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to the construction of the Minimum Improvements, from any of <br /> its obligations with respect thereto. <br /> 8.3) rovals. Any approval required to be given by the <br /> EDA under this Article VIII of this Agreement may be denied only <br /> in the event that the EDA reasonably determines that the ability <br /> of the Developer to perform its obligations under this Agreement <br /> will be materially impaired by the action for which approval is <br /> sought. <br /> ARTICLE IX <br /> Events of Default <br /> 9 .1) Events of Default Defined. The following shall be <br /> "Events of Default" under this Agreement and the term "Event of <br /> Default" shall mean, whenever it is used in this Agreement <br /> (unless the context otherwise provides) , any one or more of the <br /> following events: <br /> (01) Failure by the Developer to pay when due the payments <br /> required to be paid under Sections 3 .5, 5.1, 6 . 1, and 6.3 of <br /> this Agreement. <br /> (02) Failure by the Developer to reconstruct the Minimum <br /> Improvements when required pursuant to Section 5 . 1 of this <br /> Agreement . <br /> • (03) Failure by the Developer to commence and complete <br /> construction of the Minimum Improvements pursuant to the <br /> terms, conditions and limitations of Articles III and IV of <br /> this Agreement . <br /> (04) Failure by the Developer to substantially observe or <br /> perform any material covenant, condition, obligation or <br /> agreement on its part to be observed or performed hereunder. <br /> (05) The Holder of a Mortgage exercises any remedy provided <br /> by the Mortgage documents or exercises any remedy provided by <br /> law or equity in the event of a default in any of the terms <br /> or conditions of the Mortgage. <br /> 9 .2) Remedies on Default. Whenever any Event of Default <br /> referred to in Section 9 . 1 of this Agreement occurs, the EDA may <br /> take any one or more of the following actions after providing <br /> thirty days written notice to the Developer of the Event of <br /> Default, but only if the Event of Default has not been cured <br /> within said thirty days or, if the Event of Default cannot be <br /> cured within thirty days, the Developer does not provide <br /> assurances to the Authority reasonably satisfactory to the <br /> Authority that the Event of Default will be cured and will be <br /> cured as soon as reasonably possible: <br /> 15. <br />