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<br /> (Ph, I <br /> ARTICLE 4 I <br /> Default and Collateral .. <br /> Section 4.1, Default. The Developer shall be in default under this agreement upon the <br /> happening of any of the following events: I <br /> (I) nonpayment, when due, of any amount payable on MIF loan or failure to observe or <br /> perform any terms thereof; provided such nonpayment is not remedied within ten (10) I <br /> business days after written notice thereof by either the Developer or the City, <br /> (2) if Developer is in breach of any material respect of any obligation or agreement of I <br /> the Developer under this agreement, provided Developer remains in breach in any <br /> material respect for thirty (30) business days after \Hitten notice thereof to the Developer <br /> by the City; provided, however, that if such breach shall reasonably be incapable of being I <br /> cured within such thirty (30) business days after notice, and if Developer commences and <br /> diligently prosecutes the appropriate steps to cure such breach, no default shall exist so <br /> long as Developer is proceeding to cure such breach; I <br /> (3) If any material covenant, warranty or representation of Developer shall prove to be untrue <br /> in any material respect, provided such convenient warranty or representation of I <br /> Developer remains untrue in any material respect for thirty (30) business days after <br /> written notice thereof to the Developer by the City; provided, however, that if such <br /> untruth shall reasonably be incapable of being corrected within such thirty (30) business .. <br /> days after notice, and if Developer commences and diligently prosecutes the appropriate <br /> stt'ps to correct such untruth, no default shall exist so long as Developer is so proceeding I <br /> to correct such untruth; <br /> (4) if the Developer becomes insolvent or generally unable to pay debts as they mature or I <br /> makes an assignment for the benefit of creditors, provided such insolvency it general <br /> inability to pay is not remedied within sixty (60) business days after \\Tirten notice <br /> thereof by either Developer or the City; I <br /> (5) entry of a final judgement against Developer where such judgement the City reasonably <br /> deems will have a material, adverse impact in Developer's ability to comply with its I <br /> obligations under this agreement; <br /> (6) transfer by the Developer, of any part of the Collateral to any entity other than a wholly- I <br /> owned subsidiary of Developer provided such is not approved in \\Titing by the City, <br /> which approval will not be unreasonably withheld; <br /> I <br /> 6 I <br /> .. <br /> I <br />