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the Issuer City shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, corrected and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt exempt status of interest on the BondsNote. The Issuer and Fiscal Agent hereby consents to any correction of the Bondowner Representative shall have default by the right City on behalf of the Borrower. The City hereby consents to enforce any correction of a default on the obligations part of the Borrower under hereunder made by the Borrower’s limited partners on behalf of the Borrower within the time periods provided in this Regulatory Agreement and under Section. Copies of any notices sent to the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary Borrower hereunder shall simultaneously be sent to insure compliance with Xxxxxxxx’s limited partners at the Act or the Codeaddress set forth in Section 23. Following the declaration of an Event of Default hereunder, the Issuer or Fiscal Agent, as directed by the Bondowner Representative, City and subject to the terms provisions of the Funding Loan AgreementAgreement relative to the Fiscal Agent’s duty to exercise remedies generally, may or the City may, at its option, 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 60 30 days after notice thereof shall have been given by the Issuer or the Bondowner Representative (with a copy to the Issuer) Trustee to the Borrower, or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the Issuer theTrustee shall declare an “"Event of Default” " to have occurred hereunder; , provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 30 days, such default shall not constitute an Event of Default hereunder for 180 days after such notice so long as (i) the Borrower institutes corrective action within said 60 30 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 30 days will not adversely affect the Tax-Exempt tax- exempt status of interest on the Bonds. The Issuer and the Bondowner Representative shall have the right Trustee hereby consents to enforce the obligations any correction of the Borrower under this Regulatory Agreement and under default by the Other Regulatory Agreement within shorter periods Issuer on behalf of time than are otherwise provided herein if necessary to insure compliance with the Act or the CodeBorrower. Following the declaration of an Event of Default hereunder, the Issuer or the Bondowner RepresentativeTrustee may, at its option and subject to the terms provisions of the Loan AgreementIndenture, 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 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 60 days after notice thereof shall have been given by the Issuer Governmental Lender or the Bondowner Representative (with a copy Original Purchaser to the Issuer) to the BorrowerBorrower and Investor Limited Partner, or for a period of 60 days from the date the Borrower should, with reasonable due diligence, have discovered such default, then the Issuer Governmental Lender or the Original Purchaser, 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 cancan be corrected, but not be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower and/or the Investor Limited Partner institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the BondsNotes. The Issuer Governmental Lender and the Bondowner Representative Original Purchaser 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 to insure ensure compliance with the Act or the Code. Following the declaration of an Event of Default hereunder, hereunder the Issuer Governmental Lender or the Bondowner Representative, subject to Original Purchaser may in accordance with the terms of the Loan Note Purchase Agreement, may at its option, 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 60 days after notice thereof shall have been given by the Issuer or the Bondowner Representative (with a copy to the Issuer) to the Borrower, or for a period of 60 days from the date the Borrower should, with reasonable diligence, have discovered such default, then the Issuer shall declare an “Event of Default” to have occurred hereunder; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, corrected and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt exempt status of interest on the BondsBond. The Trustee hereby consents to any correction of the default by the Issuer on behalf of the Borrower. The Issuer and hereby consents to any correction of a default on the Bondowner Representative shall have the right to enforce the obligations part of the Borrower under hereunder made by the Borrower’s limited partners on behalf of the Borrower within the time periods provided in this Regulatory Agreement and under Section. Copies of any notices sent to the Other Regulatory Agreement within shorter periods of time than are otherwise provided herein if necessary Borrower hereunder shall simultaneously be sent to insure compliance with Xxxxxxxx’s limited partners at the Act or the Codeaddress set forth in Section 23. Following the declaration of an Event of Default hereunder, the Trustee, as directed by the Issuer or the Bondowner Representative, and subject to the terms provisions of the Loan AgreementIndenture relative to the Trustee’s duty to exercise remedies generally, may or the Issuer may, at its option, 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 60 days after written notice thereof shall have been given by the Issuer or and the Bondowner Representative (with a copy Trustee to the Issuer) to the BorrowerOwner, or for a period of 60 days from the date the Borrower Owner should, with reasonable diligence, have discovered such default, then the Issuer or the Trustee (as directed by the Issuer, subject to the provisions of the Indenture) acting on its own behalf or on behalf of the 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 60 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower Owner institutes corrective action within said 60 days and diligently pursues such action until the default is corrected, and (ii) in the opinion of Bond Counsel, the failure to cure said default within 60 days will not adversely affect the Tax-Exempt status of interest on the Bonds. The Issuer and the Bondowner Representative Trustee (as directed by the Issuer, subject to the provisions of the 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 to insure compliance with the Act or the Code. Following the declaration of an Event of Default hereunder, the Issuer or the Bondowner Representative, subject to the terms of the Loan Agreement, may take any one or more of the following steps, in addition to all other remedies provided by law or equity:Code.‌‌