Proposal to Purchase or Payoff VHDA Senior Loan. 1. Upon receipt of a written notice of acceleration from VHDA pursuant to Section 6.a.ii., 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 purchase or payoff the VHDA Senior Loan. In the event the County Board has failed to inform VHDA within such sixty (60) day period, then the County Board’s right to purchase or payoff the VHDA Senior Loan shall lapse.
