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BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 17:04 P.29 ARTICLE X DEVELOPER EVENTS OF DEFAULT Section 10. 1. Events of Default Defined. Any one or more of the following shall be an "Event of Default" under this Agreement: (a) Failure by the Developer to timely pay pursuant to Article VI all ad valorem real property taxes assessed with respect to the Development Property, or to pay any deficiency in Tax Increments derived from the Development Property as required by Section 7. 1. (b) Failure by the Developer to cause the construction of the Minimum Improvements to be commenced and completed pursuant to the terms, conditions and limitations of Article IV. (c) Failure by the Developer to cause the Minimum Improvements to be reconstructed when required pursuant to Section 5. 1. (d) Transfer of any interest in the Developer or the Project in violation of the provisions of Article IX. (e) Failure by the Developer to substantially observe. or perform any other material covenant, condition, obligation or agreement on its part to be observed or performed under this Agreement . (f) The holder of any Mortgage on the Development Property, or any improvements thereon, or any portion thereof, commences foreclosure proceedings as a result of any default under the applicable Mortgage documents. (g) The Developer shall (A) file' any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the United States Bankruptcy Act of 1978, as amended or under any similar federal or state law; or (B) make an assignment for the benefit of its creditors; or (C) admit in writing its inability to pay its debts generally as they become due; or 965316_Red V2 20 V1, 12/11/98 25