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EVENTS OF DEFAULT AND REMEDIES Section 6.1 Events of Default. Any one, or more of the following events, is an Event of Default under this Agreement.- (1) If the Borrower shall fail to make far) any payments required under Section 3.4 of this Agreement on the date due, or (b) any other payment due tinder this Agreement on or before the date that the payment is due and such default continues for tee (10) day s. a,,fterwrittien notice given to the Borrower by the City or the Lender as provided in the Note,, (2) If the Borrower shall fail to observe and perform any they covenant., conidition or agreement on its part under this Agreement for a period, of thirty (310) days after written notice, specifying such default and requesting that it be remedied, given to the Borrower by the City or the Lender, unless the Lender shall agree In writing to an extension of such tine prior to its expiration, or for such longer period as may be reasonably necessary to remedy such default provided that the Borrower is proceeding with reasonable id I'ligence to remiedy the same,. (3) The occurrence of a Determination of Taxability. (4) If the Borrower shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant. to any present or future federal bankruptcy act or under any similar federal or state law, shall consent to the entry of an order for relief pursuant to any present or future . rN federal bankruptcy act or under any similar federal or state law, or shall make all assignment ior the benefit of its creditors or shall admit in writing its inability to pay its debts generally as they become due, or if a petition or answer proposing the entry of a n order for relief of' the Borrower under any present or future federal bankruptcy act or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within 90 days after the filing thereof, or a receiver, trustee or liquidator of the Borrower of all or substantially all of the assets of the Borrower,, or of the Project shall be appointed in any proceeding brought against the Borrower and shall not be discharged within 90 days after, such appointment or if the Borrower shall consent to or acquiesce in such applointment, or if the estate or inticiriest of the Borrower in the Project or a part thereof shall be le vied upon or attaicheld in any procieleding and such process shall not be vacated or discharged within 90 dais after, such levy or attachment; if the Borrower shall be dissolved or liquidated or shall be merged, with or is acquired by another business entity in violation of Section 4.2. (5) If the arficles of 'incorporation of the Borrower shall expire or be annulled; or if the Borrower shall be dissolved or liquidated (other than when a new entity, assumes the obligations of the Borrower under the conditions permitting such action clontai , ned i Section 4,2). (6) If any representation or warranty made by the Borrower herein, or by an officer or representative of the Borrower in any document or certificate furnished the Lender or the City 'in 214817v1 21