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<br />(c) The indemnified parties shall not be liable for any damage or injury to the <br />persons or property of the Developer or its officers, agents, servants or employees or any <br />other person who may be about the Minimum Improvements due to any act of negligence <br />of any person, other than any act of negligence on the part of any such indemnified party <br />or its officers, agents, servants or employees. <br /> <br />(d) All covenants, stipulations, promises, agreements and obligations of the <br />City contained herein shall be deemed to be the covenants, stipulations, promises, <br />agreements and obligations of the City, respectively, and not of any governing body <br />member, officer, agent, servant or employee of the City in the individual capacity thereof. <br /> <br />Section 9.4. Approvals. Notwithstanding Section 9.1 and 9.2, any approval of a <br />transfer of interest in the Developer, this Agreement, or all or a part of the Development Property <br />required to be given by the City under this Article IX may be denied only in the event that the <br />City reasonably determines that the ability of the Developer to perform its obligations under this <br />Agreement and its obligation, to pay ad valorem real property taxes assessed with respect to the <br />Development Property, or the overall financial security provided to the City under the terms of <br />this Agreement, or the likelihood of the Minimum Improvements being successfully constructed <br />and operated and maintained pursuant to the terms of this Agreement, will be materially <br />impaired by the action for which approval is sought. <br /> <br />ARTICLE X <br /> <br />DEVELOPER EVENTS OF DEF AUL T <br /> <br />Section 10.1. Events of Default Defined. Anyone or more of the following shall be an <br />"Event of Default" under this Agreement: <br /> <br />(a) Failure by the Developer to timely pay pursuant to Article VII all ad <br />valorem real property taxes assessed with respect to the Development Property. <br /> <br />(b) Failure by the Developer to cause the construction of the Minimum <br />Improvements to be commenced and completed pursuant to the terms, conditions and <br />limitations of Article V. <br /> <br />(c) Failure by the Developer to cause the Minimum Improvements to be <br />reconstructed when required pursuant to Article VI. <br /> <br />(d) Transfer of any interest in the Developer or the Project in violation of the <br />provisions of Article IX. <br /> <br />(e) Failure by the Developer to substantially observe or perform any other <br />material covenant, condition, obligation or agreement on its part to be observed or <br />performed under this Agreement. <br /> <br />27 <br />