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<br />(f) The holder of any Mortgage on the Development Property, or any <br />improvements thereon, or any portion thereof, commences foreclosure proceedings as a <br />result of any default under the applicable Mortgage documents. <br /> <br />(g) The Developer shall <br /> <br />(A) file any petition in bankruptcy or for any reorganization, <br />arrangement, composition, readjustment, liquidation, dissolution, or similar relief <br />under the United States Bankruptcy Act of 1978, as amended or under any similar <br />federal or state law; or <br /> <br />(B) make an assignment for the benefit of its creditors; or <br /> <br />(C) admit in writing its inability to pay its debts generally as they <br />become due; or <br /> <br />(D) be adjudicated a bankrupt or insolvent; or if a petition or answer <br />proposing the adjuration of the Developer, as a bankrupt or its reorganization <br />under any present or future federal bankruptcy act or any similar federal or state <br />law shall be filed in any court and such petition or answer shall not be discharged <br />or denied within ninety (90) days after the filing thereof; or a receiver, trustee or <br />liquidator of the Developer, or of the Project, or part thereof, shall be appointed in <br />any proceeding brought against the Developer, and shall not be discharged within <br />ninety (90) days after such appointed, or if the Developer, shall consent to or <br />acquiesce in such appointment. <br /> <br />Section 10.2. Remedies on Default. Whenever any Event of Default referred to in <br />Section 10.1 occurs and is continuing, the City may take anyone or more of the following <br />actions after (except in the case of an Event of Default under subsections (a) or (g) of Section <br />10.1) the giving of thirty (30) days' written notice to the Developer and the holder of the First <br />Mortgage of the Event of Default by the City, but only if the Event of Default has not been cured <br />within said thirty (30) days, or if the Event of Default cannot be cured within thirty (30) days and <br />the Developer does not provide assurances to the City reasonably satisfactory to the City that the <br />Event of Default will be cured as soon as reasonably possible. <br /> <br />(a) The City may suspend its performance under this Agreement until it <br />receives assurances from the Developer, deemed adequate by the City, that the Developer <br />will cure its default and continue its performance under this Agreement. <br /> <br />(b) The City may terminate this Agreement. <br /> <br />(c) The City may draw upon any guarantee or security provided to the City <br />pursuant to any of the terms of this Agreement according to its terms. <br /> <br />(d) The City may take any action, including legal or administrative action, <br />which may appear necessary or desirable to collect any payments due under this <br /> <br />28 <br />