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ARTICLE IV <br />EVENTS OF DEFAULT <br />Section 4.1. Events of Default Defined. The following shall be "Events of Default" <br />under 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 />(1) Failure by the Developer or the Owner to timely pay any ad valorem real <br />property taxes, special assessments or other City charges with respect to the Development <br />Property. <br />(2) Failure of the Developer or the Owner to observe or perform any <br />covenant, condition, obligation or agreement on their parts to be observed or performed under <br />this Agreement. <br />(3) The holder of any mortgage on the Development Property or any <br />improvements thereon, or any portion thereof, commences foreclosure proceedings as a result of <br />any default under the applicable mortgage documents. <br />(4) If the Developer or the Owner shall: <br />(a) file any petition in bankruptcy or for any reorganization, arrangement, <br />composition, readjustment, liquidation, dissolution, or similar relief under the United <br />States Bankruptcy Act of 1978, as amended or under any similar federal or state law; or <br />(b) make an assignment for the benefit of its creditors; or <br />(c) admit in writing its inability to pay its debts generally as they become due; <br />or <br />(d) be adjudicated a bankrupt or insolvent; or if a petition or answer proposing <br />the adjudication of the Developer or the Owner as bankrupt or its reorganization under <br />any present or future federal bankruptcy act or any similar federal or state law shall be <br />filed in any court and such petition or answer shall not be discharged or denied within <br />sixty (60) days after the filing thereof; or a receiver, liquidator or trustee of the Developer <br />or the Owner, or of the Project, or part thereof, shall be appointed in any proceeding <br />brought against the Developer or the Owner, and shall not be discharged within sixty (60) <br />days after such appointment, or if the Developer or the Owner, shall consent in such <br />appointment. <br />Section 4.2. Remedies on Default. Whenever any Event of Default referred to in <br />Section 4.1 occurs and is continuing, the City, as specified below, may take any one or more of <br />the following actions after the giving of thirty (30) days' written notice to the Developer and <br />Owner, but only if the Event of Default has not been cured within said thirty (30) days, or, if <br />such Event of Default cannot reasonably be cured by the Developer or the Owner within thirty <br />(30) days of receipt of such notice, the Developer or the Owner shall have such additional time to <br />10 <br />13580713v2 <br />