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I <br /> I <br /> to the Property, or any part thereof, to perform its obligations with respect <br /> tot he construction of the Developer Improvements under this Agreement, <br /> and any other purpose authorized by this Agreement, The Developer <br /> (except as so authorized)will not make or create, or suffer to be made or <br /> created, any total or partial sale, assignment, conveyance, or transfer in <br /> any other mode or form, with respect to this Agreement or any interest <br /> therein, or any contract or agreement to do any of the same, without the <br /> prior written approval of the City. <br /> B. In the absence of specific written agreement by the City to the contrary, no <br /> such transfer or approval by City shall be deemed to relieve Developer <br /> from any of its obligations. In the event that City approves a substitute <br /> developer and the Property is transferred to said substitute, the City <br /> agrees to relieve the Developer of liability from performance as described <br /> in this contract. Said substitute shall assume all responsibilities and rights <br /> of the Developer under this contract. <br /> XXIV. Events of Default Defined. The following shall be an "Events of Default' under <br /> this Agreement: <br /> A. Failure by the Developer to observe and substantially perform any <br /> covenant, condition, obligation, or agreement on its part to be observed or <br /> performed under the terms of this Agreement. <br /> B. If the Developer shall admit in writing its inability to pay its debts generally <br /> as they become due, or shall file a petition in bankruptcy, or shall make an <br /> assignment for the benefit of its creditors, or shall consent to the <br /> appointment of a receiver of itself or of the whole or any substantial part of <br /> the Property. <br /> C. If the Developer shall file a petition under the Federal bankruptcy laws. <br /> D. If the Developer shall fail to begin construction of the Developer Public <br /> Improvements in conformance with this Agreement, and such failures are <br /> not due to unavoidable delays as defined in this Agreement. <br /> E. The Developer shall, after commencement of the construction of any of <br /> the Developer Improvements, default in or violate its obligations with <br /> respect tot he construction of the same (including the nature and the date <br /> for the completion thereof), or shall abandon or substantially suspend <br /> construction work, and such act or actions is not due to unavoidable <br /> delays as determined by the City Engineer in his sole but reasonable <br /> discretion and any such default, violation, abandonment, or suspension <br /> shall not be cured, ended, or remedied within the time provided for in this <br /> Agreement. <br /> 13 <br />