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ARTICLE IV. <br /> EVENTS OF DEFAULT <br /> Section 4.1 Events of Default Defined. The following shall be "Events of Default" <br /> under this Agreement and the term "Event of Default" shall mean whenever it is used in this <br /> Agreement any one or more of the following events: <br /> (a) Failure by the Developer to timely pay any ad valorem real property taxes <br /> assessed with respect to the Development Property while such property is owned by <br /> Developer. <br /> (b) Failure by the Developer to cause the construction of the Project to be <br /> completed pursuant to the terms, conditions and limitations of this Agreement. <br /> (c) Failure of the Developer to observe or perform any other covenant, <br /> condition, obligation or agreement on its part to be observed or performed under this <br /> Agreement. <br /> (d) Failure by the Developer to observe or perform any covenant, condition, <br /> obligation or agreement on its part to be observed or performed under the Purchase <br /> Agreement, the Acquisition Mortgage or the Promissory Note. <br /> (e) Failure by the Operating Entity or Brandon Andersen to observe or <br /> `.. perform any covenant, condition, obligation or agreement on their parts to be observed or <br /> performed under the Guaranty. <br /> (f) If the Developer shall <br /> (A) file any petition in bankruptcy or for any reorganization, <br /> arrangement, composition, readjustment, liquidation, dissolution, or similar relief <br /> under the United States Bankruptcy Act of 1978, as amended or under any similar <br /> federal or state law; or <br /> (B) make an assignment for the benefit of its creditors; or <br /> (C) admit in writing its inability to pay its debts generally as they <br /> become due; or <br /> (D) be adjudicated a bankrupt or insolvent; or if a petition or answer <br /> proposing the adjudication of the Developer, as a bankrupt or its reorganization <br /> under any present or future federal bankruptcy act or any similar federal or state <br /> law shall be filed in any court and such petition or answer shall not be discharged <br /> or denied within sixty (60) days after the filing thereof; or a receiver, trustee or <br /> liquidator of the Developer, or of the Project, or part thereof, shall be appointed in <br /> any proceeding brought against the Developer, and shall not be discharged within <br /> sixty (60) days after such appointment, or if the Developer, shall consent to or <br /> acquiesce in such appointment. <br /> 2055837v2 11 <br />