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(a) The filing by Developer of a voluntary proceeding under present or future
bankruptcy, insolvency, or other laws respecting debtors’ rights;
(b) The consent by Developer to an involuntary proceeding under present or future
bankruptcy, insolvency, or other laws respecting debtor’s rights, unless such proceeding is stayed
within ninety (90) days thereafter;
(c) The entering of an order for relief against Developer or the appointment of receiver,
trustee, or custodian for all or a substantial part of the property or assets of Developer in any
involuntary proceeding, and the continuation of such order, judgment or decree unstayed for any
period of ninety (90) consecutive days;
(d) The failure of Developer to perform or to observe in any material respect any
material covenant, obligation, condition or requirement of this Contract and/or the Development
Agreement not specifically named as an event of default in this Section 5.1, and the continuation
of such failure for thirty (30) days after written notice from EDA specifying the nature and extent
of any such default, or, if such default cannot reasonably be cured within such thirty (30) day
period, the failure either (i) to commence to cure such default within such thirty (30) day period
and to diligently continue to pursue such effort to cure to completion, or (ii) to cure in all material
respects such default within a reasonable time after the expiration of the first thirty (30) day period,
in no event to exceed ninety (90) days after the written notice of default, unless otherwise agreed
in writing by EDA.
Section 5.2. Remedies for Default by Developer.
Upon the occurrence and continuance of any event of default described in Section 5.1 by
Developer prior to Closing and beyond all applicable notice and cure periods, EDA may elect to
terminate this Contract by giving written notice of such termination to Developer, and this Contract
shall terminate as of the date specified in such notice (which date shall be on or after the date of
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