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BI. Effect of Lien Agreement. <br />A. From the date of recordation of this Lien Agreement, a lien shall attach to the <br />Property which shall have the priority of a judgment lien in an amount necessary to complete the <br />agreed to improvements and discharge all obligations contained in the Subdivision Improvement <br />Agreement. Under no circumstances shall the City agree to subordinate the lien. <br />B. This Lien Agreement shall expire upon the City's receipt of the Replacement <br />Security (the "Termination Date "), at which point the City shall take the action required to <br />release the lien of record, as contemplated in Section II.A above. <br />IV. Events of Default. <br />Upon the occurrence of any one of the following events prior to the Termination Date, Owner <br />shall be deemed in default hereunder: <br />A. Failure by Owner to provide the Replacement Security within the time allotted <br />and as prescribed by this Lien Agreement, <br />B. Filing of any proceedings or action by or against Owner to declare Owner <br />bankrupt or to appoint a receiver or trustee for Owner or to reorganize Owner or to make an <br />assignment for the benefit of creditors or to do anything else of a similar nature or purpose under <br />any state or federal bankruptcy or insolvency laws, if such proceedings or actions are not <br />discharged within sixty (60) days. <br />C. Levy of any attachment or writ of execution against Owner and the Property <br />whereby the Property is taken or occupied or attempted to be taken or occupied by someone <br />other than Owner and such attachment or execution is not released within (60) days. <br />D. Sale of any lot shown on the Map, except as provided in subparagraph I(B) above. <br />E. Request by Owner of issuance by the Department of Real Estate of the Final <br />Subdivision Public Report for the Property. <br />F. Breach by Owner of any other term or condition of this Lien Agreement or <br />Owner's failure to fully and faithfully discharge its obligations hereunder within the time <br />specified herein. <br />All references to Owner in this section shall be deemed to include Owner's successors, <br />assignees and transferees. <br />V. City's Remedies. <br />Upon Owner's receipt of written notice from the City of such default of any of the events <br />described in Section IV above, and the failure of Owner to commence to cure or to cure such <br />default within thirty (30) days, or in the event that the Owner commences to cure such default <br />within such thirty (30) days but fails to complete such cure within ninety (90) days of receipt of <br />written notice or as soon as practicable thereafter if such breach cannot reasonably be cured <br />within such ninety (90) day period despite Owner's diligent efforts provided that Owner <br />II14333. Ill f0(' <br />372949 - 00005 /0- u -0o /wrdnvd -3- <br />