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ATTY/RESO.0053/CC RESO AMENDING AFFORDABLE HOUSING PRESERVATION PROGRAM – EXHIBIT B <br />REV: 08-19-24 LF <br />Page 20 of 86 <br />with reasonable diligence be cured within thirty (30) days after the effective date of such Notice, <br />such thirty (30) day period shall automatically be extended if and only for so long as Borrower <br />does all of the following: (i) within thirty (30) days after Notice of such default, advise the City <br />of the intention of Borrower to take all reasonable steps to cure such default; (ii) duly commence <br />such cure within such period, and then diligently prosecute such cure to completion; and (iii) <br />complete such cure within a reasonable time under the circumstances; or (B) under any applicable <br />Loan Document after any applicable cure period. <br />702. Remedies. <br />702.1 City. Upon default by Borrower subject to applicable notice and cure <br />periods, City shall not be obligated to disburse any Loan proceeds pursuant to this Agreement and <br />Borrower shall immediately remit to City all cost and expense, interest and principal due City <br />under the Note. <br />702.2 Borrower. Upon default by City, Borrower’s sole remedy for such breach <br />shall be to institute an action at law or equity to seek specific performance of the terms of this <br />Agreement. Borrower shall not be entitled to recover damages for any default by City hereunder. <br />Such legal actions must be instituted in the Superior Court of the County of San Mateo, State of <br />California, or in the United States District Court for the District of California in which San Mateo <br />County is located. <br />703. Rights and Remedies Cumulative. The rights and remedies of City hereunder are <br />cumulative, and the exercise by City of one or more of such rights or remedies shall not preclude <br />the exercise by it, at the same or different times, of any other rights or remedies for the same default <br />or any other default caused by Borrower. <br />800. GENERAL PROVISIONS <br />801. Notices. Any notice required or authorized under this Agreement, or service of <br />process, shall be effective if, and only if, in writing and if, and only if, personally served or mailed, <br />postage prepaid, by registered or certified mail, to the party in question at the address shown below: <br />6.M. - Page 49 of 110 <br />505