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FROM BRIGGS MORGRN SE <br />(FRI)04.17' . '92 10:23 <br />ARTICLE IV <br />EVENTS OF DEFAULT <br />N0,9 PAGE 10 <br />Section 4.1. Events of Default Defined. The following <br />shall be "Events of Default" under this Agreement and the term <br />"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 <br />valorem real property taxes assessed with respect to the <br />Development Property. <br />(b) Failure of the Developer to observe or perform any <br />other covenant, condition, obligation or agreement on its <br />part to be observed or performed under this Agreement. <br />Section 4.2. Remedies on Default. The City may take any <br />one or more of the following actions (i) if any Event of Default <br />referred to in Section 4.1 occurs and is continuing, and <br />(ii) after written notice by the City of such Event of Default <br />the Developer has failed to cure such Event of Default, or if <br />such Event of Default cannot be cured within sixty (60) days of <br />receipt of such notice the Developer has not provided assurances <br />reasonably satisfactory to the City that such noncompliance will <br />be cured as soon as reasonably possible: <br />(a) The City may suspend its performance under this <br />Agreement until it receives assurances from the Developer, <br />deemed adequate by the City, that the Developer will cure <br />its default and continue its performance under this <br />Agreement. <br />(b) The City may cancel and rescind the Agreement. <br />(c) The City may take any action, including legal or <br />administrative action, in law or equity, which may appear <br />necessary or desirable to enforce performance and observance <br />of any obligation, agreement, or covenant of the Developer <br />under this Agreement. <br />Section 4.3. No Remedy Exclusive. No remedy herein <br />conferred upon or reserved to the City is intended to be <br />exclusive of any other available remedy or remedies, but each and <br />every such remedy shall be cumulative and shall be in addition to <br />every other remedy given under this Agreement or now or hereafter <br />existing at law or in equity or by statute. No delay or omission <br />to exercise any right or power accruing upon any default shall <br />impair any such right or power or shall be construed to be a <br />waiver thereof, but any such right and power may be exercised <br />from time to time and as often as may be deemed expedient. <br />214192 <br />Page 35 <br />8 <br />