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DRAFT 4.15.2004 Developer or of the whole or substantially all of its property, or approve a petition filed against the Developer seeking reorganization or arrangement of the Developer under the federal bankruptcy laws, and such adjudication, order or decree shall not be vacated or set aside or stayed within sixty (60) days from the date of entry thereof. Nothing in this Section shall limit the Authority's right to exercise any remedy to which it is entitled under any other provision of this Agreement. 17.2. Remedies on Default. Whenever any Event of Default occurs, the Authority may, in addition to any other remedies or rights given the Authority under this Agreement, take any one or more of the following actions: (a) Suspend its performance under this Agreement until it receives assurances that the defaulting party will cure its default and continue its performance under this Agreement; (b) Cancel and rescind or terminate this Agreement. In the event that Authority should fail to consummate the transaction contemplated by this Agreement for any reason except for Developer's default or the failure of Developer 1111 to satisfyany conditions to Authority's obligation hereunder, and Developer elects to cancel and terminate this Agreement in the manner provided by applicable law and be relieved of its obligations hereunder, Developer shall be immediately entitled to the return of the Earnest Money heretofore paid in exchange for a quit claim deed for the Property. In the event that Developer shall fail to consummate the transaction contemplated herein for any reason, except the default by Authority or the failure of Authority to satisfy any of the conditions to the Developer's obligations set forth herein, and the Authority elects to cancel and terminate this Agreement in the manner provided by applicable law and be relieved of its obligations hereunder, the Authority shall be entitled to retain the Earnest Money as liquidated damages; (c) In the case of an Event of Default by the Developer, the Authority may demand reimbursement by the Developer to the Authority in the amount of any costs paid by the Authority pursuant to this Agreement; (d) Take whatever action, including legal, equitable, or administrative action, which may appear necessary or desirable to collect any payments due under this Agreement, or to enforce performance and observance of any obligation, agreement, or covenant under this Agreement; (e) Enforce the specific performance of this Agreement, which action must be commenced within one (1) year of the date of failure of the Developer to • consummate the transactions contemplated herein; SJR-245249v4 MU205-29 12