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DRAFT 4.5.2022 <br />This section 19 shall survive termination of this Agreement and shall be binding on the <br />Developer regardless of the enforceability of any other provision of this Agreement. <br />20. Events of Default Defined. Each and every one of the following shall be an Event of Default <br />under this Agreement: <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 />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 />C. Failure by either parry to observe or perform any material covenant, condition, <br />obligation or agreement on its part to be observed or performed under this Agreement. <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 />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 actions <br />after providing 30 days' written notice to the defaulting parry of the Event of Default, but only <br />if the Event of Default has not been cured within said thirty days or, if the Event of Default is <br />by its nature incurable within 30 days, the defaulting party does not provide assurances to the <br />non -defaulting party reasonably satisfactory to the non -defaulting party that the Event of <br />Default will be cured and will be cured as soon as reasonably possible: <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 its <br />performance under this Agreement; <br />b. Terminate or rescind this Agreement; <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 />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 omission <br />to exercise any right or power accruing upon any default shall impair any such right or power <br />or shall be construed to be a waiver thereof, but any such right and power may be exercised <br />10 <br />DOCSOPEN\MU205\53\788760.v5-4/5/22 <br />