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ARTICLE IV <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 is <br />used in this Agreement any one or more of the following events: <br />(a) Failure by the Developer to timely pay any ad valorem real property <br />taxes assessed with respect to the Development Property. <br />(b) Failure by the Developer to cause the construction of the Project to be <br />completed pursuant to the terms, conditions and limitations of this Agreement. <br />(c) Failure of the Developer to observe or perform any other covenant, <br />condition, obligation or agreement on its part to be observed or performed under <br />this Agreement. <br />(d) The holder of any mortgage on the Development Property or any <br />improvements thereon, or any portion thereof, commences foreclosure proceedings <br />as a result of any default under the applicable mortgage documents. <br />1160667.1 <br />(e) If the Developer shall <br />(A) file any petition in bankruptcy or for any reorganization, <br />arrangement, composition, readjustment, liquidation, dissolution, or similar <br />relief under the United States Bankruptcy Act of 1978, as amended or under <br />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 <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 <br />reorganization under any present or future federal bankruptcy act or any <br />similar federal or state law shall be filed in any court and such petition or <br />answer shall not be discharged or denied within sixty (60) days after the <br />filing thereof; or a receiver, trustee or liquidator of the Developer, or of the <br />page 222 <br />