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foreclosure sale shall not be liable for any violation of any provision hereof occurring prior to the <br />acquisition of title by such purchaser. Promptly upon determining that a violation of this <br />Agreement has occurred, City shall give written notice to the holders of record of any mortgages <br />or deeds of trust encumbering the Project or the Property that such violation has occurred. <br />9. Default and Remedies. <br />9.1 Events of Default. The occurrence of any one or more of the following events <br />shall constitute an event of default hereunder ("Event of Default"): <br />(i) The occurrence of a Transfer in violation of Section 8 hereof, <br />(ii) Owner's failure to maintain insurance on the Property and the Project as <br />required hereunder, and the failure of Owner to cure such default within five (5) days; <br />(iii) Subject to Owner's right to contest the following charges, Owner's failure <br />to pay taxes or assessments due on the Property or the Project or failure to pay any other charge <br />that may result in a lien on the Property or the Project, and Owner's failure to cure such default <br />within twenty (20) days of delinquency, but in all events prior to the date upon which the holder <br />of any such lien has the right to foreclose thereon; <br />(iv) A default arises under any loan secured by a mortgage, deed of trust or <br />other security instrument recorded against the Property and remains uncured beyond any <br />applicable cure period such that the holder of such security instrument has accelerated repayment <br />of such loan; <br />(v) A default arises under the Loan Agreement, the Note, the Amended Note, <br />the Deed of Trust, or the Amended Deed of Trust and remains uncured beyond the expiration of <br />any applicable cure period; or <br />(vi) Owner's default in the performance of any term, provision or covenant <br />under this Agreement (other than an obligation enumerated in this Section 9.1), and unless such <br />provision specifies a shorter cure period for such default, the continuation of such default for ten <br />(10) days in the event of a monetary default or thirty (30) days in the event of a non -monetary <br />default following the date upon which City shall have given written notice of the default to <br />Owner, or if the nature of any such non -monetary default is such that it cannot be cured within <br />thirty (30) days, Owner's failure to commence to cure the default within thirty (30) days and <br />thereafter prosecute the curing of such default to completion with due diligence and in good faith <br />but in no event longer than ninety (90) days from receipt of the notice of default. <br />The limited partners of Owner shall have the right to cure any default of Owner hereunder <br />upon the same terms and conditions afforded to Owner; provided however, if the default is of <br />such nature that the limited partners reasonably determine that it is necessary to replace the <br />general partner of Owner in order to cure such default, then the cure period shall be extended by <br />an additional ninety (90) days after the removal and replacement of such general partner, <br />provided that the limited partners have promptly commenced and diligently proceeded with all <br />requisite actions to effect such removal and replacement. City shall provide a copy of any notice <br />23 <br />OAK #4820-8711-2085 v4 <br />ATTY/AGR.2019.148/Redwood Oaks Associates 11 LP - Regulatory Agreement <br />