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2695614v62 <br />1412/297/10 <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 <br />proposing the adjudication of Developer as bankrupt or <br />its reorganization under any present or future federal <br />bankruptcy act or any similar federal or state law in any <br />court and such petition or answer not being discharged <br />or denied within ninety (90) days after the filing thereof; <br />or <br />(k) The appointment of a receiver, <br />trustee or liquidator of Developer or of the Development <br />Property, or part thereof, in any proceeding brought <br />against Developer, and said receiver, trustee or <br />liquidator not being discharged within ninety (90) days <br />after such appointment. <br />Section 14.2 Remedies on Default. At any <br />time after the occurrence of an Event of Default as <br />defined in Section 14.1 the City and the HRA may, in <br />addition to any other rights the City or the HRA may <br />have at law or in equity, take any one or more of the <br />following actions: <br />(a) The City and the HRA may suspend <br />their performance under this Development Agreement <br />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 />without first obtaining possession of the Development Property will foreclose the <br />Construction Mortgage, elect, pursuant to Section 12.312.3, to treat this Development <br />Agreement as having priority over the Construction Mortgage and, upon the completion <br />23 <br />