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4111 ARTICLE V <br /> EVENTS OF DEFAULT <br /> Section 5 . 1. Events of Default Defined. The following are <br /> Events of Default under this Agreement: <br /> (a) Failure of timely payment of any real property <br /> taxes, special assessments, and similar impositions assessed <br /> against or with respect to the Development Property, subject <br /> to lawful rights to contest the same. <br /> (b) Failure in the substantial observance or performance <br /> of any covenant, condition, obligation, or agreement on the <br /> part of the Developer to be observed or performed under this <br /> Agreement or under any other agreement between the Authority <br /> or the City and the Developer (including without limitation <br /> the "development agreement" with the City respecting planning, <br /> zoning, drainage and other development issues) . <br /> An Event of Default shall also include any occurrence which would <br /> with the passage of time or giving of notice become an Event of <br /> Default as defined hereinabove. <br /> 4110 -Section 5 .2 . Remedies on Default. Whenever any Event of <br /> Default occurs, in addition to all other remedies available to the <br /> Authority at law or in equity or elsewhere in this Agreement, <br /> (1) the Authority may suspend its performance under the Agreement <br /> until it receives assurances from the Developer, deemed adequate by <br /> the Authority, that the Developer has cured its default and will <br /> continue its performance under the Agreement and (2) , after <br /> provision of 30 days written notice from the Authority to the <br /> Developer of the Event of Default, but only if the Event of Default <br /> has not been cured within said 30 days, or if the Event of Default <br /> cannot be cured within 30 days, the Developer does not provide <br /> assurances to the Authority reasonably satisfactory to the <br /> Authority that the Event of Default will be promptly cured, then <br /> the Authority may terminate this Agreement. <br /> Section 5 .3 . No Remedy Exclusive. No remedy herein <br /> conferred upon or reserved to the Authority 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; No delay or omission to exercise any <br /> right or power accruing upon any default shall impair any such <br /> right or power or shall be construed to be a waiver thereof, but <br /> any such right and power may be exercised from time to time and as <br /> 4111 often as may be deemed expedient. <br /> 346932.2 - 5-1 <br />