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11 <br />518333v9 DTA MU205-47 <br />20. Events of Default Defined. Each and every one of the following shall be an Event of <br />Default under this Agreement: <br /> <br />a. Failure by the Authority or the Developer to proceed to closing on the Property after <br />compliance with or the occurrence of all conditions precedent to closing; <br /> <br />b. If the Developer shall file a petition in bankruptcy, or shall make an assignment for <br />the benefit of its creditors or shall consent to the appointment of a receiver; or <br /> <br />c. Failure by either party to observe or perform any material covenant, condition, <br />obligation or agreement on its part to be observed or performed under this <br />Agreement. <br /> <br />d. The limited partner of the Developer shall have the right, but not the obligation, to <br />cure any Event of Default of the Developer hereunder and such cure shall be deemed <br />to have been made by the Developer. <br /> <br />21. Remedies on Default. Whenever any Event of Default referred to in section 20 of this <br />Agreement occurs, the non-defaulting party may take any one or more of the following <br />actions after providing 30 days’ written notice to the defaulting party of the Event of <br />Default, but only if the Event of Default has not been cured within said thirty days or, if the <br />Event of Default is by its nature incurable within 30 days, the defaulting party does not <br />provide assurances to the non-defaulting party reasonably satisfactory to the non-defaulting <br />party that the Event of Default will be cured and will be cured as soon as reasonably <br />possible: <br /> <br />a. Suspend its performance under this Agreement, including refusing to close on the <br />Property, until it receives assurances from the defaulting party, deemed adequate by <br />the non-defaulting party, that the defaulting party will cure its default and continue <br />its performance under this Agreement; <br /> <br />b. Terminate or rescind this Agreement; <br /> <br />c. Take whatever action, including legal or administrative action, which may appear <br />necessary or desirable to the non-defaulting party to collect any payments due under <br />this Agreement, or to enforce performance and observance of any obligation, <br />agreement, or covenant of the defaulting party under this Agreement. <br /> <br />22. No Remedy Exclusive. No remedy herein conferred upon or reserved to the parties is <br />intended to be exclusive of any other available remedy or remedies, but each and every such <br />remedy shall be cumulative and shall be in addition to every other remedy given under this <br />Agreement or now or hereafter existing at law or in equity or by statute. No delay or <br />omission to exercise any 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 any such right and power <br />may be exercised from time to time and as often as may be deemed expedient. In order to <br />entitle the Authority or the Developer to exercise any remedy reserved to it, it shall not be