West Orange Township_Fourth Round HEFSP_Final Draft

The failure of the Owner to comply with any of the provisions of Section 25 or 31 of this Agreement shall not be deemed an Event of Default hercunder unless such failure has not been corrected within a period of 60 calendar days, have actual or constructive knowledge of such failure or after the Agency’s written notice to the owner, whichever is earlier. Section 32. Remedies. Upon the occurrence of any Event of Default, the Agency may at its option take any one or more of the following actions or remedics and no failure to exercise any remedy or take any action enumerated shal] constitute a waiver of such right or preclude a subsequent exercise by the Agency of any such remedy: (a} declare the entire principal sum of the Mortgage together with all other liabilities of the Owner under the Note to be immediately due and payable, (b) cease making disbursements to the Owner of any funds under the Loan or trom reserves held by the Agency, (c) apply any reserves held by the Agency or the balance in the accounts for Project disbursements and revenues, or any combination of (hese monies, to the payment of the Owner's liabilities hereunder; (d) foreclose the lien of the Mortgage on the Project and Land or a portion thercof, including without limitation all Improvements cxisting or hereafter placed in or on the Project and Land. In any action to foreclose, the Agency shall be entitled to the appointment of a receiver of the rents and profits of the Project as a matter of right and without notice, with power to collect the rents, uses and protits of said Project, due and becoming due during the pendency of such foreclosure suit, such Tents and profits being hereby expressly assigned and pledged as additional security for the payment of the indebtedness secured by the Mortgage without regard to the value of the Project or the solvency of any person or persons liable for payment of the mortgaged indebtedness. The Owner lor itself and any such subsequent owner hereby waives any and ail defenses to the application for a receiver as above and hereby specifically consents to such appointment without notice, but nothing herein contained is to be construed to deprive the holder of the Mortgage of any other right, remedy or privilege it may now have under the law to have a receiver appointed. ‘The provisions for the appointment of a receiver of the rents and profits and

older of the Mortgage of any other right, remedy or privilege it may now have under the law to have a receiver appointed. ‘The provisions for the appointment of a receiver of the rents and profits and the assignment of such rents and profits, is made an express condition upon which the Loan hereby secured are made. Upon such foreclosure the Agency shall have the night to have a receiver appointed for the Project and the rent from the Project; (e) pursuant to its rights under the Act and the Program, remove the Project Manager(s) after consultation with the Owner, or, if the Agency, after consultation with the Owner, decides, it is in the best interest of the Project and Clients, hereinafter defined, the Owner shall deed the Project and Land to the Agency; (f) take possession of the Project and Land or a portion thereof: {g) without judicial process, collect all rents and other revenue including federal and State subsidies as the agent of the Owner (which upon the occurrence of any Event of Default the Agency 17