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<br />ARTICLE IV <br /> <br />EVENTS OF DEFAULT <br /> <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 anyone or more of the following events: <br /> <br />(1) Failure by the Developer to timely pay any ad valor~Ffealproperty taxes, special <br />assessments, utility charges or other governmental impositions "Y~m~~pect to the Project. <br /> <br />(2) Failure by the Developer to cause the constniel!on of m~t~f,oject to be completed <br />pursuant to the terms, conditions and limitations of this ~~tn~nt.'~ <br /> <br />(3) Failure by the Developer to obse~gj~r perfoqp any other ca~~t,,~condition, <br />obligation or agreement on its part to be observede5I'l'!:~~2rmed'~ger this Agree~~t <br /> <br />Section 4.2 Remedies on Default. <br />4.1 occurs and is continuing, the <br />following actions after the giving of <br />specificity the item or items of default <br />within which to cure said Event of <br />said thirty (30) days: <br /> <br /> <br />Whenever an:m~~t of Default referred to in Section <br />specified belowi~ take anyone or more of the <br />written ii~ to the Developer citing with <br />the Devel~i:~Ifat it has thirty (30) days <br />Defaili has not been cured within <br /> <br />under this Agreement until it <br />adequate by the City, that the Developer <br />under this Agreement. <br /> <br />this Agreement. <br /> <br />action, including legal or administrative action, in <br />necessary or desirable to enforce performance and <br />agreement, or covenant of the Developer under this <br /> <br />Section No remedy herein conferred upon or reserved to the <br />City is intended to of any other available remedy or remedies, but each and every <br />such remedy shall be and shall be in addition to every other remedy given under this <br />Agreement or now or existing at law or in equity or by statute. No delay or omission to <br />exercise any right or power accruing upon any default shall impair any such right or power or <br />shall be construed to be a waiver thereof but any such right and power may be exercised from <br />time to time and as often as may be deemed expedient. <br /> <br />Section 4.4 No Implied Waiver. In the event any agreement contained in this Agreement <br />should be breached by any party and thereafter waived by the other party, such waiver shall be <br /> <br />2045533v2 <br /> <br />8 <br />