Common use of Termination of Program Agreement by DCHFA Clause in Contracts

Termination of Program Agreement by DCHFA. DCHFA may terminate this Program Agreement with respect to any Mortgage Lender upon the happening of any one or more of the following events: (a) any representation or warranty of a Mortgage Lender to DCHFA or the Servicer shall be or prove to be false in any material respect; (b) failure of a Mortgage Lender to observe or perform any reasonable request of DCHFA or any other covenant, condition or agreement in this Program Agreement or the Program Documents to be observed or performed by such Mortgage Lender; (c) a decree or order of a court, agency or supervisory authority having jurisdiction of the premises appointing a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceeding affecting a Mortgage Lender or substantially all its properties, or for the winding-up or liquidation of its affairs, if such decree or order shall have remained in force, undischarged or unstayed for a period of sixty (60) days; (d) consent by a Mortgage Lender to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceeding affecting Mortgage Lender or substantially all its properties; (e) admission in writing by a Mortgage Lender of its inability to pay debts generally as they mature, or the filing of a petition to take advantage of any applicable bankruptcy or insolvency, or the making of an assignment for the benefit of creditors; (f) Servicer or Mortgage Lender terminate the Servicer Participating Lender Agreement; (g) failure of Mortgage Lender to satisfy minimum performance standards pursuant to a performance review conducted by DCHFA in accordance with Section 4.6 hereof; or (h) any event of default by Mortgage Lender occurs under any Program Document. DCHFA shall provide notice of termination effective on the date stated in such notice by mail to the Mortgage Lender's Notice Address.