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BRIGGS&MORGRN Fax:6512236645 Dec 11 '98 17:04 P.30 <br /> (D) .. be adjudicated a bankrupt or insolvent; <br /> or if a petition or answer proposing the <br /> adjudication of the Developer, as a bankrupt or <br /> its reorganization under any present or future <br /> federal bankruptcy act or any similar federal or <br /> state law shall be filed in any court and such <br /> petition or answer shall not be discharged or <br /> denied within ninety (90) days after the filing <br /> thereof; or a receiver, trustee or liquidator of <br /> the Developer, or of the Project, or part thereof, <br /> shall be appointed in any proceeding brought <br /> against the Developer, and shall. not be discharged <br /> within ninety (90) days after such appointment, or . <br /> if the Developer, shall consent to or acquiesce in <br /> such appointment. <br /> Section 10 .2 . Remedies on Default. Whenever any Event of <br /> Default referred to in Section 10.1 occurs and is continuing, the <br /> City may take any one or more of the following actions after <br /> (except in the case of an Event of Default under subsections (a) <br /> or (g) of Section 10-1) the giving of thirty (30) days ' written <br /> notice to the Developer and the holder of the First Mortgage of <br /> the Event of Default by the City, but only if the Event of <br /> Default has not been cured within said thirty (30) days, or if <br /> the Event of Default cannot be cured within thirty (30) days and , <br /> the Developer does not provide assurances to the City reasonably <br /> satisfactory to the City that the Event of Default will be cured <br /> 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 draw upon any guarantee or security <br /> provided to the City pursuant to any of the terms of this <br /> Agreement according to its terms. <br /> (c) The City' may take any action, including legal or <br /> administrative action, which may appear necessary or <br /> desirable to collect any payments due under this Agreement, <br /> to sue for money damages, or to enforce performance and <br /> observance of any obligation, agreement, or covenant of the <br /> Developer under this Agreement. <br /> Section 10 .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 /> 965316.Red <br /> V2 to v7.; 12/11/98 26 <br />