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as reasonably possible to what previously existed, due consideration given to any portion of the Mortgaged Property taken through eminent domain or condemnation. ARTICLE III. EVENT OF DEFAULT; REMEDIES SECTION 3.1. EVENT OF DEFAULT. The following shall be “Events of Default” under this Agreement and the term “Event of Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: (a) Failure by Borrower to make any payment due within thirty (30) days after such payment becomes due and payable; or (b) Failure by Borrower to substantially observe or perform any other covenant, condition, obligation or agreement on its part to be observed or performed under this Agreement, and such failure is not cured within ninety (90) days after Lender notifies Borrower in writing of such failure; provided, however, that if Borrower has commenced the cure of such default within ninety (90) days, then such ninety- (90-) day period shall be extended so long as Borrower is diligently pursuing the cure; or (c) Borrower shall: i. file any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the United States Bankruptcy Act of 1978, as amended, or under any similar federal or state law; or ii. make an assignment for the benefit of its creditors; or iii. admit in writing its inability to pay its debts generally as they become due; or iv. be adjudicated a bankrupt or insolvent; or if a petition or answer proposing the adjudication of Borrower as a bankrupt or its reorganization under any present or future federal bankruptcy act or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within ninety (90) days after the filing thereof; or a receiver, trustee or liquidator of Borrower or of the Project, or part thereof, shall be appointed in any proceeding brought against Borrower, and shall not be discharged within ninety (90) days after such appointment, or if Borrower shall consent to or acquiesce in such appointment. SECTION 3.2. REMEDIES. Subject to the rights of any senior lenders to Mortgagor and except as provided in that certain Master Subordination Agreement and Estoppel Certificate by and among Mortgagor, Mortgagee, the Ramsey County Housing and Redevelopment Authority, Mounds View Group LLC, and the Minnesota Housing Finance Agency, as amended from time