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ARTICLE IV <br /> <br />Events of Default <br /> <br /> Section 4.1. Events of Default Defined. <br />Events of Default under this Agreement: <br /> <br />The following are <br /> <br /> (a) There shall have occurred a failure in the <br />observance, performance or continued existence, as the case <br />may be, of any covenant, condition, obligation or agreement to <br />be observed or performed or to exist under this Agreement or <br />any other agreement respecting the Improvements, including <br />without limitation the failure to exist of any condition or <br />requirement herein relating to SoftPac's occupancy, use and <br />creation of specified employment levels of or respecting the <br />Project. <br /> <br /> (b) There shall have occurred a failure in payment, when <br />due, of any property tax, special assessment, or other <br />governmental imposition respecting the Development Property, <br />subject to statutory or other legal rights to contest or defer <br />payment of the same. <br /> <br /> (c) There shall have been filed a petition in bankruptcy <br />by or against the Company or SoftPac under the United States <br />Bankruptcy Code; or there shall occur a failure by the Company <br />or SoftPac within 90 days to have discharged any execution, <br />garnishment or attachment of such consequence as would impair <br />the ability of the Company or SoftPac to carry on its <br />operations respecting the Improvements; or there shall occur <br />an assignment by the Company or SoftPac for the benefit of <br />creditors or the entry by the Company or SoftPac into an <br />agreement of composition with creditors. <br /> <br /> (d) The SoftPac Lease shall have expired or been <br />terminated and SoftPac shall have ceased its occupancy or <br />operation of the Project. <br /> <br />(e) A default under Section 3.5 shall have occurred. <br /> <br />An Event of Default shall also include any occurrence which would <br />with the passage of time or giving of notice become an Event of <br />Default as defined hereinabove. <br /> <br /> Section 4.2. Remedies on Default. Whenever any Event of <br />Default occurs, in addition to all other remedies specified herein <br />(e.g., repayment of the assistance pursuant to Section 3.5) or <br />available to the City at law or in equity, the City (1) may without <br />notice suspend its performance under this Agreement until it <br />receives assurances from the Company, deemed adequate by the City, <br />that the Company has cured its default and will continue its <br />performance under this Agreement, and (2) may, after provision of <br /> <br />~9so72.2 12 <br /> <br /> <br />