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7 <br /> � MBKl117�43T2S6 ' <br /> temedies by Lender. If fiorrower fails co take cor�ective acrion or to cure the default within such <br /> reasonable time, Lender shall give Borrower and each of the general and limited parmers of <br /> Boaowa written norice thereof, whereupon the limited parmer may remove and replace the <br /> generyl parmer with a substitute geaeral parmcr w+ho shall effect a cure within a reasonable dme <br /> as determined by Lender. In no event shall Lender be pcecluded from execcising rrmedies if iu <br /> security becomes or is aboet to become mauriatly jeopardized by any failure to cure a default or <br /> if the default is not cured within ninery(90) days after the first aodce of default is given, ar such <br /> longer period of time as may be specified in the Loan Documents. <br /> e. Casualty, CondemnaHon, Etc. In the event of any fire or other casualry to the � <br /> Project or eminent domain procecdings resulring in condemnarion of the Project or any part �I <br /> thereof, Bocrower shall have the right to rebuild the Project, and to use all available insurance or i <br /> wndemnarion proceeds therefor, previd=d that(a) such proceeds aze sufficient to keep the Loan <br /> in balance and rebuild the Project in a manner that provides adequatc security to Lender for <br /> repayment of the Loan, or, if such procPeu., aze insufficient, then Borrower shall have funded any <br /> deficiency; (b) Lender shall have the right to approve plans and specificarions for any major <br /> robuilding and the right to approve disbursemenu of insurance or condemnation proceeds for <br /> rebuilding under a construction escrow or similar azrangement; and (c) no material default then i <br /> exists under the Loan Documenu. If the casualty or condemnarion affects only pdrt of the ; <br /> Project and total rebuilding is infeasible, then procecds may be used for partial rebuilding and �, <br /> partial repayment of the Loan in a manner that provides adequate security to Lender for ; <br /> repaytnent of the remaining balance of the Loan. i <br /> E Purchase Rights. The execurion and delivery of the purchase opcion and right of. � <br /> first refusal agreement described in Borrower's Limited Partnership Agreement shall not : <br /> constitute a default under the Loan Documents or accelerate the maturiry of the Loan thereunder. <br /> Any requisite consent of Lender to (a) the exercise of said purchase option and r.ght of first <br /> refusal agreement by the project sponsor idenrified therein, and to (b) the assun:.prion without <br /> penalty of Loan obligations by the project sponsor and the release of Bor:ower from such <br /> obiigations, shall not be unreasonably withheld. Subject to any such consent requirement, the <br /> exercise of rights under such agreement shall not consritu:e a default or accelerate maturity o:the <br /> Loan. ' <br /> ; <br /> ; <br /> g. Loan Assumption. If the purchase option and ri�ht of first refusal agreement ! <br /> described in the Limited Partnership Agreement aze not exercised and the Project is sold subject .� <br /> to low-income housing use restricrions as contained in an exisring regulatory agreement or other <br /> recorded covenant, any requisite consent of Lender to said sale, and to the assumption without i <br /> penalty of loan obligations by the purc6aser and the release of Borrower from such obligations, � <br /> shall not be unreasonably withheld. � <br /> s <br /> � <br /> h. Lender Approvals, etc. In any approval, consent,or other determinarion by ; <br /> Lender required under any of the Loan Documents, Lender shall act reasonably and in good � <br /> � <br /> faith. i <br /> i <br /> l{ <br /> f <br /> 2 88 S <br /> , <br /> �sas:�cn+.��ere ; <br /> a <br /> - ;a <br />