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12 <br /> (a) The affordable housing owner's failing to make any Required Payment when due. <br /> (b) The affordable housing owner's breaching or failing to perform or observe any <br /> term, condition or covenant of this Agreement on its part to be observed or performed, other than <br /> as provided in subsection (a) above, including payment of any Additional Payment, for a period <br /> of 15 days after written notice specifying such failure and requesting that it be remedied shall <br /> have been given to the affordable housing owner by the County, unless the County shall agree in <br /> writing to an extension of such time prior to its expiration. <br /> (c) The institution of proceedings under any bankruptcy, insolvency, reorganization or <br /> similar law by or against the affordable housing owner as a debtor, or the appointment of a receiver, <br /> custodian or similar officer for the affordable housing owner or any of its property, and the failure <br /> of such proceedings or appointments to be vacated or fully stayed within 30 days after the <br /> institution or occurrence thereof. <br /> (d) Any warranty, representation or statement made by the affordable housing owner in <br /> this Agreement is found to be incorrect or misleading in any material respect on the Closing Date <br /> (or, if later, on the date made). <br /> (e) Any lien, charge or encumbrance (other than Permitted Encumbrances) prior to or <br /> affecting the validity of the Agreement is found to exist, or proceedings are instituted against the <br /> affordable housing owner to enforce any lien, charge or encumbrance against the Mortgaged <br /> Property and such lien, charge or encumbrance would be prior to the lien of this Agreement. <br /> 7.02 Remedies on Default. Upon the continuation of any Event of Default;the County <br /> may,without any further demand or notice, exercise any one or more of the following remedies: <br /> (a) Declare the Required Payment immediately due and payable; <br /> (b) Proceed by appropriate court action to enforce the affordable housing owner's <br /> performance of the applicable covenants of this Agreement or to recover for the breach thereof, <br /> (c) Avail itself of all available remedies under this Agreement, including foreclosure as <br /> provided in Sections 7.03, and recovery of attorneys' fees and other expenses. <br /> 7.03 Foreclosure, Sale under Power of Sale. <br /> (a) Right to foreclosure or sale. Upon the occurrence and continuation of an Event of <br /> Default, at the County's request, the Deed of Trust Trustee shall foreclose Mortgaged Property by <br /> judicial proceedings or, at the County's option, the Deed of Trust Trustee shall sell (and is hereby <br /> empowered to sell) all or any part of the Mortgaged Property (and if in part, any such sale shall in <br /> no way adversely affect the lien created hereby against the remainder) at public sale to the last and <br /> highest bidder for cash (free of any equity of redemption, homestead, dower, curtesy or other <br /> exemption, all of which the affordable housing owner expressly waives to the extent permitted by <br /> law) after compliance with applicable State laws relating to foreclosure sales under power of sale. <br /> The Deed of Trust Trustee shall, at the County's request, execute a proper deed or deeds to the <br /> successful purchaser at such sale. <br /> 12 <br />