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ARTICLE IV <br />EVENTS OF DEFAULT <br />Section 4.1. Events of Default Defined. The following <br />shall be "Events of Default under this Agreement and the term <br />"Event of Default" shall mean whenever it is used in this <br />Agreement any orie or more of the following events: <br />(a) Failure by the Developer to ti;nely pay <br />pursuant to Article VI all ad valorem real <br />property taxes assessed with respect to the <br />Development Property. <br />(b) Failure by the Developer, to cause the <br />construction of the Project or the Public <br />Improvements to be commenced and completed <br />pursuant to the terms, conditions and limitations <br />of this Agreement. <br />(c) The holder of any mortgage on the <br />Development Property or any improvements thereon, <br />or any portion thereof, commences foreclosure <br />proceedings as a result of any default under the <br />applicable mortgage documents. <br />(d) Failure by the Developer to <br />substantially observe or perform any other <br />covenant, condition, obligation or agreement on <br />its part to be observed or performed under this <br />Agreement. <br />(e) If the Developer shall <br />(A) file any petition in bankruptcy or <br />for any reorganization, arrangement, <br />composition, readjustment, liquidation, <br />dissolution, or similar relief under the <br />United States Bankruptcy Act of 1978, as <br />amended or under any similar federal or state <br />law; or <br />(B) make an assigrunent for the benefit <br />of its creditors; or <br />(C) admit in writing its inability to <br />pay its debts generally as they become due; <br />or <br />12 <br />