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. 2. If the County Board or its designee informs VHDA within the aforesaid sixty (60) days that 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, then the County Board shall have ninety (90) days from the date of said communication with VHDA to actually cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes. 3. In the event the County Board fails to cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes within such ninety (90) day period, then VHDA may exercise the remedies permitted under the VHDA Deed of Trust.

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. 2. If the County Board or its designee informs VHDA within the aforesaid sixty (60) days that 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, then the County Board shall have ninety (90) days from the date of said communication with VHDA to actually cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes. 3. In the event the County Board fails to cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes within such ninety (90) day period, then VHDA may exercise the remedies permitted under the VHDA Deed of TrustTrust and other VHDA loan documents for such default. 4. The County Board acknowledges and agrees that if there are events of default under either of the VHDA Notes, it must exercise its remedies under this Section 6.b.i and/or Section 6.b.ii with respect to the VHDA Senior Loan within such ninety (90) day period if the County Board is to prevent VHDA from exercising the remedies permitted under the VHDA Deed of Trust and other loan documents.

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. 2. If the County Board or its designee informs VHDA within the aforesaid sixty (60) days that 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, then the County Board shall have ninety (90) days from the date of said communication with VHDA to actually cure the Leasehold Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes. 3. In the event the County Board fails to cure the Leasehold Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes within such ninety (90) day period, then VHDA may exercise the remedies permitted under the VHDA Deed of TrustTrust and other VHDA loan documents for such default. 4. The County Board acknowledges and agrees that if there are events of default under either of the VHDA Notes, it must exercise its remedies under this Section 5.b.i and/or Section 5.b.ii with respect to the VHDA Senior Loan within such ninety (90) day period if the County Board is to prevent VHDA from exercising the remedies permitted under the VHDA Deed of Trust and other loan documents.

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. 2. If the County Board or its designee informs VHDA within the aforesaid sixty (60) days that 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, then the County Board shall have ninety (90) days from the date of said communication with VHDA to actually cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory NotesNote. 3. In the event the County Board fails to cure the Borrower’s event of default detailed in the written notice of default or purchase the VHDA Promissory Notes Note within such ninety (90) day period, then VHDA may exercise the remedies permitted under the VHDA Deed of TrustTrust and other VHDA loan documents for such default. 4. Intentionally Omitted.