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24 <br /> REPRESENTATION WITH RESPECT TO THE MERCHANTABILITY OR THE <br /> FITNESS OR SUITABILITY THEREOF FOR ANY PURPOSE, and further including <br /> the design or condition thereof; the safety, workmanship, quality or capacity thereof; <br /> compliance thereof with the requirements of any law, rule, specification or contract per- <br /> taining thereto; any latent defect; the ability of the Pledged Facilities to perform any func- <br /> tion; that the Amount Advanced will be sufficient to pay all Project Costs; or any other <br /> characteristic of the Pledged Facilities; it being agreed that the County is to bear all risks <br /> relating to the Pledged Facilities, the completion thereof or the transactions contemplated <br /> by this Contract or by the Deed of Trust, and the County waives the benefits of any and <br /> all implied warranties and representations of the Lender. <br /> The provisions of this Article will survive the Contract's termination. <br /> ARTICLE X <br /> DEFAULT AND REMEDIES <br /> 10.1. Events of Default. An "Event of Default" is any of the following: <br /> (a) The County fails to make any Installment Payment when due. <br /> (b) The occurrence of an Event of Nonappropriation. <br /> (c) The County breaches or fails to perform or observe any term, condition or <br /> covenant of this Contract or the Deed of Trust on its part to be observed or performed, <br /> other than as referred to in subsections (a) or (b) above, including payment of any Addi- <br /> tional Payment, for a period of 90 days after written notice specifying such failure and <br /> requesting that it be remedied has been given to the County (by any person or entity), un- <br /> less the Lender agrees in writing to an extension of such time prior to its expiration; pro- <br /> vided, however, that if the failure stated in the notice cannot reasonably be corrected <br /> within the applicable period and the County institutes corrective action within the appli- <br /> cable period, no Event of Default will be deemed to have occurred so long as the County <br /> diligently pursues the corrective action. <br /> (d) Proceedings under any bankruptcy, insolvency, reorganization or similar <br /> law are instituted by or against the County as a debtor, or a receiver, custodian or similar <br /> officer is appointed for the County or any of its property. <br /> (e) Any lien, charge or encumbrance (other than Permitted Encumbrances) pri- <br /> or to or affecting the validity of the Deed of Trust is found to exist, or proceedings are <br /> instituted to enforce any lien, charge or encumbrance against the Mortgaged Property and <br /> such lien, charge or encumbrance would be prior to the lien of the Deed of Trust. <br /> 17 <br />