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ARTICLE X <br />DEVELOPER EVENTS OF DEFAULT <br />Section 10.1. Events of Default Defined. Any one or <br />more of the following shall be an "Event of Default" under <br />this Agreement: <br />(a) Failure by the Developer to timely pay <br />pursuant to Article VI all ad valorem real property <br />taxes assessed with respect to the Development <br />Property, or to pay any deficiency in Tax Increments <br />derived from the Development Property as required by <br />Section 7.1. <br />1054867.2 <br />(b) Failure by the Developer to cause the <br />construction of the Minimum Improvements to be <br />commenced and completed pursuant to the terms, <br />conditions and limitations of Article IV. <br />(c) Failure by the Developer to cause the Minimum <br />Improvements to be reconstructed when required pursuant <br />to Article V. <br />(d) Transfer of any interest in the Developer or <br />the Project in violation of the provisions of Article <br />IX. <br />(e) Failure by the Developer to substantially <br />observe or perform any other material covenant, <br />condition, obligation or agreement on its part to be <br />observed or performed under this Agreement. <br />(f) The holder of any Mortgage on the Development <br />Property, or any improvements thereon, or any portion <br />thereof, commences foreclosure proceedings as a result <br />of any default under the applicable Mortgage documents. <br />(g) The Developer shall. <br />Page 85 <br />