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ARTICLE XVII. <br /> EVENTS OF DEFAULT <br /> Section 17.1 Events of Default. The occurrence of any of the following events or <br /> circumstances shall constitute an event of default hereunder (each such event or circumstance is herein <br /> referred to as an"Event of Default"): <br /> (a) A failure by Borrower to pay when due any installment of interest or principal <br /> due and payable pursuant to the terms of this Agreement or the Note and the continuation of such <br /> failure for a period of ten(10) days after written notice of such failure has been sent to Borrower; <br /> provided, however, after two (2) such notices in a twelve(12) month period, an Event of Default <br /> shall exist hereunder if such principal or interest is not paid when due; <br /> (b) A failure by Borrower or any other obligor to pay upon demand or when due, any <br /> other amounts due and payable pursuant to the terms of the Note, this Agreement or any of the <br /> other Loan Documents and the continuation of such failure for a period of ten (10) days after <br /> written notice of such failure has been sent to Borrower; <br /> (c) A failure by Borrower to maintain any insurance policies as required hereunder <br /> and the continuation of such failure for a period of ten (10) days after written notice of such <br /> failure has been sent to Borrower; <br /> (d) A default under or a failure by Borrower to observe or perform any agreement or <br /> covenant contained herein which default or failure can be cured by the payment of money and the <br /> continuation of such default or failure for a period of ten (10) days after written notice of such <br /> default or failure has been sent to Borrower; <br /> (e) A default under or a failure by Borrower to observe or perform any other <br /> agreement or covenant contained herein or in the Loan Documents(for which a cure period is not <br /> already specified) and the continuation of such default or failure for a period of thirty (30) days <br /> after written notice of such default or failure has been sent to Borrower; provided, however, that <br /> if the nature of a default is such that it can be cured by Borrower but cannot be cured within the <br /> thirty (30) day period provided above or by the payment of money by Borrower, and if Borrower <br /> (i) commences efforts to effect such cure within such thirty (30) day period and thereafter <br /> diligently proceeds to take such actions as may be reasonably required to effect such cure and(ii) <br /> provides written notice to MBI within such thirty (30) day period describing what efforts it has <br /> commenced and intends to continue to effect such cure, the thirty (30) day cure period provided <br /> above shall be extended for a period ending the earlier of(i) ninety (90) days after the expiration <br /> of such thirty(30)day cure period provided above, (ii)the date as of which Borrower shall cease <br /> the diligent pursuit of such actions as may be reasonably required to effect such cure, or(iii) the <br /> date as of which the cure of such default by Borrower shall become impossible; <br /> (f) Any warranty,representation, certification or statement made by Borrower in this <br /> Agreement, in any of the other Loan Documents or in any certification or other agreement or <br /> document executed or delivered in connection herewith is false or incorrect in any material <br /> respect upon the date when made or deemed to be made or repeated and is not cured to the <br /> satisfaction of MBI within thirty (30) days after MBI provides notice as required hereunder; <br /> provided,however,that if Limited Partner(i)commences efforts to replace the General Partner as <br /> general partner of the Borrower with an affiliate of the Limited Partner as permitted by this <br /> Agreement and to effect a cure acceptable to MBI within such thirty (30) day period and <br /> thereafter diligently proceeds to take such actions as may be reasonably required to so replace <br /> Page 57 <br />