Common use of Event of Default and Remedies Clause in Contracts

Event of Default and Remedies. Each of the following shall constitute an Event of Default under this Mortgage: (a) if Borrower fails to perform and comply with any SHIP regulation or applicable HOME provision; (b) if Xxxxxxxx fails to punctually and properly comply with any of the terms contained in the SHIP Program Agreement or any of the other documents executed in conjunction with the project or uses the funds other than as authorized by the SHIP Program Agreement; (c) if Borrower fails to timely comply with audit requirements; (d) if Xxxxxxxx fails to timely expend SHIP funds or fails to meet any of the time requirements as set forth in the SHIP Program Agreement; (e) if Xxxxxxxx fails to rehabilitate any of the units as required by the SHIP Program Agreement; (f) if Borrower fails to rent each and every unit to Eligible Persons at the rental rates and income levels required by the SHIP Program Agreement or SHIP regulations; (g) if Borrower is deemed in default under any other SHIP or HOME agreement it has with the City even if unrelated to this loan or the Property or under the terms of other financing or mortgages used for the Property or other projects and said default extends beyond the applicable cure period provided in said documents; (h) if Xxxxxxxx fails to pay any sum when due under the SHIP Program Agreement, the Note or any other documents executed in connection with this loan, when the same shall become due and payable and such failure to pay continues for ten (10) days after written notice thereof is sent by City to Borrower; (i) if at any time Borrower makes any material omission or representation in any certification or communication to the City in an effort to induce the making of this loan or the administration thereof and is determined by the City to be false, misleading, or incorrect in any material manner; (j) if Xxxxxxxx does not disclose to the City, upon demand, the names of all persons with whom Xxxxxxxx has contracted or intends to contract with for the construction or management of any portion of the Property, including contracts for services or labor; (k) if any other default or breach shall occur under the Note, Mortgage or any loan document executed in connection with this loan by the City (herein the “Loan Documents”); or (l) if Borrower sells or transfers, whether involuntary or otherwise, any part of the Property. Upon the occurrence of any Event of Default or breach of this Mortgage, the City, at its option, shall be free to retain undispersed funds, terminate the SHIP Program Agreement, accelerate the loan, which shall become and be immediately due and payable, and exercise all rights and remedies available to it under the terms of this Mortgage, or any documents executed in connection with the loan, under statutory or common law. Xxxxxxxx hereby agrees to repay any loan funds not spent in accordance with this Mortgage or other Loan Documents. Xxxxxxxx further agrees to pay the City any costs and reasonable attorneys' fees expended by the City to enforce the terms of this Mortgage.

Event of Default and Remedies. Each of the following shall constitute an Event of Default under this Mortgage: (a) if Borrower fails to perform and comply with any SHIP regulation or applicable HOME provision; (b) if Xxxxxxxx Borrower fails to punctually and properly comply with any of the terms contained in the SHIP Program Agreement or any of the other documents executed in conjunction with the project or uses the funds other than as authorized by the SHIP Program Agreement; (c) if Borrower fails to timely comply with audit requirements; (d) if Xxxxxxxx Borrower fails to timely expend SHIP funds or fails to meet any of the time requirements as set forth in the SHIP Program Agreement; (e) if Xxxxxxxx Borrower fails to rehabilitate any of the units Property as required by the SHIP Program Agreement; (f) if Borrower fails to rent each and every unit the Property to Eligible Persons at the rental rates and income levels required by the SHIP Program Agreement or SHIP regulations; (g) if Borrower is deemed in default under any other SHIP or HOME agreement it has with the City even if unrelated to this loan or the Property or under the terms of other financing or mortgages used for the Property or other projects and said default extends beyond the applicable cure period provided in said documents; (h) if Xxxxxxxx Borrower fails to pay any sum when due under the SHIP Program Agreement, the Note or any other documents executed in connection with this loan, when the same shall become due and payable and such failure to pay continues for ten (10) days after written notice thereof is sent by City to Borrower; (i) if at any time Borrower makes any material omission or representation in any certification or communication to the City in an effort to induce the making of this loan or the administration thereof and is determined by the City to be false, misleading, or incorrect in any material manner; (j) if Xxxxxxxx Borrower does not disclose to the City, upon demand, the names of all persons with whom Xxxxxxxx Borrower has contracted or intends to contract with for the construction or management of any portion of the Property, including contracts for services or labor; (k) if any other default or breach shall occur under the Note, Mortgage or any loan document executed in connection with this loan by the City (herein the “Loan Documents”); or (l) if Borrower sells or transfers, whether involuntary or otherwise, any part of the Property. Upon the occurrence of any Event of Default or breach of this Mortgage, the City, at its option, shall be free to retain undispersed funds, terminate the SHIP Program Agreement, accelerate the loan, which shall become and be immediately due and payable, and exercise all rights and remedies available to it under the terms of this Mortgage, or any documents executed in connection with the loan, under statutory or common law. Xxxxxxxx Borrower hereby agrees to repay any loan funds not spent in accordance with this Mortgage or other Loan Documents. Xxxxxxxx Borrower further agrees to pay the City any costs and reasonable attorneys' fees expended by the City to enforce the terms of this Mortgage. Notwithstanding, in the Event of Default hereunder, Borrower shall have fifteen (15) days from receipt of notice from Lender within which to cure such noticed Event of Default.

Event of Default and Remedies. Each of the following shall constitute an Event of Default under this Mortgage: (a) if Borrower fails to perform and comply with any SHIP regulation or applicable HOME provision; (b) if Xxxxxxxx Borrower fails to punctually and properly comply with any of the terms contained in the SHIP Program Agreement or any of the other documents executed in conjunction with the project or uses the funds other than as authorized by the SHIP Program Agreement; (c) if Borrower fails to timely comply with audit requirements; (d) if Xxxxxxxx Borrower fails to timely expend SHIP funds or fails to meet any of the time requirements as set forth in the SHIP Program Agreement; (e) if Xxxxxxxx Borrower fails to rehabilitate any of the units as required by the SHIP Program Agreement; (f) if Borrower fails to rent each and every unit to Eligible Persons at the rental rates and income levels required by the SHIP Program Agreement or SHIP regulations; (g) if Borrower is deemed in default under any other SHIP or HOME agreement it has with the City even if unrelated to this loan or the Property or under the terms of other financing or mortgages used for the Property or other projects and said default extends beyond the applicable cure period provided in said documents; (h) if Xxxxxxxx Borrower fails to pay any sum when due under the SHIP Program Agreement, the Note or any other documents executed in connection with this loan, when the same shall become due and payable and such failure to pay continues for ten (10) days after written notice thereof is sent by City to Borrower; (i) if at any time Borrower makes any material omission or representation in any certification or communication to the City in an effort to induce the making of this loan or the administration thereof and is determined by the City to be false, misleading, or incorrect in any material manner; (j) if Xxxxxxxx Borrower does not disclose to the City, upon demand, the names of all persons with whom Xxxxxxxx Borrower has contracted or intends to contract with for the construction or management of any portion of the Property, including contracts for services or labor; (k) if any other default or breach shall occur under the Note, Mortgage or any loan document executed in connection with this loan by the City (herein the “Loan Documents”); or (l) if Borrower sells or transfers, whether involuntary or otherwise, any part of the Property. Upon the occurrence of any Event of Default or breach of this Mortgage, the City, at its option, shall be free to retain undispersed funds, terminate the SHIP Program Agreement, accelerate the loan, which shall become and be immediately due and payable, and exercise all rights and remedies available to it under the terms of this Mortgage, or any documents executed in connection with the loan, under statutory or common law. Xxxxxxxx Borrower hereby agrees to repay any loan funds not spent in accordance with this Mortgage or other Loan Documents. Xxxxxxxx Borrower further agrees to pay the City any costs and reasonable attorneys' fees expended by the City to enforce the terms of this Mortgage.