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73850847v2 10 Section 5.02. Notice of Default. Upon the occurrence of one of the Events of Default as defined in Section 5.01 hereof, the Lender shall give written notice to Borrower as provided in Section 7.01 of this Agreement, specifying: (i) the Event of Default; (ii) the action required to cure the Event of Default; (iii) a date not less than thirty (30) days from the date the notice is provided to Borrower by which such Event of Default must be cured (except with respect to Section 5.01(d) for which any applicable cure periods shall have already expired); and (iv) that failure to cure such Event of Default on or before the date specified in the notice (except with respect to Section 5.01(d) for which any applicable cure periods shall have already expired) may result in acceleration of the TIF Loan and appropriate legal action. Affiliates of the Borrower and the lenders of the Other Project Financing shall have the right but not the obligation to cure any Event of Default during the applicable cure period and such cure shall be accepted by Borrower as though such cure had been performed by Borrower. Section 5.03. Remedies. Upon the occurrence of any Event of Default as defined in Section 5.01 hereof, and notice as provided in Section 5.02, the Lender, at its option, in addition to any other remedies to which it might by law be entitled to, shall have the right to do one or more of the following: (a) To perform such acts or deeds which may be necessary to cure any default existing under this Agreement or the TIF Loan Note; (b) To cancel this Agreement; (c) To exercise its rights pursuant to the Guaranty; (d) To bring appropriate action to enforce such performance and the correction of such failure or default; (e) To demand Borrower to repay the amount disbursed from the TIF Loan Proceeds, together with all other sums payable hereunder, immediately due and payable without presentment, demand, protest, notice of dishonor or any other notice; (f) To suspend its performance under this Agreement during the continuance of the Event of Default; or (g) To suspend disbursement of the TIF Loan Proceeds during the continuance of the Event of Default. Section 5.04. Remedies Not Exclusive. No right or remedy by this Agreement or by any document or instrument delivered by Borrower pursuant hereto, conferred upon or reserved to the Lender shall be or is intended to be exclusive of any other right or remedy, and each and every right and remedy shall be cumulative and in addition to any other right or remedy now or hereafter existing at law or in equity or by statute. Section 5.05. Waiver; Forbearance. Except as the Lender may hereafter otherwise agree in writing, no waiver by the Lender of any breach or default of Borrower, of any of its obligations, agreements or covenants under this Agreement shall be deemed to be a waiver of any subsequent breach of the same, or any other obligation, agreement or covenants under this Agreement, nor