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<br /> ,. ARTICLE IV <br /> L- . <br /> EVENTS OF DEFAULT <br /> Section 4.1. Events of Default Defined. The following <br /> shall be "Events of Default" under this Agreement and the term <br /> "Event of Default" shall mean whenever it is used in this <br /> Agreement anyone or more of the following events: <br /> (a) Failure by the Developer to timely pay any ~ <br /> valorem real property taxes assessed with respect to the <br /> Development Property or to pay when due the Developer's Fee. <br /> (b) Failure by the Developer to cause the installation <br /> of the Project to be completed pursuant to the terms, <br /> conditions and limitations of this Agreement. <br /> (c) Failure of the Developer to observe or perform any <br /> other covenant, condition, obligation or agreement on its <br /> part to be observed or performed under this Agreement. <br /> (d) The holder of any mortgage on the Development <br /> Property or any improvements thereon, or any portion <br /> thereof, commences foreclosure proceedings as a result of <br /> any default under the applicable mortgage documents. <br /> (e) If the Developer shall . <br /> (A) file any petition in bankruptcy or for any <br /> reorganization, arrangement, composition, readjustment, <br /> liquidation, dissolution, or similar relief under the <br /> United States Bankruptcy Act of 1978, as amended or <br /> under any similar federal or state law; or <br /> (B) make an assignment for the benefit of its <br /> creditors; or <br /> (C) admit in writing its inability to pay its <br /> debts generally as they become due; or <br /> (D) be adjudicated a bankruES or insolvent; or if <br /> a petition or answer proposing the adjudication of the <br /> Developer, as a bankrupt or its reorganization under <br /> any present or future federal bankruptcy act or any <br /> similar federal or state law shall be filed in any <br /> court and such petition or answer shall not be <br /> discharged or denied within sixty (60) days after the <br /> filing thereof; or a receiver, trustee or liquidator of <br /> the Developer, or of the Project, or part thereof, <br /> \. . <br /> 18499 <br /> 10 <br />