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ARTICLE X <br />DEVELOPER EVENTS OF DEFAULT <br />Section 10.1 Events of Default Defined. Any one or more of the following shall be an <br />"Event of Default" under this Agreement: <br />1549292v2 <br />(a) Failure by the Developer to timely pay pursuant to Article VI all ad <br />valorem real property taxes assessed with respect to the Development Property, or to pay <br />any deficiency in Tax Increments derived from the Development Property as required by <br />Section 7.1. <br />(b) Failure by the Developer to cause the construction of the Minimum <br />Improvements to be commenced and completed pursuant to the terms, conditions and <br />limitations of Article IV. <br />(c) Failure by the Developer to cause the Minimum Improvements to be <br />reconstructed when required pursuant to Article V. <br />(d) Transfer of any interest in the Developer or the Project in violation of the <br />provisions of Article IX. <br />(e) Failure by the Developer to substantially observe or perform any other <br />covenant, condition, obligation or agreement on its part to be observed or performed <br />under this Agreement. <br />(f) The holder of any Mortgage on the Development Property, or any <br />improvements thereon, or any portion thereof, commences foreclosure proceedings as a <br />result of any default under the applicable Mortgage documents. <br />(g) The Developer shall <br />(i) 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 />(ii) make an assignment for the benefit of its creditors; or <br />(iii) admit in writing its inability to pay its debts generally as they <br />become due; or <br />(iv) be adjudicated a bankrupt or insolvent; or if a petition or answer <br />proposing the adjuration 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 ninety (90) days after the filing thereof; or a receiver, trustee or <br />14 <br />- 2 8 - <br />