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<br />ARTICLE IX <br /> <br />EVENTS OF DEFAULT <br /> <br />Section 9.1. Developer Events of Default Defined. Anyone or more of the following <br />shall be an "Event of Default" under this Agreement: <br /> <br />(a) Failure by the Developer to timely pay pursuant to Article VI all ad valorem real <br />property taxes assessed with respect to the Development Property. <br /> <br />(b) Failure by the Developer to cause the construction of the Minimum Improvements <br />to be commenced and completed pursuant to the terms, conditions and limitations of Article N. <br /> <br />(c) Failure by the Developer to cause the Minimum Improvements to be <br />reconstructed when required pursuant to Article V. <br /> <br />(d) Transfer of any interest in the Developer or the Project in violation of the <br />provisions of Article VITI. <br /> <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 thereof, 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 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) be adjudicated a bankrupt; or if a petition or answer proposing the <br />adjuration of the Developer, as a bankrupt or its reorganization under any present <br />or future federal bankruptcy act or any similar federal or state law shall be filed in <br />any court and such petition or answer shall not be discharged or denied within <br />ninety (90) days after the filing thereof; . or a receiver, trustee or liquidator of the <br />Developer, or of the Project, or part thereof, shall be appointed in any proceeding <br />brought against the Developer, and shall not be discharged within ninety (90) <br />days after such appointed, or if the Developer, shall consent to or acquiesce in <br />such appointment. . <br /> <br />26 <br /> <br />'- <br />