West Orange Township_Fourth Round HEFSP_Final Draft

other Loan Document, or failure by the Owner to produce satisfactory evidence of compliance therewith; {c) the filing by the Owner under any federal or state bankruptcy or insolvency law or other similar law of any petition in bankruptcy or for reorganization or composition with creditors or the making of an assignment for the benefit of creditors: (d) the filing against the Owner of a petition secking its adjudication as a bankrupt or the appointment of a receiver for the benefit of its creditors which shall not have been dismissed within sixty (60) calendar days of the filing thereof, or the adjudication of the Owner as a bankrupt or the appointment of a receiver for the benefit of its creditors; or the appointment by court order of a custodian (such as a receiver, liquidator or trustee} of the Owner or of any of its property or the taking of possession of the Owner or any of its property for the benefit of its creditors and such order remains in effect or such possession continucs for more than sixty (60) calendar days; (e) the occurrence of substantial destruction of the Project by an uninsured casualty or the inahilily to replace or restare the Project in accordance with Section | 1, or failure to maintain insurance that fully complies with the Agency insurance requirements set forth at Section 11 or in Agency insurance specifications minimum requirements, or failure to provide, immediately of no later than 30 days from notice. replacement insurance to mect Agency insurance requirements as set forth in Section 1) during the term of the Mortgage Loan: {f) any representation in conjunction with the Loan and the Project by or on behalf of the Owner that is knowingly false or misleading in any respect or warranty of the Owner that is breached; eo. ~ \ (g) any breach by the Owner of its obligations or any failure to observe its covenants under this Agrecment, and the other Loan Documents: and {h) failure to complete the Project. \ (i) failurc oF refusal to acquire, rchabilitate, opcrate and/or maintain the Project in accordance with the Program.“ \__- ‘ N The event’ set forth in the subsections (b) and (g) of this Section shali net constitute Events of Default until the prohibited acts, failure to perfonn or observe, or breaches shall remain uncured for a period of thirty (30) calendar days after the Agency's written notice te the Owner,

e Events of Default until the prohibited acts, failure to perfonn or observe, or breaches shall remain uncured for a period of thirty (30) calendar days after the Agency's written notice te the Owner, specifying such prohibited act, failure or breach and requesting that it be remedied, unless the Agency shall agree in writing to an extension of such time prior to its expiration; provided, however, that after the Rehabilitation Period only, if the prohibited act, failure, or breach stated in each notice is correctable, but cannot be corrected within the 30-day period, the Agency may not unreasonably withhold its consent to an extension of up to 120 calendar days from the delivery of the written notice reterred to herein if corrective action is instituted by the Owner, within the initial 30-day period and diligently pursued.