West Orange Fourth Round HEFSP_adopted 111025_Appendices

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 hereunder 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 remedies and no failure to exercise any remedy or take any action enumerated shail constitute a waiver of such right or preclude a subsequent exercise by the Agency of any such remedy: other liabilities of the (a) declare the entire principal sum of the Mortgage together with Owner under the Note to be immediately due and payable; (b) cease making disbursements to the Owner of any funds, Loan or from reserves held by the Agency; ce in the accounts for Project (c) apply any reserves held by the Agency or s, to the payment of the Owner's disbursements and revenues, or any combination of liabilities hereunder; ect and Land or a portion thereof, including t placed in or on the Project and Land. In ‘o the appointment of a receiver of the rents and Out notice, with power to collect the rents, uses and eeduring the pendency of such foreclosure suit, such ed and pledged as additional security for the payment oftgage without regard to the value of the Project or the for payment of the mortgaged indebtedness. The Owner for itself and any such subsequeritowngr hereby waives any and all defenses to the application for a receiver as above and hereby spetifically consents to such appointment without notice, but nothing herein contained is to be trued to deprive the holder of the Mortgage of any other right, remedy or privilege it may note under the law to have a receiver appointed. The provisions for the appointment of a i f the rents and profits and the assignment of such rents and profits, is made an expre: ion upon which the Loan hereby secured are made. Upon such foreclosure the Agency shall ‘Rave the right to have a receiver appointed for the Project and the rent from the Project; (d) foreclose the lien of the Mortgage without limitation all Improvements existi any action to foreclose, the Agency shall be profits of the Project as a matter of right ad profits of

m the Project; (d) foreclose the lien of the Mortgage without limitation all Improvements existi any action to foreclose, the Agency shall be profits of the Project as a matter of right ad profits of said Project, due and becomi, rents and profits being hereby expres. of the indebtedness secured by.th solvency of any person or pergons li (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