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(j) 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 /> 55394.00101142414134.1 <br />