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action within said period, and (b)diligently, continually, and in good faith works to effect <br /> a cure as soon as possible, then Agency shall have such additional time as City <br /> determines is reasonably necessary to cure the default prior to exercise of any <br /> remedies by City. In no event shall City be precluded from exercising remedies if its <br /> security becomes or is about to become materially jeopardized by any failure to cure <br /> a default or if the default is not cured within sixty (60) days after the first notice of <br /> default is given, or such longer period of time as may be specified in the Loan <br /> Documents. <br /> If an event of default is not corrected to the satisfaction of the City within the applicable <br /> time period set forth above, the City may, without further prior notice, terminate or <br /> suspend this Loan Agreement. The City also may, if it deems it appropriate, apply to <br /> any court, state or federal, for remedy for breach of contract; for specific performance <br /> of this Loan Agreement; for an injunction against any violation by the Agency of this <br /> Loan Agreement; for the appointment of a receiver to take over and operate the Project <br /> in accordance 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 from a <br /> default under and of the terms of this Loan Agreement would be irreparable and that <br /> it would be extremely difficult to ascertain the amount of compensation to the City <br /> which would afford adequate relief, in light of the purposes and policies of the HOME <br /> Program. As an alternative, the City may, in its sole discretion, submit the matter to <br /> arbitration. <br /> Any notice of default under any of the Loan Documents shall be provided <br /> simultaneously to the Agency, Owner and the Owner's General Partner and Investor <br /> Limited Partner, and/if applicable, special Investor Limited Partner. Owner shall be <br /> responsible for providing the City with the name and address of such parties. If Owner <br /> fails to update the City with the name and address of such parties, any notice of default <br /> provided by the City shall be deemed sufficient if sent to the most recent name and <br /> address on file for each of the parties. <br /> The City shall accept or reject any tender of cure under any of the Loan Documents <br /> by Owner's Investor Limited Partner on the same terms as City would accept or reject <br /> such tender of cure by Agency. <br /> C. Non-Waiver of Breach <br /> The City's failure to insist upon strict performance of any provision of this Loan Agreement, <br /> or to exercise any rights or remedies herein, or its acceptance of any defective <br /> performance, shall not be construed to be a waiver or relinquishment of any rights, and <br /> shall not prevent the City from pursuing that or any other right at any future time, unless <br /> stated in a writing signed by an authorized representative of the City and attached to the <br /> original Loan Agreement. <br /> D. Governing Law and Venue Stipulation <br /> This Loan Agreement has been and shall be construed as having been entered into and <br /> delivered within the State of Washington, and it is mutually understood and agreed by <br /> each party hereto that this Agreement shall be governed by laws of the State of <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 45 of 51 <br />