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course of Developer's business) or assignment of the Redevelopment <br />Property. <br />12.3. Release and Indemnification Covenants. <br />(a) The Developer releases the City and the Authority and their <br />respective members, officers, agents, servants and employees thereof (hereinafter, <br />for purposes of this Section 12.3, the "Indemnified Parties ") from and agrees to <br />defend, indemnify and hold harmless the Indemnified Parties from and against, <br />any third party claims for loss or damage to property or any bodily injury to or <br />death of any person occurring at or about or resulting from any defect in the <br />Redevelopment Property or resulting from the construction, installation, <br />ownership and operation of the improvements on the Redevelopment Property. <br />13. EVENTS OF DEFAULT. <br />1353333vDOC <br />Red (V3 to V2) <br />13.1. Events of Default. Each of the following is an Event of Default: <br />(a) A Party's failure to fully perform one or more of its obligations <br />under this Agreement; <br />(b) A Party's failure to observe any restriction or prohib <br />Agreement imposes upon the Party; <br />on this <br />(c) A receiver, trustee or liquidator of a Party is appointed in any <br />proceeding brought against a Party and is not discharged within 90 days after such <br />appointment or if a Party consents to or acquiesces in such an appointment. <br />(d) The Authority's or the Developer's default in the performance of <br />one or more of its obligations under the Purchase Agreement. <br />(e) The Developer's default in the performance of one or more of its <br />obligations under the Assessment Agreement, the Developer Note or the <br />Developer Mortgage. <br />(f) A Party's <br />(i) Filing of a petition in bankruptcy or for any reorganization, <br />arrangement, composition, readjustment, liquidation, dissolution or similar <br />relief under the United Stated Bankruptcy Act of 1978, as amended, or <br />under any similar federal or state law; or <br />(ii) Assignment of its assets for the benefit of its creditors; or <br />(iii) Admission, in writing, of its inability to pay its debts <br />generally as they become due; or <br />(iv) Being adjudicated a bankrupt or insolvent. <br />Page 130 <br />