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such additional time as County determines is reasonably necessary to cure <br /> the default prior to exercise of any remedies by City. In no event shall City be <br /> precluded from exercising remedies if its security becomes or is about to <br /> become materially jeopardized by any failure to cure a default or if the default <br /> is not cured within sixty (60) days after the first notice of default is given, or <br /> such longer period of time as may be specified in the Loan Documents. <br /> If an event of default is not corrected to the satisfaction of the City within the <br /> applicable time period set forth above, the City may, without further prior <br /> notice, terminate or suspend this Loan Agreement. The City also may, if it <br /> deems it appropriate, apply to any court, state or federal, for remedy for <br /> breach of contract; for specific performance of this Loan Agreement; for an <br /> injunction against any violation by the Agency of this Loan Agreement; for the <br /> appointment of a receiver to take over and operate the Project in accordance <br /> with the terms of this Agreement; or for such other relief as may be <br /> appropriate, it being agreed by the Agency that the injury to the City arising <br /> from a default under and of the terms of this Loan Agreement would be <br /> irreparable and that it would be extremely difficult to ascertain the amount of <br /> compensation to the City which would afford adequate relief, in light of the <br /> purposes and policies of the HOME Program. As an alternative, the City <br /> may, in its sole discretion, submit the matter to arbitration. <br /> C. Non-Waiver of Breach <br /> The City's failure to insist upon strict performance of any provision of this Loan <br /> Agreement, or to exercise any rights or remedies herein, or its acceptance of any <br /> defective performance, shall not be construed to be a waiver or relinquishment of <br /> any rights, and shall not prevent the City from pursuing that or any other right at <br /> any future time, unless stated in a writing signed by an authorized representative <br /> of the City and attached to the original Loan Agreement. <br /> D. Governing Law and Venue Stipulation <br /> This Loan Agreement has been and shall be construed as having been entered <br /> into and delivered within the State of Washington, and it is mutually understood <br /> and agreed by each party hereto that this Loan Agreement shall be governed by <br /> laws of the State of Washington, both as to interpretation and performance, and <br /> applicable federal laws and regulations. <br /> Any action at law, suit in equity, or judicial proceeding for the enforcement of this <br /> Loan Agreement or any provision hereof, shall be instituted and maintained only <br /> in any of the courts of competent jurisdiction at Everett in Snohomish County, <br /> unless the City determines a federal forum is appropriate to the issue raised. <br /> Amended HOME Loan Agreement <br /> Housing Hope's Kennedy Court Improvement Project <br /> Page 47 of 53 <br />