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(a) Borrower fails to pay when due the principal and interest payable <br />hereunder and such failure continues for ten (10) days after City notifies <br />Borrower thereof in writing. <br />(b) Borrower fails to use the Predevelopment Funds in accordance with <br />the Loan Agreement or fails to use such funds in accordance with Borrower's <br />request for disbursement, and does not cure such failure within thirty (30) days <br />following written notice from City. <br />(c) Any representation or warranty contained in any City Document, or <br />any certificate furnished in connection therewith, or in connection with any <br />request for disbursement of Predevelopment Funds proves to have been false or <br />misleading in any material adverse respect when made and continues to be <br />materially adverse to the City. <br />(d) Borrower fails to maintain insurance as required pursuant to the <br />City Documents and Borrower fails to cure such default within ten (10) days. <br />(e) Pursuant to or within the meaning of the United States Bankruptcy <br />Code or any other federal or state law relating to insolvency or relief of debtors <br />( "Bankruptcy Law "), Borrower (or any general partner thereof): (i) commences <br />a voluntary case or proceeding; (ii) consents to the entry of an order for relief <br />against Borrower (or any general partner thereof) in an involuntary case; (iii) <br />consents to the appointment of a trustee, receiver, assignee, liquidator or similar <br />official for Borrower (or any general partner thereof); (iv) makes an assignment <br />for the benefit of its creditors; or (v) admits in writing its inability to pay its debts <br />as they become due. <br />(f) A court of competent jurisdiction enters an order or decree under <br />any Bankruptcy Law that: (i) is for relief against Borrower (or any general <br />partner thereof) in an involuntary case, (ii) appoints a trustee, receiver, assignee, <br />liquidator or similar official for Borrower (or any general partner thereof) or <br />substantially all of such entity's assets, (iii) orders the liquidation of Borrower (or <br />any general partner thereof), or (iv) issues or levies a judgment, writ, warrant of <br />attachment or similar process against the Property or the Project, and in each <br />case the order or decree is not released, vacated, dismissed or fully bonded <br />within 60 days after its issuance. <br />9 <br />(g) An Event of Default on the part of Developer other than one <br />enumerated in this Section 2.1 is declared under any City Document, and such <br />default remains uncured beyond the expiration of any applicable cure period. <br />2.2 REMEDIES The rights and remedies of City under this Note shall be <br />cumulative and not alternative. Upon the occurrence of an Event of Default hereunder, <br />City may, at its option: (i) by written notice to Borrower declare the entire unpaid <br />principal balance of this Note, together with all accrued interest thereon and all sums <br />due hereunder, immediately due and payable regardless of any prior forbearance, (ii) <br />1902227.2 3 <br />