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EXHIBIT 3 <br />(a) Developer fails to make any payment of principal or <br />interest under the City/HOME Loan Note when due, and such failure is not cured within <br />fifteen (15) Business Days after Developer's receipt of written notice that such payment <br />was not received when due; <br />(b) Developer fails to perform any other obligation for the <br />payment of money under any Loan Document, and such failure is not cured within fifteen <br />(15) Business Days after Developer's receipt of written notice that such obligation was <br />not performed when due; <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) days after Developer's receipt of written notice <br />that such obligation was not performed; provided that, if cure cannot reasonably be <br />effected within such thirty (30)-day period, such failure shall not be an Event of Default <br />so long as Developer (in any event, within ten (10) days after receipt of such notice) <br />commences to cure, and thereafter diligently (in any event within ninety (90) days after <br />receipt of such notice) prosecutes such cure to completion; <br />(d) Any representation or warranty in any Loan Document proves to <br />have been incorrect in any material respect when made; <br />(e) Reserved; <br />(f) Work on the construction ceases for ninety (90) consecutive days <br />for any reason (other than governmental orders, decrees or regulations, <br />acts of God or any other deity, strikes or other causes beyond Developer's <br />reasonable control), provided that the same do not, in the aggregate and in <br />the City's reasonable judgment, threaten to delay the completion of the <br />construction beyond the required completion date set forth in this <br />Agreement; <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 ninety (90) days or more for any reason; <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 />Executive Director's prior written consent; or <br />(i) Developer is the subject of an order for relief by a bankruptcy <br />court, or is unable or admits its inability to pay its debts as they mature, or makes an <br />assignment for the benefit of creditors; or Developer applies for or consents to the <br />appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or <br />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) days; or Developer institutes or consents to any bankruptcy, <br />34 <br />FOODIM11 <br />