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ARTICLE IV EVENTS OF DEFAULT 300 Section 4.1 Events of Default Defined. The following shall be "Events of Default" 301 under this Agreement and the term "Event of Default" shall mean whenever it is used in this 302 Agreement any one or more of the following events.- 303 (1) Failure by the Developer to timely pay any ad valorem real property taxes 304 assessed with respect to the Development Property. 305 (2) Failure of the Developer to observe or perform any covenant, condition, 306 obligation or agreement on its part to be observed or performed under this Agreement. 307 (3) The holder of any mortgage on the Development Property or any improvements 308 thereon,, or any portion thereof, commences foreclosure proceedings as a result of any default 309 under the applicable mortgage documents. 310 (4) If the Developer shall.- 311 (A) file any petition in bankruptcy or for any reorganization,, arrangement,, 312 composition, readjustment, liquidation, dissolution, or similar relief under the United 313 States Bankruptcy Act of 1978, as amended or under any similar federal or state law; or 314 (B) make an assignment for the benefit of its creditors; or 315 (C) admit in writing its inability to pay its debts generally as they become due; 316 or 317 (D) be adjudicated as bankrupt or insolvent; or if a petition or answer 318 proposing the adjudication of the Developer as bankrupt or its reorganization under any 319 present or future federal bankruptcy act or any similar federal or state law shall be filed in 320 any court and such petition or answer shall not be discharged or denied within sixty (60) 321 days after the filing thereof-, or a receiver, trustee or liquidator of the Developer, or of the 322 Project, or part thereof, shall be appointed in any proceeding brought against the 323 Developer, and shall not be discharged within sixty (60) days after such appointment,, or 324 if the Developer, shall consent to or acquiesce in such appointment. 325 Section 4.2 Remedies on Default. Whenever any Event of Default referred to in 326 Section 4.1 occurs and is continuing, the City, as specified below, may take any one or more of 327 the following actions after the giving of thirty (30) days' written notice to the Developer, but only 328 if the Event of Default has not been cured within said thirty (30) days.- 329 (1) The City may suspend its performance under this Agreement and the TIF Note 330 until it receives assurances from the Developer, deemed adequate by the City,, that the Developer 331 will cure its default and continue its performance under this Agreement. 9 3873204v2