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RJV-184370v2 MU210-48 12 In the absence of specific written agreement by the City to the contrary, no such transfer or approval by the City thereof shall be deemed to relieve the Developer from any of its obligations with respect thereto. The sale of the Development to the Homeowner shall not be deemed to be a transfer within the meaning of this Section 5.2. ARTICLE VI. EVENTS OF DEFAULT Section 6.1. Events of Default Defined. The following shall be deemed Events of Default under this Agreement and the term shall mean, whenever it is used in this Agreement, unless the context otherwise provides, any one or more of the following events: (a) Failure by the Developer or City to observe and substantially perform any covenant, condition, obligation or agreement on its part to be observed or performed under any provision of this Agreement; (b) If the Developer shall admit in writing its inability to pay its debts generally as they become due, or shall file a petition in bankruptcy, or shall make an assignment for the benefit of its creditors, or shall consent to the appointment of a receiver of itself or of the whole or any substantial part of the Property; or (c) If the Developer, on a petition in bankruptcy filed against it, be adjudicated a bankrupt, or a court of competent jurisdiction shall enter an order of decree appointing, without the consent of the Developer, a receiver of the Developer or of the whole or substantially all of its property, or approve a petition filed against the Developer seeking reorganization or arrangement of the Developer under the federal bankruptcy laws, and such adjudication, order or decree shall not be vacated or set aside or stayed within sixty (60) days from the date of entry thereof. Section 6.2. Remedies on Default. Whenever any Event of Default occurs, the non- defaulting party may, in addition to any other remedies or rights given under this Agreement, take any one or more of the following actions: (a) suspend its performance under this Agreement until it receives assurances from the other party that it will cure its default and continue its performance under this Agreement; (b) cancel or rescind this Agreement; (c) demand payment of the Financial Guarantee; (d) the City may additionally take whatever action at law or in equity may appear necessary or desirable to enforce performance and observance of any obligation, agreement, or covenant of the Developer under this Agreement.