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<br /> 20 <br />623340v3SA730-2 <br />ARTICLE IX <br /> <br />Events of Default <br /> <br /> <br /> Section 9.1. Events of Default Defined. The following shall be “Events of Default” under <br />this Agreement and the term “Event of Default” shall mean, whenever it is used in this Agreement, <br />any one or more of the following events, after the non-defaulting party provides thirty (30) days <br />written notice to the defaulting party of the event, but only if the event has not been cured within <br />said thirty (30) days or, if the event is by its nature incurable within thirty (30) days, the defaulting <br />party does not, within such thirty- (30-) day period, provide assurances reasonably satisfactory to <br />the party providing notice of default that the event will be cured and will be cured as soon as <br />reasonably possible: <br /> <br /> (a) Failure by the Redeveloper, the Authority, or the City to observe or perform any <br />covenant, condition, obligation, or agreement on its part to be observed or performed under this <br />Agreement. <br /> <br /> (b) If, before issuance of the Certificate of Occupancy for all Phases of the Minimum <br />Improvements for which the Redeveloper has commenced construction, the Redeveloper shall: <br /> <br /> (i) file any petition in bankruptcy or for any reorganization, arrangement, <br />composition, readjustment, liquidation, dissolution, or similar relief under the United States <br />Bankruptcy Act or under any similar federal or State law, which action is not dismissed <br />within sixty (60) days after filing; or <br /> <br /> (ii) make an assignment for benefit of its creditors; or <br /> <br /> (iii) admit in writing its inability to pay its debts generally as they become due; or <br /> <br /> (iv) be adjudicated as bankrupt or insolvent. <br /> <br /> Section 9.2. Remedies on Default. Whenever any Event of Default referred to in Section <br />9.1 of this Agreement occurs and is continuing, the non-defaulting party may: <br /> <br /> (a) Suspend its performance under this Agreement until it receives assurances that the <br />defaulting party will cure its default and continue its performance under the Agreement. <br /> <br /> (b) Upon the occurrence and during the continuation of an Event of Default by the <br />Redeveloper under this Agreement, the Authority may terminate the Note and this Agreement. <br /> <br /> (c) Take whatever action, including legal, equitable, or administrative action, which <br />may appear necessary or desirable to collect any payments due under this Agreement, or to enforce <br />performance and observance of any obligation, agreement, or covenant under this Agreement, <br />provided that nothing contained herein shall give the Authority the right to seek specific <br />performance by Redeveloper of the construction of the Minimum Improvements.