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<br /> 1664674v2 7 <br />ARTICLE IV <br /> <br />EVENTS OF DEFAULT <br />Section 4.1. Events of Default Defined. The following shall be "Events of Default" <br />under this Agreement and the term "Event of Default" shall mean whenever it is used in this <br />Agreement any one or more of the following events: <br />(a) Failure by the Developer to timely pay any ad valorem real property taxes <br />and special assessments levied against the Development Property and all public utility <br />payments due and owing with respect to the Development Property. <br />(b) The holder of any mortgage on the Development Property or any <br />improvements thereon, or any portion thereof, commences foreclosure proceedings as a <br />result of any default under the applicable mortgage documents. <br />(c) If the Developer shall <br />(A) file any petition in bankruptcy or for any reorganization, <br />arrangement, composition, readjustment, liquidation, dissolution, or similar relief <br />under the United States Bankruptcy Act of 1978, as amended or under any similar <br />federal or state law; or <br />(B) make an assignment for the benefit of its creditors; or <br />(C) admit in writing its inability to pay its debts generally as they <br />become due; or <br />(D) be adjudicated a bankrupt or insolvent; or if a petition or answer <br />proposing the adjudication of the Developer, as a bankrupt or its reorganization <br />under any present or future federal bankruptcy act or any similar federal or state <br />law shall be filed in any court and such petition or answer shall not be discharged <br />or denied within sixty (60) days after the filing thereof; or a receiver, trustee or <br />liquidator of the Developer, or of the Project, or part thereof, shall be appointed in <br />any proceeding brought against the Developer, and shall not be discharged within <br />sixty (60) days after such appointment, or if the Developer, shall consent to or <br />acquiesce in such appointment. <br />(d) Failure of the Developer to observe or perform any other covenant, <br />condition, obligation or agreement on its part to be observed or performed under this <br />Agreement. <br />Section 4.2. Remedies on Default. Whenever any Event of Default referred to in <br />Section 4.1 occurs and is continuing, the Authority may take any one or more of the following <br />actions after the giving of thirty (30) days' written notice to the Developer, but only if the Event <br />of Default has not been cured within said thirty (30) days, or, if such Event of Default cannot <br />reasonably be cured within thirty (30) days, the Developer has not commenced to cure and <br />diligently pursued such cure to correction as soon as reasonably possible: