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r ARTICLE I EVENTS of DEFAULT Section 4 . 1. Events of Default Defined. The following shall be "Events of Default" under this Agreement and the term "Event of Default" shall mean whenever it is used in this Agreement any one or more of the following events: (a) Fa i lure by the Developer to timely pair any ad valorem real property taxes assessed with respect to the Development Property or to pay when due the Developer' s Fee (b) Failure by the Developer to cause the installation of the Project to be completed pursuant to the terms, conditions and limitations of this Agreement. (c) Failure of the Developer to observe or perform an other covenant, condition, obligation or agreement on its part to be observed or performed under this Agreement . (d) Failure of the Developer to pay the city the sums required by Section 4 . 04 (c) of the Loan Agreement . Section 4 . , remedies on Default. Whenever any Event of Default referred to in Section 4 . 1 occurs and is continuing, the City, as specified below, may take any one or more of the following actions after the giving of sixty (6 o) days ' written notice to the Developer, but only if the Event of Default has not been cured within said sixty (6 o) days (a) The City may suspend its performance under this Agreement until it receives assurances from the Developer, deemed adequate by the City, that the Developer will cure its default and continue its performance under this Agreement . (b) The City may cancel and rescind the Agreement. (c) The City may take any action, including legal or administrative action, in law or equity, which may appear necessary or desirable to enforce performance and observance of any obligation, a fire ement, or covenant of the Developer under this Agreement. (d) In the event of a default under 4 .1 (d) the city may deduct from the payments due on a Note Payment Date the sums not paid pursuant to Section 4 . 04 (c) of the Loan Agreement . VS to V4; 05/20/98 1