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4626500v1 <br /> <br /> <br /> 4 <br />ARTICLE IV <br /> <br />EVENTS OF DEFAULT <br />Section 4.1 Events of Default Defined. The following shall be "Events of <br />Default" under this Agreement and the term "Event of Default" shall mean whenever it <br />is used in this Agreement any one or more of the following events: <br />(a) Failure by the Property Owner to timely pay any Pilot Payment to the City <br />on the Payment Date; or <br />(b) Failure of the Property Owner to observe or perform any other covenant, <br />condition, obligation or agreement on their part to be observed or performed under this <br />Agreement. <br />Section 4.2 Remedies on Default. Whenever any Event of Default referred to <br />in Section 4.1 occurs and is continuing, the City, as specified below, may take any one <br />or more of the following actions after the giving of thirty (30) days' written notice to <br />the Property Owner citing with specificity the item or items of default and notifying <br />the Property Owner that they have thirty (30) days within which to cure said Event of <br />Default. If the Event of Default has not been cured within said thirty (30) days: <br />(a) The City may take any action, including legal or administrative action, in <br />law or equity, which may appear necessary or desirable to enforce performance and <br />observance of any obligation, agreement, or covenant of the Property Owner under this <br />Agreement. <br />Section 4.3 No Remedy Exclusive. No remedy herein conferred upon or <br />reserved to the City is intended to be exclusive of any other available remedy or <br />remedies, but each and every such remedy shall be cumulative and shall be in addition <br />to every other remedy given under this Agreement or now or hereafter existing at law <br />or in equity or by statute. No delay or omission to exercise any right or power <br />accruing upon any default shall impair any such right or power or shall be construed to <br />be a waiver thereof, but any such right and power may be exercised from time to time <br />and as often as may be deemed expedient. <br />Section 4.4 No Implied Waiver. In the event any agreement contained in this <br />Agreement should be breached by any party and thereafter waived by any other party, <br />such waiver shall be limited to the particular breach so waived and shall not be <br />deemed to waive any other concurrent, previous or subsequent breach hereunder.