Agmt25 CDBG Loan Agreement - Moreno

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attached hereto and incorporated herein by this reference. The policies secured by Habitat in accordance with Exhibit C shall be endorsed to name the Borrower and the Lender, its officers, agents, employees and volunteers as additional insureds, to allow and be endorsed that the insurance will be primary and not contribute with any insurance or self-insurance maintained by the Borrower or Lender, and provide a Waiver of Subrogation endorsement in favor of the Borrower and Lender. Section 10. Term of Agreement. The term of this Agreement commences on the Effective Date and subject to any earlier termination as set forth herein, continues until five (5) years after the Effective Date ("Term"); provided however, all provisions of this Agreement that expressly provide for continuation beyond the termination of this Agreement shall survive. Section 11. Termination by Borrower, If during the Term, Borrower desires to terminate this Agreement, Borrower shall notify the Lender in writing and shall repay the entire outstanding balance of the Loan due within ninety (90) days from the date of Borrower's written notification to the Lender. This Agreement shall thereafter terminate upon the Lender's receipt of payment in full of the outstanding Loan balance. Section 12. Events of Default. Each of the following constitutes a "Default" by Borrower under this Agreement: (a) Borrower fails to pay the principal and any other sums payable when such payment is due pursuant to the Promissory Note, and such failure continues for five (5) days after Lender notifies Borrower thereof in writing. (b) Borrower fails to duly perform, comply with, or observe any of the conditions, terms, or covenants of the Loan Documents and such failure continues beyond the expiration of the applicable cure period or if there is no applicable cure period, continues beyond ninety (90) days after written notice from the Lender specifying the default (provided that, in the event of a shorter cure period as set out below or in other Loan Documents, such shorter cure period prevails). (c) Any of Borrower's representations or warranties in the Loan Documents and/or in Borrower's application for the Loan shall prove to have been untrue in any material respect when made, or Borrower shall have concealed any material fact from the Lender. (d) Borrower fails to occupy the Property as the Borrower's principal residence. (e) Borrower converts the full Property into a rental property or to a commercial or nonresidential use. (fj The Transfer of the Property or change in title and/or ownership of the Property. (g) A default arises under any loan secured by a mortgage, deed of trust or other security instrument recorded against the Property and remains uncured beyond any REV: 10-02-25 LF ATTY/AGR.2025.255/Habllat for Humanity (142 Center (Moreno) CDBG Loan Agreement) (Page 6 of 21)