14-20 Cedar Glen Bond Ordinance Addendums

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an event of default under the terms of this Agreement other Loan Document. Without limitation, �' or any this shall include any period during which any failure, breach, or default specified under this Agreement or in any other Loan Document has occurred but the applicable cure period has not expired. Section 18.6 Right to Order Updated Appraisal and Environmental Report. Upon the occurrence of an Event of Default hereunder, at the option of MBI and without further notice or demand to Borrower, MBI may (i) order an appraisal of the Project, to be in such form and scope and to be performed by an appraiser as MBI may choose in its sole discretion, and (ii) order a current phase I environmental assessment of the Project, to be in such form and scope and to be performed by an engineer as MBI may choose in its sole discretion. All costs and expenses of such appraisal and environmental assessment shall be immediately pby upon Borrower u on demand by MBI and such amounts shall be added to the indebtedness evidenced by the Loan. Section 18.7 Cooperation by Borrower. Upon an Event of Default hereunder, Borrower, immediately upon demand by MBI, shall assemble all collateral for the Loan and make it available to MBI at a place or places to be designated by MBI which are reasonably convenient to MBI and Borrower. Borrower recognizes that in the event Borrower fails to perform, observe or discharge any of its obligations under this Agreement or any other documents executed in connection herewith, MBI shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages. Section 18.8 No Liabilityof MBI. Whether or not MBI elects to employ anyor all of the P Y remedies available upon the occurrence of an Event of Default, MBI shall not be liable for the construction of or failure to construct,rehabilitate,complete or protect the Improvements or the Project or for payment of any expenses incurred in connection with the exercise of any remedy available to MBI or for the performance or non-performance of any other obligation of Borrower. ARTICLE XIX. GENERAL CONDITIONS AND MISCELLANEOUS Section 19.1 Extension of the Note. In the event that Borrower does not pay the Note at its maturity, the Note may be extended at the sole option of MBI for such period of time as MBI may determine. Any such extension shall be made by appropriate notation on an attachment to the Note and Borrower shall be furnished with a copy of the same. Section 19.2 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of MBI and Borrower provided that no assignment or alienation of any rights or obligations by Borrower shall be effective without the prior written consent of MBI and further provided that any party who takes any rights or obligations of Borrower by assignment, alienation or otherwise shall assume all of the rights and obligations of Borrower the same as if such party were an original party to this Agreement. This Agreement is entered into by MBI with Borrower in reliance upon Borrower and the current Partners of Borrower and no assignment or alienation (except to MBI) of any or rights obligations of Borrower or the current Partners of Borrower, hereunder shall be effective without g g the prior written consent of MBI, except as otherwise permitted in the Loan Documents. Section 19.3 No Third-Party Beneficiaries. Except with respect to the Limited Partner, nothing contained herein shall be deemed or construed to create an obligation on the part of MBI to any third party nor shall any third party have a right to enforce against MBI any rights which Borrower may have under this Agreement. Page 63