Common use of Notice of Default; Opportunity to Cure Clause in Contracts

Notice of Default; Opportunity to Cure. If the Borrower has not been given notice of a similar default within the past twelve (12) months, a default described in any of Sections 7.1(b), (c), (e), (g), (h), (i), (j), (k), (l) or (m) hereof shall not constitute an Event of Default until: (a) The Governmental Lender or the Bank, by registered or certified mail, shall give notice to the Borrower of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower shall have had 30 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 30 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 30 days and diligently pursues such action until the default is corrected, but in no event later than 60 days after the occurrence of such Event of Default, and (ii) in the opinion of Tax Counsel to the Governmental Lender, the failure to cure said default within 30 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Governmental Lender Note. Notwithstanding anything to the contrary contained in the Loan Documents, if a monetary default or event of default occurs under the terms of any of the Loan Documents, prior to exercising any remedies thereunder, the Governmental Lender or the Bank shall give the Borrower and the Equity Investor of the Borrower under its Partnership Agreement simultaneous written notice of such default. The Borrower shall have a period of ten (10) days after receipt of such notice, or such longer period of time as may be set forth in the applicable Loan Documents, to cure the default prior to exercise of remedies by the Governmental Lender under the Loan Documents. Notwithstanding anything to the contrary contained in the Loan Documents, the Governmental Lender and the Bank hereby agree that any cure of any default made or tendered by the one or more of the Borrower’s limited partners shall be deemed to be a cure by the Borrower and shall be accepted or rejected on the same basis as if made or tendered by the Borrower.

Notice of Default; Opportunity to Cure. If the Borrower has not been given notice of a similar No default within the past twelve (12) months, a default described in any of Sections 7.1(b), (c), (e), (g), (h), (i), (j), (k), (l) or (m) under Section 7.01 hereof shall not constitute an Event of Default until: (a) The Governmental Lender or Lender, the Bank, Borrower and the Equity Investor by registered or certified mail, shall give have been sent notice to the Borrower of such default specifying the same nature of such default and stating that such notice is a “Notice of Default”; and (b) The Governmental Lender, the Borrower and the Equity Investor shall have had 30 10 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated specified in the notice is of such a nature that it cannot be corrected within 30 10 days, such default shall not constitute an Event of Default hereunder so long as (i) the Governmental Lender, the Borrower or the Equity Investor institutes corrective action within said 30 days 10 days, and diligently pursues such action until the default is corrected, but in no event later than 60 days after the occurrence of such Event of Default, and (ii) in the opinion of Tax Counsel to the Governmental LenderCounsel, the failure to cure said default within 30 10 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Governmental Lender Tax-Exempt Note. The Equity Investor may, but shall not in any way be required to, correct a default on behalf of the Borrower under the Borrower Loan Agreement or the Borrower Notes and the Governmental Lender and the Bank agree to accept the tender of a valid cure of a default, timely made by the Equity Investor, on the same basis as if made by the Borrower. Notwithstanding anything to the contrary contained in the Bank Loan Documents, if a monetary default or event of default occurs under the terms of any of the Bank Loan Documents, prior to exercising any remedies thereunder, the Governmental Lender or the Bank shall give the Borrower and the Equity Investor and any administrative limited partner of the Borrower under its Partnership Agreement the Borrower’s partnership agreement simultaneous written notice of such default. The Borrower and the Equity Investor shall have a period of ten (10) 10 days after receipt of such notice, or such longer period of time as may be set forth in the applicable Loan Documents, to cure the default prior to exercise of remedies by the Governmental Lender Bank under the Bank Loan Documents. Notwithstanding anything to the contrary contained in the Loan Documents, the Governmental Lender and the Bank hereby agree that any cure of any default made or tendered by the one or more of the Borrower’s limited partners shall be deemed to be a cure by the Borrower and shall be accepted or rejected on the same basis as if made or tendered by the Borrower.

Notice of Default; Opportunity to Cure. If the Borrower has not been given notice of a similar No default within the past twelve (12) months, a default described in any of Sections 7.1(bunder Section 7.1(a), (c), (e), (g), (h), (i), (j), (k), (l) or (m) hereof shall not constitute an Event of Default until:, (a) The Governmental Lender or Lender, the Bank, Borrower and the Equity Investor by registered or certified mail, shall give have been sent notice to the Borrower of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Governmental Lender, the Borrower and the Equity Investor shall have had 30 10 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 30 10 days, such default shall not constitute an Event of Default hereunder so long as (i) the Governmental Lender, the Borrower or the Equity Investor institutes corrective action within said 30 days 10 days, and diligently pursues such action until the default is corrected, but in no event later than 60 days after the occurrence of such Event of Default, and (ii) in the opinion of Tax the Counsel to the Governmental Lender, the failure to cure said default within 30 10 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Governmental Lender Note. The Governmental Lender and the Equity Investor may, but shall not in any way be required to, correct a default on behalf of the Borrower under the Borrower Loan Agreement or the Borrower Note. Notwithstanding anything to the contrary contained in the Bank Loan Documents, if a monetary default or event of default occurs under the terms of any of the Bank Loan Documents, prior to exercising any remedies thereunder, the Governmental Lender or the Bank shall give the Borrower and the Equity Investor of the Borrower under its Partnership Agreement simultaneous written notice of such default. The Borrower and the Equity Investor shall have a period of ten (10) days after receipt of such notice, or such longer period of time as may be set forth in the applicable Loan Documents, to cure the default prior to exercise of remedies by the Governmental Lender Bank under the Bank Loan Documents. Notwithstanding anything to the contrary contained in the Loan Documents, the Governmental Lender and the Bank hereby agree that any cure of any default made or tendered by the one or more of the Borrower’s limited partners shall be deemed to be a cure by the Borrower and shall be accepted or rejected on the same basis as if made or tendered by the Borrower.

Notice of Default; Opportunity to Cure. If the Borrower has not been given notice of a similar default within the past twelve (12) months, a default described in any of Sections under Section 7.1(b), (c), (e), (g), (h), (i), (j), (k), (l) or (mj) hereof shall not constitute an Event of Default until: (a) The Governmental Lender or the BankFunding Lender, by registered or certified mail, shall give notice to the Borrower of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower shall have had 30 15 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 30 15 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes corrective action within said 30 15 days and diligently pursues such action until the default is corrected, but in no event later than 60 days after the occurrence of such Event of Default, and (ii) in the opinion of Tax Bond Counsel to the Governmental Lender, the failure to cure said default within 30 15 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Governmental Lender Note. Notwithstanding anything All noticed directed to the contrary contained in Borrower shall also be directed to the Loan Documents, if a monetary default or event of default occurs under the terms of any limited partner of the Loan Documents, prior to exercising any remedies thereunder, the Governmental Lender or the Bank shall give the Borrower and the Equity Investor Borrower. The limited partner of the Borrower under its Partnership Agreement simultaneous written notice of such default. The Borrower shall have a period of ten (10) days after receipt of such noticethe right, or such longer period of time as may be set forth in but not the applicable Loan Documentsobligation, to cure any default on behalf of the default prior to exercise of remedies by the Governmental Lender under the Loan Documents. Notwithstanding anything to the contrary contained in the Loan DocumentsBorrower, and the Governmental Lender and the Bank hereby agree that Funding Lender shall accept any such cure of any default as if made or tendered by the one or more of the Borrower’s . Such limited partners partner cure shall be deemed to be a cure by the Borrower and shall be accepted or rejected on the same basis as if made or tendered by the Borrower.

Notice of Default; Opportunity to Cure. If the Borrower has not been given notice of a similar No default within the past twelve (12) months, a default described in any of Sections 7.1(b), (c), (e), (g), (h), (i), (j), (k), (l) or (munder Section 11.1(a) hereof shall not constitute an Event of Default until: (a) The Governmental Lender or the Bank, by registered or certified mail, shall give have received notice to the Borrower of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower Governmental Lender shall have had 30 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 30 days, such default shall not constitute an Event of Default hereunder so long as (i) the Governmental Lender or the Borrower institutes corrective action within said 30 days days, and diligently pursues such action until the default is corrected, but in no event later than 60 days after the occurrence of such Event of Default, and (ii) in the opinion of the Tax Counsel to the Governmental Lender, the failure to cure said default within 30 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Funding Loan Note. The Governmental Lender Note. Notwithstanding anything to the contrary contained may, but shall not in the Loan Documentsany way be required to, if correct a monetary default or event of default occurs under the terms of any of the Loan Documents, prior to exercising any remedies thereunder, the Governmental Lender or the Bank shall give the Borrower and the Equity Investor on behalf of the Borrower under its Partnership Agreement simultaneous written notice of such default. The Borrower shall have a period of ten (10) days after receipt of such notice, or such longer period of time as may be set forth in the applicable Loan Documents, to cure the default prior to exercise of remedies by the Governmental Lender under the Loan Documents. Notwithstanding anything to the contrary contained in the Loan Documents, the Governmental Lender and the Bank hereby agree that any cure of any default made or tendered by the one or more of the Borrower’s limited partners shall be deemed to be a cure by the Borrower and shall be accepted Loan Agreement or rejected on the same basis as if made or tendered by the Borrowera Borrower Note.

Notice of Default; Opportunity to Cure. If the Borrower has not been given notice of a similar default within the past twelve (12) months, a default described in any of Sections under Section 7.1(b), (c), (e), (g), (h), (i), (j), (k), or (l) or (m) hereof shall not constitute an Event of Default until: (a) The Governmental Lender or the Bank, by registered or certified mail, shall give notice to the Borrower of such default specifying the same and stating that such notice is a “Notice of Default”; and (b) The Borrower and Equity Investor shall have had 30 days after receipt of such notice to correct the default and shall not have corrected it; provided, however, that if the default stated in the notice is of such a nature that it cannot be corrected within 30 days, such default shall not constitute an Event of Default hereunder so long as (i) the Borrower institutes or the Equity Investor institute corrective action within said 30 days and diligently pursues such action until the default is corrected, but in no event later than 60 days after the occurrence of such Event of Default, and (ii) in the opinion of Tax Counsel to the Governmental Lender, the failure to cure said default within 30 days will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Governmental Lender Tax-Exempt Note. Notwithstanding anything to the contrary contained in the Loan Documents, if a monetary default or event of default occurs under the terms of any of the Loan Documents, prior to exercising any remedies thereunder, the Governmental Lender or the Bank shall give the Borrower and the Equity Investor of the Borrower under its Partnership Agreement simultaneous written notice of such default. The Borrower and Equity Investor shall have a period of ten (10) days after receipt of such notice, or such longer period of time as may be set forth in the applicable Loan Documents, to cure the default prior to exercise of remedies by the Governmental Lender under the Loan Documents. Notwithstanding anything to the contrary contained in the Loan Documents, the Governmental Lender and the Bank hereby agree that any cure of any default made or tendered by the one or more of the Borrower’s limited partners shall be deemed to be a cure by the Borrower and shall be accepted or rejected on the same basis as if made or tendered by the Borrower.