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provided that the curing of the default is promptly commenced upon receipt by the Developer of <br /> the notice of the default, and with due diligence is thereafter continuously prosecuted to Aik <br /> completion and is completed within a reasonable period of time, and provided that Developer <br /> keeps the City well informed at all times of its progress in curing the default; provided in no <br /> event, other than as a result of Unavoidable Delays, shall such additional cure period extend <br /> beyond 180 days; or <br /> (e) the Developer shall (i) file any petition in bankruptcy or for any reorganization, <br /> arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the <br /> United States Bankruptcy Act of 1978, as amended or under any similar Federal or State law; or <br /> (ii) make an assignment for the benefit of its creditors; or (ii) become insolvent or adjudicated a <br /> bankrupt; or if a petition or answer proposing the adjudication of Developer, as a bankrupt or its <br /> reorganization 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 or denied <br /> within ninety (90) days after the filing thereof; or a receiver, trustee or liquidator of Developer, <br /> or of the Development, or part thereof, shall be appointed in any proceeding brought against <br /> Developer, and shall not be discharged within ninety (90) days after such appointed, or if <br /> Developer shall consent to or acquiesce in such appointment. <br /> (f) the Developer shall fail to pay any of the costs described in Article III of this <br /> Agreement. <br /> Section 9.3 City Events of Default. Subject to Unavoidable Delays, the failure of the <br /> City to observe or perform any covenant, condition, obligation or agreement on its part to be <br /> observed or performed under this Agreement, and the continuation of such failure for a period of • <br /> thirty (30) days after written notice of such failure from any party hereto shall be an Event of <br /> Default for the City. Notwithstanding the foregoing, if the default reasonably requires more than <br /> thirty (30) days to cure, such default shall not constitute an Event of Default, provided that the <br /> curing of the default is promptly commenced upon receipt by the City of the notice of the <br /> default, and with due diligence is thereafter continuously prosecuted to completion and is <br /> completed within a reasonable period of time, and provided that the City keeps the Developer <br /> well informed at all times of its progress in curing the default; provided in no event, other than as <br /> a result of Unavoidable Delays, shall such additional cure period extend beyond 180 days. <br /> Section 9.4 City Remedies on Default. Whenever any Developer Event of Default <br /> occurs, the City may take any one or more of the following actions: <br /> (a) Suspend performance under this Agreement until it receives assurances from the <br /> Developer, deemed adequate by the City, that the Developer will cure its default and continue its <br /> performance under this Agreement. <br /> (b) Withhold the Certificate of Completion for the Minimum Improvements. <br /> (c) The City may cancel and terminate the Agreement. <br /> (d) Take whatever action at law or in equity may appear necessary or desirable to the <br /> City to collect any payments due under this Agreement, or to enforce performance and j <br /> observance of any obligation, agreement, or covenant of the Developer under this Agreement. <br /> 1674205v8 42 <br />