14-20 Cedar Glen Bond Ordinance Addendums

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Events of Default Each of the following is an"Event of Default"under the Loan Agreement: (a) The Borrower fails to pay any Loan Payment on or prior to the date on which that Loan Payment is due and payable or within the cure period; (b) The Borrower fails to observe and perform any other agreement, term or condition contained in the Loan Agreement and such failure continues for a period of 30 days after the Borrower has been provided written notice thereof by the Issuer or the Trustee, or for such longer period as the Issuer and the Trustee may agree to in writing; provided, that if the failure is other than the payment of money and is of such nature that it can be corrected but not within the applicable period, that failure will not constitute an Event of Default so long as the Borrower institutes curative action within the applicable period and diligently pursues that action to completion, which must be resolved within 180 days after the aforementioned notice; (c) The Borrower: (i)admits in writing its inability to pay its debts generally as they become due; (ii) has an order for relief entered in any case commenced by or against it under the federal bankruptcy laws, as now or hereafter in effect, which is not dismissed within 90 days; (iii) commences a proceeding under any other federal or state bankruptcy, insolvency, reorganization or similar law, or has such a proceeding commenced against it and either has an order of insolvency or reorganization entered against it or has the proceeding remain undismissed and unstayed for 90 days; (iv) makes an assignment for the benefit of creditors; or (v)has a receiver or trustee appointed for it or for the whole or any substantial part of its property which appointment is not vacated within a period of 90 days; (d) Any representation or warranty made by the Borrower in the Loan Agreement or any statement in any report, certificate, financial statement or other instrument furnished in connection with the Loan Agreement or with the purchase of the Bonds shall at any time prove to have been false or misleading in any adverse material respect when made or given; and (e) Upon the occurrence of an "Event of Default" as defined in the Indenture or the Regulatory Agreement. Notwithstanding the foregoing, if, by reason of Force Majeure (as defined in the Loan Agreement), the Borrower is unable to perform or observe any agreement, term or condition of the Loan Agreement which would give rise to an Event of Default under the Loan Agreement, the Borrower will not be deemed in default during the continuance of such inability. However, the Borrower is required to promptly give notice to the Trustee and the Issuer of the existence of an event of Force Majeure and shall use its best efforts to remove the effects thereof; provided that the settlement of strikes or other industrial disturbances shall be entirely within its discretion. The declaration of an Event of Default under subsection (c) above and the exercise of remedies upon any such declaration are subject to any applicable limitations of federal bankruptcy law affecting or precluding that declaration or exercise during the pendency of or immediately following any bankruptcy, liquidation or reorganization proceedings. Amendments, Changes and Modifications Except as otherwise provided in the Indenture, the Loan Agreement may not be amended, changed,modified,altered or terminated without the prior written consent of the parties thereto. -29 -