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Commission Property is limited to "surplus cash" as defined in the Regulatory Agreement for
<br />Multifamily Housing Projects by and between SMA and HUD.
<br />6.03. Nonliability. The Commission shall not be responsible or liable to SMA,
<br />or any person, firm or corporation claiming by, through or under SMA for, or by reason of, (i)
<br />any injury or damage to the improvements or any equipment or apparatus or appliances on the
<br />Commission Property, (ii) any failure or defect of water, heat, electric light or power supply, or
<br />of any apparatus or appliance in connection therewith, or for any injury or loss or damage to
<br />person or property resulting therefrom, or (iii) any injury, loss or damage to any persons or to the
<br />Commission Property, or to any property of SMA or of any other person, contained in or upon
<br />the Commission Property, caused by or arising or resulting from the electric wiring, or plumbing,
<br />water, steam, sewerage, or other pipes, or by or from any machinery or apparatus, or by or from
<br />any defect in or leakage, bursting or breaking of any of the foregoing the same, or by or from,
<br />any leakage, running or overflow of water or sewerage in any part of said premises, or by or
<br />from any other defect or other cause whatsoever (other than any such injury, failure, defect, loss
<br />or damage caused by the willful or negligent act or omission of the Commission or its respective
<br />agents, contractors, servants or employees).
<br />7. Events of Default.
<br />7.01. Definition. SMA's failure to perform any covenant or obligation herein
<br />contained and the continuance of such failure for a period of ninety (90) days after notice in
<br />writing to SMA from the Commission specifying the nature of such failure, and provided the
<br />Commission shall not cure said failure as provided in Section 7.03 if not remedied as hereinafter
<br />provided, shall be deemed an "Event of Default ".
<br />7.02. Extensions. If the Commission gives notice at any time of a default of a
<br />nature that cannot be cured with the ninety (90) day period provided in Section 7.01, then such
<br />default shall not be deemed an Event of Default so long as SMA, following notice from the
<br />Commission, proceeds to cure the default as soon as reasonably possible and continues to take all
<br />reasonable steps necessary to complete the same within a period of time which, under all
<br />prevailing circumstances, shall be reasonable. In addition, no Event of Default shall be deemed
<br />to have occurred if and so long as SMA shall be delayed in or prevented from curing the same
<br />within the applicable cure period by a reason beyond SMA's reasonable control and not
<br />avoidable by reasonable diligence.
<br />7.03. Remedies. Upon any Event of Default pursuant to Section 7.01, or at any
<br />time thereafter so long as the same is not cured, the Commission may cure any such Event of
<br />Default and collect the cost thereof from SMA upon demand. In addition to any other rights that
<br />SMA or the Commission may have pursuant to this Agreement, if the other fails or refuses to
<br />execute, acknowledge and deliver any instrument or instruments or to take any other action
<br />(other than an action solely involving the payment of any sum of money) required to effectuate
<br />provisions of this Agreement within the time period required by this Agreement or, if no time
<br />period therefor is specified in this Agreement, within any reasonable time period specified in any
<br />request from the other party, then from and after the date fifteen (15) days after the date of
<br />delivery of a final written demand to the other party requesting such execution, acknowledgment
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