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16 <br />DOCSOPEN\MU205\50\716385.v4-4/22/21 <br />(f) 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 /> (g) 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 Agreement. <br /> <br /> Section 8.2. Remedies on Default. Whenever any Event of Default referred to in section 8.1 <br />of this Agreement occurs, the non-defaulting party may take any one or more of the following actions <br />after providing 30 days’ written notice to the defaulting party of the Event of Default, but only if the <br />Event of Default has not been cured within said thirty days or, if the Event of Default is by its nature <br />incurable within 30 days, the defaulting party does not provide assurances to the non-defaulting party <br />reasonably satisfactory to the non-defaulting party that the Event of Default will be cured and will be <br />cured as soon as reasonably possible: <br /> <br /> (a) Suspend its performance under this Agreement, including refusing to close on the <br />Development Property, until it receives assurances from the defaulting party, deemed adequate by the <br />non-defaulting party, that the defaulting party will cure its default and continue its performance under <br />this Agreement; <br /> <br /> (b) Terminate or rescind this Agreement; <br /> <br /> (c) If the default occurs prior to completion of the Minimum Improvements, the EDA <br />may withhold the Certificate of Completion and Release of Forfeiture; <br /> <br /> (d) If the default occurs prior to issuance of the Certificate of Completion and Release of <br />Forfeiture, revest title in the name of the EDA pursuant to Section 8.3 of this Agreement; and <br /> <br /> (e) 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 this Agreement, <br />or to enforce performance and observance of any obligation, agreement, or covenant of the defaulting <br />party under this Agreement. <br /> <br /> (f) If the Developer’s default occurs prior to the Date of Closing, the EDA may retain <br />any and all Earnest Money paid by the Developer, and if the EDA’s default occurs prior to the Date <br />of Closing, the EDA shall return any and all Earnest Money to Developer. <br /> <br /> Section 8.3. Revesting Interest in the EDA Upon Happening of Event of Default Subsequent <br />to Conveyance to Developer. In the event that subsequent to conveyance of the Development <br />Property to the Developer and prior to the issuance of a Certificate of Completion and Release of <br />Forfeiture for the Minimum Improvements the Developer, subject to Unavoidable Delays, fails to <br />begin construction of the Minimum Improvements in conformity with this Agreement and such <br />failure to begin construction is not cured within 30 days after written notice from the EDA to the <br />Developer to do so, then the EDA shall have the right to re-enter and take possession of the <br />Development Property and to terminate and revest in the EDA the interest of the Developer in the <br />Development Property; provided, however, that any exercise by the EDA of its rights or remedies <br />hereunder shall always be subject to and limited by, and shall not defeat, render invalid or limit in any