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iWa:11:111VA <br />institutes or consents to any bankruptcy, insolvency, reorganization, arrangement, <br />readjustment of debt, dissolution, custodianship, conservatorship, liquidation, construction <br />or similar proceeding relating to it or any part of its property; or any similar proceeding is <br />instituted without the consent of Developer and continues undismissed or unstayed for <br />ninety (90) days; or any judgment, writ, warrant of attachment or execution, or similar <br />process is issued or levied against any property of Developer and is not released, vacated <br />or fully bonded within ninety (90) days after its issue or levy; or <br />(i) <br />Notwithstanding anything to the contrary contained herein, City hereby agrees that <br />any cure of any default made or tendered under this Agreement by an entity on behalf of <br />Developer shall be deemed to be a cure by Developer and shall be accepted or rejected on <br />the same basis as if made or tendered by Developer. <br />16.2 Remedies Upon Default. Upon the occurrence of any Event of Default, <br />City may, at its option and in its absolute discretion, do any or all of the following: <br />(a) By written notice to Developer, declare the balance of all amounts <br />owing under this Agreement, together with all accrued interest and other amounts owing <br />in connection therewith, to be immediately due and payable, regardless of any other <br />specified due date; provided that any Event of Default described in Section 16.1 (d) shall <br />automatically, without notice or other action on City's part, cause all such amounts to be <br />immediately due and payable; <br />(b) By written notice to Develop, require repayment of all or some portion <br />of the Grant proceeds disbursed to Developer back to the City proportionate to the scale and <br />duration of the uncorrected noncompliance relative to the 99-year Term of Affordability; <br />(c) In its own right or by a court -appointed receiver, take possession of <br />the Property, enter into contracts for and otherwise proceed with the completion of the <br />construction by expenditure of its own funds; <br />(d) Exercise any of its rights under this Agreement and any rights <br />provided by law, including, without limitation, the right to seek specific performance and <br />the right to foreclose on any security and exercise any other rights with respect to any <br />security, all in such order and manner as City elects in its sole and absolute discretion; and, <br />(e) Suspend or terminate the award of City funds if Developer fails to <br />comply with any term of such award. <br />16.3 Cumulative Remedies: No Waiver. City's rights and remedies under the <br />Grant Documents are cumulative and in addition to all rights and remedies provided by <br />law. The exercise by City of any right or remedy shall not constitute a cure or waiver of <br />any default, nor invalidate any notice of default or any act done pursuant to any such notice, <br />nor prejudice the City in the exercise of any other right or remedy. No waiver of any default <br />shall be implied from any omission by City to take action on account of such default if <br />27 <br />FOR <br />