3B Public Hearing 2012 0521 - Laserfiche WebLink

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9.1 Event of Developer Default. The following events shall constitute an event of default on the part of Developer ( "Event of Developer Default "): (a) Developer fails to commence or complete construction of the Project within the times set forth in Section 4.6 or subject to force maj eure, abandons or suspends construction of the Project prior to completion for a period of 120 days or more; (b) [Reserved.] (c) A Transfer occurs, either voluntarily or involuntarily, in violation of Article VII (d) Developer fails to maintain insurance as required pursuant to this Agreement, and Developer fails to cure such default within ten (10) days; (e) Subject to Developer's right to contest the following charges pursuant to Section 6.3 if Developer fails to pay prior to delinquency taxes or assessments due on the Property or the Project or fails to pay when due any other charge that may result in a lien on the Property or the Project, and Developer fails to cure such default within thirty (30) days of date of delinquency, but in all events upon the imposition of any such tax or other lien; (f) A default arises under any loan secured by a mortgage, deed of trust or other security instrument recorded against the Property and remains uncured beyond any applicable cure period, and the holder of such security instrument has recorded a notice of default; (g) Any representation or warranty contained in this Agreement or in any application, financial statement, certificate or report submitted to the City in connection with this Agreement proves to have been incorrect in any material and adverse respect when made and continues to be materially adverse to the City; (h) If, pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors ( "Bankruptcy Law "), Developer or any member or manager thereof (i) commences a voluntary case or proceeding; (ii) consents to the entry of an order for relief against Developer or any member or manager thereof in an involuntary case; (iii) consents to the appointment of a trustee, receiver, assignee, liquidator or similar official for Developer or any member or manager thereof, (iv) makes an assignment for the benefit of its creditors; or (v) admits in writing its inability to pay its debts as they become due; (i) A court of competent jurisdiction shall have made or entered any decree or order (1) adjudging the Developer to be bankrupt or insolvent, (2) approving as properly filed a petition seeking reorganization of the Developer or seeking any arrangement for Developer under bankruptcy law or any other applicable debtor's relief law or statute of the United States or any state or other jurisdiction, (3) appointing a receiver, trustee, liquidator, or assignee of the Developer in bankruptcy or insolvency or for any of its properties, or (4) directing the winding up or liquidation of the Developer; 1875524.3 27