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12.1. <br />(f) Developer's breach of one or more of the restrictions set forth in Section <br />(g) Developer's failure to perform Developer's obligations under Article XIII <br />or Section 15.14 if the City or the HRA gives Developer notice of the default and Developer <br />fails to cure the default within thirty (30) days after the effective date of the notice. <br />(h) The holder of any mortgage on the Development Property, or any portion <br />thereof, commencing foreclosure proceedings. <br />2695614v8 <br />12/17/10 <br />(i) Developer's; <br />(i) Filing of any petition in bankruptcy or for any reorganization, <br />arrangement, composition, readjustment, liquidation, dissolution, or similar relief under <br />the United States Bankruptcy Act of 1978, as amended or under any similar federal or <br />state law; or <br />(ii) making an assignment for the benefit of its creditors; or <br />(iii) admission, in writing, that it is unable to pay its debts generally as <br />they become due; or <br />(iv) being adjudicated a bankrupt or insolvent; <br />(j) The filing of a petition or answer proposing the adjudication of Developer <br />as bankrupt or its reorganization under any present or future federal bankruptcy act or any <br />similar federal or state law in any court and such petition or answer not being discharged or <br />denied within ninety (90) days after the filing thereof; or <br />(k) The appointment of a receiver, trustee or liquidator of Developer or of the <br />Development Property, or part thereof, in any proceeding brought against Developer, and said <br />receiver, trustee or liquidator not being discharged within ninety (90) days after such <br />appointment. <br />Section 14.2 Remedies on Default. At any time after the occurrence of an Event of <br />Default as defined in Section 14.1 the City and the HRA may, in addition to any other rights the <br />City or the HRA may have at law or in equity, take any one or more of the following actions: <br />(a) The City and the HRA may suspend their performance under this <br />Development Agreement and the City Loan Agreement until they <br />(i) receive assurances from Developer, deemed adequate by the City <br />and the HRA, that Developer will cure the default and continue its performance under <br />this Development Agreement, the City Loan Agreement, and the City Note; or <br />(ii) receive assurance from the holder of a Construction Mortgage, <br />deemed adequate by the City and the HRA, that the holder of the Construction Mortgage <br />will cure the default or, if the holder of the Construction Mortgage cannot cure the default <br />17 <br />