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ARTICLE VI: EVENTS OF DEFAULT <br /> The Loan and the interest then accrued thereon, shall become and be <br /> immediately due and payable pursuant to Section 1.03 upon the written demand of <br /> the City, without any other notice or demand of any kind or any presentment or <br /> protest, if any one of the following events (hereinafter an Event of Default) shall <br /> occur and be continuing at the time of such demand, whether voluntarily or <br /> involuntarily, or without limitation, occurring or brought about by operation of law <br /> or pursuant to or in compliance with any judgment, decree or order of any court or <br /> any body, provided, however, that such sum shall not be then payable if Contractor's <br /> payments have been waived, or time for making the Contractor's payments has been <br /> extended by the City. <br /> SECTION 6.01 INCORRECT REPRESENTATION OR WARRANTY <br /> Any representation or warranty contained in, or made in connection with the <br /> execution and delivery of this Agreement, or in any certificate or statement furnished <br /> pursuant hereto, shall prove to have been incorrect when made in any material <br /> respect. <br /> SECTION 6.02 DEFAULT IN COVENANTS <br /> Contractor shall default in the performance of any other term, covenant, or <br /> agreement contained in this Agreement, and such default shall continue unremitting <br /> for thirty (30) days after written notice thereof shall have been given to the <br /> Contractor by the City, provided, however, that if such default cannot reasonably be <br /> cured in 30 days, Contractor shall provide the City with a written explanation of <br /> proposed efforts to cure the default and within five (5) days after approval of such <br /> explanation by the City, Contractor shall commence to cure and thereafter diligently <br /> pursuant such cure. <br /> SECTION 6.03 VOLUNTARY INSOLVENCY <br /> If the Contractor shall become insolvent or shall cease to pay its debt as they <br /> mature or shall voluntarily file a petition seeking reorganization of, or the <br /> appointment of a receiver, trustee, or liquidation for it or a substantial portion of its <br /> assets, or to effect a plan or other arrangement with creditors, or shall be adjudicated <br /> bankrupt, or shall make voluntary assignment for the benefit of creditors. <br /> 12 <br />