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ARTICLE VIII EVENTS OF DEFAULT Section 8.1. Redeveloper Events of Default. Subject to Unavoidable Delays, the following are Events of Default of the Redeveloper: (a) Failure to commence or complete construction of the Public, Site or Minimum Improvements pursuant to the terms, conditions and limitations of Article V, (b) Failure to substantially observe or perform any other covenant, condition, obligation or agreement of the Redeveloper hereunder, or (c) Prior to completion of the Project, the Redeveloper shall: (i) file any petition in bankruptcy or for any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the United States Bankruptcy Code or under any similar federal or state law; (ii) make an assignment for the benefit of its creditors; (iii) admit in writing its inability to pay its debts generally as they become due; or (iv) be adjudicated as bankrupt or insolvent, or if a petition or answer proposing the adjudication of the Redeveloper as a bankrupt or proposing its reorganization 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 ninety (90) days after the filing thereof, or a receiver, trustee or liquidator of the Redeveloper or of the Redevelopment Property, or part thereof shall be appointed in any proceeding brought against the Redeveloper and shall not be discharged within ninety (90) days after such appointment, or if the Redeveloper shall consent to or acquiesce in such appointment. Section 8.2. City Events of Default. Subject to Unavoidable Delays, an Event of Default of the City shall be failure by the City to substantially observe or perform any covenant, condition, obligation or agreement on its part to be observed or performed hereunder. Section 8.3. Citv Remedies on Default. Whenever any Event of Default referred to in Section 8.1 occurs, the City may take anyone or more of the following actions after providing thirty (30) days' written notice to the Redeveloper of the Event of Default (except that no notice to the Redeveloper is required on or after the occurrence of an event described in Section 8.1(c)(i) or (iv)), but only if the Event of Default has not been cured within said thirty (30) days, or if the Event of Default is not reasonably susceptible to being cured within said thirty (30)-day period (whether due to Unavoidable Delays or otherwise), and the Redeveloper fails to provide the City with written assurances, deemed satisfactory in the reasonable discretion ofthe City, that the Event of Default will be cured as soon as reasonably possible: (a) Suspend its performance under this Agreement until it receives assurances from the Redeveloper, deemed adequate by the City,fuat the Redeveloper will cure its default and continue its performance under this Agreement. (b) Terminate this Agreement and/or any Tax Increment Notes issued pursuant to this Agreement. 34