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<br />39 <br /> <br />(c) Developer fails to perform any obligation (other than the <br />obligations described in subparagraphs (a) and (b) above) under any Loan Document, and <br />such failure is not cured within thirty (30) calendar days after Developer's receipt of <br />written notice that such obligation was not performed; provided that, if cure cannot <br />reasonably be effected within such thirty (30) calendar day period, such failure shall not <br />be an Event of Default so long as Developer (in any event, within ten (10) Business Days <br />after receipt of such notice) commences to cure, and thereafter diligently (in any event <br />within ninety (90) calendar days after receipt of such notice) prosecutes such cure to <br />completion; <br /> <br />(d) Any representation or warranty in any Loan Document <br />proves to have been incorrect in any material respect when made; <br /> <br />(e) The Property is materially damaged or destroyed by fire or <br />other casualty unless Developer fulfills the Restoration Conditions set forth in the <br />insurance provisions of this Agreement within one hundred twenty (120) calendar days <br />(unless extended pursuant to Section 19.5) and thereafter diligently restores the Property <br />in accordance with this Agreement; <br /> <br /> (f) Work on the construction ceases for thirty (30) consecutive <br />days for any reason (other than governmental orders, decrees or regulations, acts of God <br />or any other deity, strikes or other causes beyond Developer's reasonable control); <br /> <br />(g) Developer is enjoined or otherwise prohibited by any <br />Governmental Authority from constructing and/or occupying the improvements and such <br />injunction or prohibition continues unstayed for sixty (60) calendar days or more for any <br />reason; <br /> <br />(h) Developer is dissolved, liquidated or terminated, or all or <br />substantially all of the assets of Developer are sold or otherwise transferred without the <br />City Project Manager's prior written consent; <br /> <br />(i) Developer is the subject of an order for relief by a <br />bankruptcy court, or is unable or admits its inability to pay its debts as they mature, or <br />makes an assignment for the benefit of creditors; or Developer applies for or consents to <br />the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator <br />or similar officer for it or any part of its property; or any receiver, trustee, custodian, <br />conservator, liquidator, rehabilitator or similar officer is appointed without the <br />application or consent of Developer and the appointment continues undischarged or <br />unstayed for ninety (90) calendar days; or Developer institutes or consents to any <br />bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, <br />custodianship, conservatorship, liquidation, construction or similar proceeding relating to <br />it or any part of its property; or any similar proceeding is instituted without the consent of <br />Developer and continues undismissed or unstayed for ninety (90) calendar days; or any <br />judgment, writ, warrant of attachment or execution, or similar process is issued or levied <br />against any property of Developer and is not released, vacated or fully bonded within <br />ninety (90) calendar days after its issue or levy. <br />EXHIBIT 3 <br />3-49