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<br />(e) Failure by the Developer to substantially observe or perform any other material <br />covenant, condition, obligation or agreement on its part to be observed or performed under this <br />Agreement <br /> <br />(f) The Holder of any Mortgage on the Development Property, or any improvements <br />thereon, or any portion thereot: commences foreclosure proceedings as a result of any default <br />under the applicable Mortgage documents. <br /> <br />(g) The Developer shall <br /> <br />(A) file any petition in bankruptcy or for any reorgani7'ation, <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 reorgani7.ation <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 thereot: 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 9.2. Remedies on Default Whenever any Event of Default referred to in <br />Section 9.1 occurs and is continuing, the City may immediately suspend its performance under <br />this Agreement and may take anyone or more of the following actions after (except in the case <br />of an Event of Default under subsections (a) or (g) of Section 9.1) the giving of thirty (30) days' <br />written notice to the Developer of the Event of Default by the City, but only if the Event of <br />Default has not been cured within said thirty (30) days, or if the Event of Default cannot be cured <br />within thirty (30) days and the peveloper does not provide assurances to the City reasonably <br />satisfactory to the City that the Event of Default will be cured as soon as reasonably possible. <br /> <br />(a) The City may terminate this Agreement <br /> <br />(b) The City may draw upon any guarantee or security provided to the City pursuant <br />to any of the terms of this Agreement according to its terms. <br /> <br />(c) The City may take any action, including legal, equitable or administrative action, <br />which may appear necessary or desirable to collect ariy payments due under this Agreement, to <br /> <br />26 <br />