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ARTICLE X
<br />Events of Default and Remedies
<br />Section 10.1. Events of Default Defined. Any one or more of the following events shall be an
<br />"Event of Default" under this Lease:
<br />(a) Failure by the City to pay any Lease Payment, Additional Lease Payment, or other
<br />payment required to be paid hereunder at the time and from the sources specified herein.
<br />(b) Failure by the City to observe and perform any covenant, condition or agreement on
<br />its part to be observed or performed, other than as referred to in clause (a) of this Section, for a period
<br />of sixty (60) days after written notice specifying such failure and requesting that it be remedied has
<br />been given to the City by the Authority, unless the Authority shall agree in writing to an extension of
<br />such time prior to its expiration; provided, however, if the failure stated in the notice cannot be
<br />corrected within the applicable period, the Authority shall not unreasonably withhold their consent to
<br />an extension of such time if corrective action is instituted by the City within the applicable period
<br />and diligently pursued until the default is corrected.
<br />(c) The occurrence of any of the following events:
<br />(i) The City shall (a) apply for or consent to the appointment of, or the taking
<br />of possession by, a receiver, custodian, trustee, liquidator or the like of the City or of all or a
<br />substantial part of its property, (b) commence a voluntary case under the Federal Bankruptcy
<br />Code (as now or hereafter in effect), or (c) file a petition seeking to take advantage of any
<br />other law relating to bankruptcy, insolvency, reorganization, winding -up or composition or
<br />adjustment of debts; or
<br />(ii) A proceeding or case shall be commenced, without the application or
<br />consent of the City, as the case may be, in any court of competent jurisdiction, seeking
<br />(a) the liquidation, reorganization, dissolution, winding -up, or the composition or adjustment
<br />of debts, of the City, (b) the appointment of a trustee, receiver, custodian, liquidator or the
<br />like of the City, or (c) similar relief in respect of the City under any law relating to
<br />bankruptcy, insolvency, reorganization, winding -up or composition or adjustment of debts,
<br />and such proceeding or case has not been dismissed within sixty (60) days of the filing
<br />thereof.
<br />The provisions of Section 10.1(b) are subject to the following limitation: if by reason of force
<br />maieure either party is unable in whole or in part to carry out its obligations under this Lease, it shall not be
<br />deemed in default during the continuance of such inability or during any other delays which are a direct
<br />consequence of the force majeure inability, and the time for such performance shall be extended to cover
<br />such delays. The term "force majeure" as used herein shall mean, without limitation, the following: acts of
<br />God; strikes, lockouts or other industrial disturbances; acts of public enemies; orders or restraints of any kind
<br />of the government of the United States of America or any of its departments, agencies or officials, or any civil
<br />or military authority, or the State of Minnesota or any of its departments, agencies or officials; insurrections;
<br />riots; landslides; earthquakes; fires; storms; droughts; floods; explosions; breakage or accident to machinery,
<br />transmission pipes or canals; or any other cause or event not reasonably within the control of a party and not
<br />resulting from its negligence. Each party agrees, however, to remedy with all reasonable dispatch the cause or
<br />causes preventing it from carrying out its agreements.
<br />460515v2 JAE LN140-112
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