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payment of any amount due hereunder may be cured only by payment in full of such amount <br /> plus the interest accrued from the date of default, as stated above, on the unpaid principal <br /> balance as of the date of default until the date of payment resulting from application of a <br /> default rate of interest as provided herein or in any Loan Document; if any, that may be due <br /> hereunder or under any instrument relating to or evidencing the obligations hereunder plus any <br /> attorneys' fees incurred by the City by reason of such default. <br /> Curing of Nonmonetary Default. If a nonmonetary event of default occurs under the terms of <br /> any of this Agreement, prior to exercising any remedies hereunder, the City shall give the <br /> Agency written notice of such default. If the nonmonetary default is reasonably capable of <br /> being cured within thirty (30) days, the Agency shall have such period to effect a cure prior to <br /> exercise of remedies by the City, or such longer period of time as may be specified in the Loan <br /> Documents. If the default is such that it is not reasonably capable of being cured within thirty <br /> (30) days or such longer period if so specified, and if Agency in the reasonable determination <br /> of the City (a) initiates corrective action within said period, and (b) diligently, continually, and in <br /> good faith works to effect a cure as soon as possible, then the Agency shall have such <br /> additional time as the City determines is reasonably necessary to cure the default prior to <br /> exercise of any remedies by Holder. In no event shall the City be precluded from exercising <br /> remedies if its security becomes or is about to become materially jeopardized by any failure to <br /> cure a default or if the default is not cured within sixty (60) days after the first notice of default <br /> is given, or such longer period of time as may be specified in the Loan Documents. <br /> The City also may, if it deems it appropriate, apply to any court, state or Federal, for remedy <br /> for breach of contract; for specific performance of this Agreement; for an injunction against any <br /> violation by the Agency of this Agreement; for the appointment of a receiver to take over and <br /> operate the Project in accordance with the terms of this Agreement; or for such other relief as <br /> may be appropriate, it being agreed by the Agency that the injury to the City arising from a <br /> default under and of the terms of this Agreement would be irreparable and that it would be <br /> extremely difficult to ascertain the amount of compensation to the City which would afford <br /> adequate relief, in light of the purposes and policies of the HOME Program. As an alternative, <br /> the City 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 Agreement, or to <br /> exercise any rights or remedies herein, or its acceptance of any defective performance, shall <br /> not be construed to be a waiver or relinquishment of any rights, and shall not prevent the City <br /> from pursuing that or any other right at any future time, unless stated in a writing signed by an <br /> authorized representative of the City and attached to the original Agreement. <br /> D. Governing Law and Venue Stipulation <br /> This Agreement has been and shall be construed as having been entered into and delivered <br /> within the State of Washington, and it is mutually understood and agreed by each party hereto <br /> that this Agreement shall be governed by laws of the State of Washington, both as to <br /> interpretation and performance, and applicable Federal laws and regulations. <br /> - 13 - 7 <br />