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I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br /> I <br /> I <br /> I <br /> I <br /> <br /> i <br /> I <br /> <br />ARTICLE IV <br /> <br />EVENTS OF DEFAULT <br /> <br /> Section 4.1. 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 <br />Agreement any one or more of the following events: <br /> <br /> (a) Failure by the Developer to timely pay any ad valorem real property taxes <br />assessed with respect to the Development Property. <br /> <br /> (b) Failure by the Developer to cause the construction of the Project to be <br />completed pursuant to the terms, conditions and limitations of this Agreement. <br /> <br /> (c) Failure' of the Developer to observe or perform any other covenant, <br />condition, obligation or ageement on its part to be observed or performed under this <br />Agreement. <br /> <br /> (d) If the Project at any time does not meet .all of the requirements of a <br />low-income housing credit under Section 42 of the Internal Revenue Code of 1986, as <br />amended, through December, 31, 1992. <br /> <br />(e) If the Developer shall: <br /> <br /> (A) file any petition in bankruptcy or for any reorganization, <br />arrangement, composition, readjustment, liquidation, dissolution, or similar relief <br />under the United States Bankruptcy Act of 1978, as amended or under any similar <br />federal or state law; or <br /> <br />(B) make an assignment for the benefit of its creditors; or <br /> <br /> (C) admit in writing its inability to pay its debts generally as they <br />become due; or <br /> <br /> (D) be adjudicated a bankrupt or insolvent; or if a petition or answer <br />proposing the adjudication of the Developer, as a bankruPt or its reorganization <br />under any present or future federal bankruptcy act or any similar federal or state <br />law shall be filed in any court and such petition or answer shall not be discharged <br />or denied within sixty (60) days after the filing thereof; or .a receiver, trustee or <br />liquidator of the Developer, or of the Project, or part thereof, shall be appointed in <br />any proceeding brought against the Developer, and shall not be discharged within <br />sixty (60) days after such appointment, or if the Developer, shall consent to or <br />acquiesce in such appointment <br /> <br /> Section 4.2. Remedies on Default. Whenever any Event of Default referred to in Section <br />4.1 occurs and is continuing, the City, as specified below, may take any one or more of the <br /> <br />10 <br /> <br />-185- <br /> <br /> <br />