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<br />ARTICLE IX <br /> <br />EVENTS OF DEFAULT AND REMEDIES <br /> <br />Section 9.1. Events of Default Defined. The following shall be "Events of Default" under <br />this Lease Agreement and the terms "Events of Default" and "Default" shall mean, whenever <br />they are used in this Lease Agreement, anyone or more of the following events: <br /> <br />(a) Failure by the City to pay any Lease Payment or other payment required to be paid <br />hereunder at the time specified herein. <br /> <br />(b) Failure by the City to observe and perform any covenant, condition or agreement on <br />its part to be observed or performed under this Lease Agreement, other than as referred to in <br />clause (a) of this Section 9.1, for a period of thirty (30) days after written notice specifying such <br />failure and requesting that it be remedied has been given to the City by the Authority or the <br />Assignee; provided, however, if the failure stated in the notice can be corrected, but not within the <br />applicable period, the Authority and the Assignee shall not unreasonably withhold their <br />consent to an extension of such time, for a period not to exceed ninety (90) days, if corrective <br />action is instituted by the City within the applicable period and diligently pursued until the <br />Default is corrected. <br /> <br />(c) The filing by the City of a voluntary petition in bankruptcy, or failure by the City <br />promptly to lift any execution, garnishment or attachment, or adjudication of the City as a <br />bankrupt, or assignment by the City for the benefit of creditors, or the entry by the City into an <br />agreement of composition with creditors, or the approval by a court of competent jurisdiction <br />of a petition applicable to the City in any proceedings instituted under the provisions of the <br />Federal Bankruptcy Act, as amended, or under any similar acts which may hereafter be <br />enacted. <br /> <br />Section 9.2. Remedies on Default. Whenever any Event of Default referred to in Section <br />9.1 hereof shall have happened and be continuing, it shall be lawful for the Authority or the <br />Assignee to exercise any and all remedies available pursuant to law or granted pursuant to this <br />Lease Agreement; provided, however, that notwithstanding anything herein to the contrary, there <br />shall be no right under any circumstances to accelerate the Lease Payments or otherwise declare <br />any Lease Payments not then in default to be immediately due and payable. Each and every <br />covenant hereof to be kept and performed by the City is expressly made a condition and upon <br />the breach thereof the Authority or the Assignee may exercise any and all rights of entry and <br />re-entry upon the Property, and also, at its option, with or without such entry, may terminate <br />this Lease Agreement; provided, that no such termination shall be effected either by operation <br />of law or acts of the parties hereto, except only in the manner herein expressly provided. In the <br />event of such Default and notwithstanding any re-entry by the Authority or the Assignee, the <br />City shall, as herein expressly provided, continue to remain liable for the payment of the Lease <br />Payments and/ or damages for breach of this Lease Agreement and the performance of all <br />conditions herein contained and, in any event such rent and/ or damages shall be payable to the <br />Assignee at the time and in the manner as herein provided, to wit: <br /> <br />-21- <br />