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11237553v3 <br /> <br /> <br /> 9 <br /> <br />ARTICLE IV <br /> <br />EVENTS OF DEFAULT <br />Section 4.1. Events of Default Defined. The following shall be "Events of Default" <br />under this Agreement and the term "Event of Default" shall mean whenever it is used in this <br />Agreement any one or more of the following events: <br />(1) Failure by the Developer to timely pay any ad valorem real property taxes and <br />special assessments levied against the Development Property and all public utility or other City <br />payments due and owing with respect to the Development Property. <br />(2) Failure by the Developer to cause the Project to be completed pursuant to the <br />terms, conditions and limitations of this Agreement. <br />(3) Failure of the Developer to observe or perform any other covenant, condition, <br />obligation or agreement on its part to be observed or performed under this Agreement. <br />(4) The holder of any mortgage on the Development Property or any improvements <br />thereon, or any portion thereof, commences foreclosure proceedings as a result of any default <br />under the applicable mortgage documents. <br />(5) If the Developer shall: <br />(a) file any petition in bankruptcy or for any reorganization, arrangement, <br />composition, readjustment, liquidation, dissolution, or similar relief under the United <br />States Bankruptcy Act of 1978, as amended or under any similar federal or state law; or <br />(b) make an assignment for the benefit of its creditors; or <br />(c) admit in writing its inability to pay its debts generally as they become due; <br />or <br />(d) be adjudicated as bankrupt or insolvent; or if a petition or answer <br />proposing the adjudication of the Developer as bankrupt or its reorganization under any <br />present or future federal bankruptcy act or any similar federal or state law shall be filed in <br />any court and such petition or answer shall not be discharged or denied within sixty (60) <br />days after the filing thereof; or a receiver, liquidator or trustee of the Developer, or of the <br />Project, or part thereof, shall be appointed in any proceeding brought against the <br />Developer, and shall not be discharged within sixty (60) days after such appointment, or <br />if the Developer, shall consent to or acquiesce in such appointment. <br />Section 4.2. Remedies on Default. Whenever any Event of Default referred to in <br />Section 4.1 occurs and is continuing, the City, as specified below, may take any one or more of <br />the following actions after the giving of thirty (30) days' written notice to the Developer, but only <br />if the Event of Default has not been cured within said thirty (30) days: