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ARTICLE V <br />EVENTS OF DEFAULT <br />Section 5.1 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 />(a) Failure by the Developer to timely pay any ad valorem real property taxes <br />assessed with respect to the Development Property. <br />(b) Failure by the Developer to cause the construction and installation of the <br />Project to be completed pursuant to the terms, conditions and limitations of this <br />Agreement. <br />(c) Failure of the Developer to observe or perform any other covenant, <br />condition, restriction, obligation or agreement on its part to be observed or performed <br />under this Agreement. <br />(d) The holder of any mortgage on the Development Property or the Easement <br />Property or any improvements thereon, or any portion thereof, commences foreclosure <br />proceedings as a result of any default under the applicable mortgage documents. <br />(e) <br />If the Developer shall <br />(A) file any petition in bankruptcy or for any reorganization, <br />arrangement, composition, readjustment, liquidation, dissolution, or similar relief <br />under the United States Bankruptcy Act of 1978, as amended or under any similar <br />federal or state law; or <br />(B) make an assignment for the benefit of their creditors; or <br />(C) admit in writing its inability to pay its debts generally as they <br />become due; or <br />(D) be adjudicated a bankrupt or insolvent; or if a petition or answer <br />proposing the adjudication of the Developer, as a bankrupt or its reorganization <br />under any present or future federal bankruptcy act or any similar federal or state <br />law shall be filed in any court and such petition or answer shall not be discharged <br />or denied within sixty (60) days after the filing thereof; or a receiver, trustee or <br />liquidator of the Developer, or of the Project, or part thereof, shall be appointed in <br />any proceeding brought against the Developer, and shall not be discharged within <br />sixty (60) days after such appointment, or if the Developer, shall consent to or <br />acquiesce in such appointment. <br />Section 5.2 Remedies on Default. Whenever any Event of Default referred to in <br />Section 5.1 occurs and is continuing, the City, as specified below, may take any one or more of <br />2139197v6 <br />Doel 2561638 \9 <br />18 <br />