Common use of Proposal to Cure Event of Default Clause in Contracts

Proposal to Cure Event of Default. 1. Upon receipt of a written notice of default from VHDA pursuant to Section 3.a.i., the County Board shall have sixty (60) days to inform or cause a designee to inform VHDA whether the County Board will place on its meeting agenda a proposal to take such actions as are necessary to cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes. In the event Borrower has not cured the event of default detailed in the written notice of default, and the County Board has failed to inform VHDA within such sixty (60) day period, then VHDA may exercise the remedies permitted under their respective deeds of trust and other loan documents for such default.

Proposal to Cure Event of Default. 1. Upon receipt of a written notice of default from VHDA pursuant to Section 3.a.i6.a.i., the County Board shall have sixty (60) days to inform or cause a designee to inform VHDA whether the County Board will place on its meeting agenda a proposal to take such actions as are necessary to cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes. In the event the Borrower has not cured the event of default detailed in the written notice of default, and the County Board has failed to inform VHDA within such sixty (60) day period, then VHDA may exercise the remedies permitted under their respective deeds the VHDA Deed of trust Trust and other VHDA loan documents for such default.

Proposal to Cure Event of Default. 1. Upon receipt of a written notice of default from VHDA pursuant to Section 3.a.i5.a.i., the County Board shall have sixty (60) days to inform or cause a designee to inform VHDA whether the County Board will place on its meeting agenda a proposal to take such actions as are necessary to cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory NotesNote. In the event Borrower has not cured the event of default detailed in the written notice of default, and the County Board has failed to inform VHDA within such sixty (60) day period, then VHDA may exercise the remedies permitted under their respective deeds the VHDA Deed of trust Trust and other VHDA loan documents for such default.

Proposal to Cure Event of Default. 1. Upon receipt of a written notice of default from VHDA pursuant to Section 3.a.i5.a.i., the County Board shall have sixty (60) days to inform or cause a designee to inform VHDA whether the County Board will place on its meeting agenda a proposal to take such actions as are necessary to cure the Leasehold Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes. In the event Borrower has not cured the event of default detailed in the written notice of default, and the County Board has failed to inform VHDA within such sixty (60) day period, then VHDA may exercise the remedies permitted under their respective deeds the VHDA Deed of trust Trust and other VHDA loan documents for such default.