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EXHIBIT 2 <br />0) Developer is the subject of an order for relief by a bankruptcy court, or is <br />unable or admits its inability to pay its debts as they mature, or makes an assignment for the benefit <br />of creditors; or Developer applies for or consents to the appointment of any receiver, trustee, <br />custodian, conservator, liquidator, rehabilitator or similar officer for it or any part of its property; or <br />any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed <br />without the application or consent of Developer and the appointment continues undischarged or <br />unstayed for ninety (90) days; or Developer institutes or consents to any bankruptcy, insolvency, <br />reorganization, arrangement, readjustment of debt, dissolution, custodianship, conservatorship, <br />liquidation, construction or similar proceeding relating to it or any part of its property; or any similar <br />proceeding is 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 process is <br />issued or levied against any property of Developer and is not released, vacated or fully bonded within <br />ninety (90) days after its issue or levy. <br />16.2 Remedies Upon Default. Upon the occurrence of any Event of Default, City may, <br />at its option and in its absolute discretion, do any or all of the following: <br />(a) Terminate this Agreement by giving written notice to Developer and obtain <br />restitution for the Inclusionary Grant in the amount of unexpended portions of any amounts the <br />City has disbursed to Developer for the Inclusionary Grant, or any expenditures of the <br />Inclusionary Grant in violation of this Agreement. Upon written notice of termination and <br />demand from the City, Developer shall repay to the City those amounts expended in violation of <br />this Agreement or any unexpended portions of the Inclusionary Grant and assign to the City all <br />rights to pursue any contractor, subcontractor and/or materials supplier who has been paid by <br />Developer with Inclusionary Grant funds but has not provided work or materials paid for. <br />(b) In its own right or by a court -appointed receiver, take possession of the <br />Property, enter into contracts for and otherwise proceed with the completion of the construction <br />by expenditure of its own funds, and operate the Project in accordance with the Regulatory <br />Agreement. <br />(c) Exercise any of its rights under this Agreement, the Regulatory Agreement, and <br />any rights provided by law, including, without limitation, the right to seek specific performance and the <br />right to foreclose on any security and exercise any other rights with respect to any security, inclusive of <br />the Construction Security, all in such order and manner as City elects in its sole and absolute discretion. <br />(d) Suspend or terminate the award of City funds if Developer fails to comply <br />with any term of such award. <br />16.3 Cumulative Remedies: No Waiver. City's rights and remedies under this <br />Agreement are cumulative and in addition to all rights and remedies provided by law. The <br />exercise by City of any right or remedy shall not constitute a cure or waiver of any default, nor <br />invalidate any notice of default or any act done pursuant to any such notice, nor prejudice the City <br />in the exercise of any other right or remedy. No waiver of any default shall be implied from any <br />omission by City to take action on account of such default if such default persists or is repeated. <br />27 <br />5 53 94.0010 1 \42414134.1 <br />