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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 muisleading 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 Ri ht 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 far cash (free of any equity of redemption, homestead, dower, curtesy ar 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 />