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ARTICLE 9 <br />DEFAULTS, REMEDIES AND TERMINATION <br />9.1 Defaults <br />9.1.1 Events of Default. In addition to other acts or omissions of a Party that may <br />legally or equitably constitute a Default or breach of this Agreement, the occurrence of any of the <br />following specific events shall constitute an "Event of Default" under this Agreement: <br />(a) Monetary Default. If a Monetary Default occurs and continues for <br />seven (7) days after Notice from the City, specifying in reasonable detail the amount of money not <br />paid and the nature and calculation of each such payment. <br />(b) Bankruptcy or Insolvency. If the Developer ceases to do business <br />as a going concern, ceases to pay its debts as they become due or admits in writing that it is unable <br />to pay its debts as they become due, or becomes subject to any Bankruptcy Proceeding (except an <br />involuntary Bankruptcy Proceeding dismissed within sixty (60) days after commencement), or a <br />custodian or trustee is appointed to take possession of, or an attachment, execution or other judicial <br />seizure is made with respect to, substantially all of the Developer's assets or the Developer's <br />interest in this Agreement (unless such appointment, attachment, execution, or other seizure was <br />involuntary and is contested with diligence and continuity and vacated and discharged within sixty <br />(60) days). <br />(c) Breach of Representation or Warranty. Any representation, <br />warranty or disclosure made to the City by the Developer regarding this Agreement, the Property <br />or the Project is materially false or misleading, whether or not such representation or disclosure <br />appears in this Agreement. <br />(d) Deposit of Funds, Bonds or Other Security. If the Developer fails <br />to make any deposit of fands or provide any bond or other security required under this Agreement <br />within seven (7) days' after Notice of such Default to the Developer. <br />(e) Insurance. If the Developer fails to obtain, maintain or replace any <br />insurance coverage required under this Agreement within seven (7) days' after Notice of such <br />Default to the Developer. <br />(f) Material Deviation in Project. Any material deviation in the work <br />of construction or installation of the Project from the approved Project description, without the <br />prior written approval of the City that is not corrected within fifteen (15) days' following written <br />Notice of such Default. <br />(g) Project Progress. <br />(i) The construction or installation of the Project does not <br />commence by the time provided for such commencement in the Performance Schedule. <br />El <br />55394.00049\33239203.12 <br />