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ARTICLE IV <br /> EVENTS OF DEFAULT <br /> Section 4.1. Events of Default Defined. The following shall be "Events of Default" <br /> under this Agreement and the term "Event of Default" shall mean whenever it is used in this <br /> Agreement any one or more of the following events: <br /> (1) Failure by the Developer to timely pay any ad valorem real property taxes <br /> assessed with respect to those portions of the Development Property owned by Developer. <br /> (2) Failure of the Developer to observe or perform any covenant, condition, <br /> obligation or agreement on its part to be observed or performed under this Agreement. <br /> (3) The holder of any mortgage on those portions of the Development <br /> Property owned by Developer or any improvements thereon, or any portion thereof, commences <br /> foreclosure proceedings as a result of any default under the applicable mortgage documents; and <br /> Developer fails to cure such default and reinstate the mortgage obligations as provided by <br /> Minnesota law. <br /> (4) If the Developer shall: <br /> (a) file any petition in bankruptcy or for any reorganization, arrangement, <br /> composition, readjustment, liquidation, dissolution, or similar relief under the United <br /> States Bankruptcy Act of 1978, as amended or under any similar federal or state law; or <br /> (b) make an assignment for the benefit of its creditors; or <br /> (c) admit in writing its inability to pay its debts generally as they become due; <br /> or <br /> (d) be adjudicated a bankrupt or insolvent; or if a petition or answer proposing <br /> the adjudication of the Developer as bankrupt or its reorganization under any present or <br /> future federal bankruptcy act or any similar federal or state law shall be filed in any court <br /> and such petition or answer shall not be discharged or denied within sixty (60) days after <br /> the filing thereof; or a receiver, liquidator or trustee of the Developer, or of the Project, or <br /> part thereof, shall be appointed in any proceeding brought against the Developer, and <br /> shall not be discharged within sixty (60) days after such appointment, or if the Developer, <br /> shall consent to or acquiesce in such appointment. <br /> Section 4.2. Remedies on Default. Whenever any Event of Default referred to in <br /> Section 4.1 occurs and is continuing, the City, as specified below, may take any one or more of <br /> the following actions after the giving of tl iii (3924) days' written notice to the <br /> Developer, but only if the Event of Default has not been cured within said thirtni (3924) <br /> days: <br /> 8 <br /> 2753452vs6 <br />