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Attachment A 452 Any Mortgage provided to the Developer by a third-party lender must be disclosed to the 453 Authority, and must be subordinate to this Agreement. The Developer must provide the 454 Authority with an address for the holder of the Mortgage for purposes of providing notices as 455 may be required by this Agreement. 456 457 ARTICLE VIII. 458 459 EVENTS OF DEFAULT 460 461 Section 8.1. Events of Default Defined . The following shall be deemed Events of 462 Default under this Agreement and the term shall mean, whenever it is used in this Agreement, 463 unless the context otherwise provides, any one or more of the following events: 464 465 (a) Failure by the Developer to pay when due the payments required to be paid or 466 secured under any provision of this Agreement; 467 468 (b) Failure by the Developer to observe and substantially perform any covenant, 469 condition, obligation or agreement on its part to be observed or performed hereunder, including 470 the time for such performance; 471 472 (c) If the Developer shall admit in writing its inability to pay its debts generally as 473 they become due, or shall file a petition in bankruptcy, or shall make an assignment for the 474 benefit of its creditors, or shall consent to the appointment of a receiver of itself or of the whole 475 or any substantial part of the Property; 476 477 (d) If the Developer, on a petition in bankruptcy filed against it, be adjudicated as 478 bankrupt, or a court of competent jurisdiction shall enter an order or decree appointing, without 479 the consent of the Developer, a receiver of the Developer or of the whole or substantially all of 480 its property, or approve a petition filed against the Developer seeking reorganization or 481 arrangement of the Developer under the federal bankruptcy laws, and such adjudication, order or 482 decree shall not be vacated or set aside or stayed within 60 days from the date of entry thereof; 483 or 484 485 (e) If the Development is in default under any Mortgage and has not entered into a 486 work-out agreement with the holder of the Mortgage. 487 488 Section 8.2. Remedies on Default . Whenever any Event of Default occurs, the 489 Authority may, in addition to any other remedies or rights given the Authority under this 490 Agreement, take any one or more of the following actions following written notice by the 491 Authority to the Developer as provided in Section 9.3 of this Agreement: 492 493 (a) Suspend its performance under this Agreement until it receives assurances from the 494 Developer, deemed reasonably adequate by the Authority, that the Developer will cure its default 495 and continue its performance under this Agreement; 496 497 (b) Cancel or rescind this Agreement; 10 498768v2 MNI RS275-12