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B. In the absence of specific written agreement by the City to the contrary, no such <br /> transfer or approval by City shall be deemed to relieve Developer from any of its <br /> obligations. In the event that City approves a substitute developer and the <br /> Property is transferred to said substitute, the City agrees to relieve the Developer <br /> of liability from performance as described in this contract. Said substitute shall <br /> assume all responsibilities and rights of the Developer under this contract. <br /> XXIV.Events of Default Defined. The following shall be an "Events of Default" under this <br /> Agreement: <br /> A. Failure by the Developer to observe and substantially perform any covenant, <br /> condition, obligation, or agreement on its part to be observed or performed under <br /> the terms of this Agreement. <br /> B. If the Developer shall admit in writing its inability to pay its debts generally as <br /> 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 appointment of a <br /> receiver of itself or of the whole or any substantial part of 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 not due <br /> to unavoidable delays as defined in this Agreement. <br /> E. The Developer shall, after commencement of the construction of any of the <br /> Developer Improvements, default in or violate its obligations with respect tot he <br /> construction of the same (including the nature and the date for the completion <br /> thereof), or shall abandon or substantially suspend construction work, and such <br /> act or actions is not due to unavoidable delays as determined by the City Engineer <br /> in his sole but reasonable discretion and any such default, violation, abandonment, <br /> or suspension shall not be cured, ended, or remedied within the time provided for <br /> in this Agreement. <br /> XXV. Notice/Remedies on Default. Whenever any Event of default occurs,the City shall <br /> give written notice of the Event of Default to Developer by United States mail at its last known <br /> address. If the Developer fails to cure the Event of Default within fifteen (15) days of the date of <br /> mailed notice, in addition to any other remedy provided in this Agreement, and without waiver <br /> of any such right, City may avail itself of any or all of the following remedies for so long as the <br /> Developer is in default: <br /> A. Halt all plat development work and construction of Developer Improvements until <br /> such time as the Event of Default is cured. <br /> 11 <br />