6D(8) Brownfields Grant Agreement - former Studebaker Stamping Plant

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13.1. In the event of a default of any of the terms or conditions of this Agreement, the entire amount of Project Grant Funds disbursed to the Commission shall become immediately due and payable without the necessity of demand from the City. The Commission shall be deemed to be in default under this Agreement upon the occurrence of any one or more of the following events (each an "Event of Default "): 13.1.1. The Commission assigns this Agreement or any Project Grant Funds advanced hereunder or any interest herein to a third party or if the Property or any interest is conveyed, assigned or otherwise transferred without the prior written consent of the City. 13.1.2. Any representation or warranty made herein or in any report, certificate, financial statement or other instrument furnished in connection with this Agreement shall prove to be false in any material respect. 13.1.3. The Commission defaults in the performance of any term, covenant or condition to be performed hereunder and such default is not remedied within 30 days, unless a longer period of time is reasonably required to cure the default, from and after receipt of written notice by certified mail, return receipt requested, from the City to the Commission, specifying said default, or, if such default cannot be remedied within that period and remedial effort is not commenced within that period and diligently and continuously pursued, the City shall have the right to proceed by appropriate judicial proceedings to enforce performance or observation of the applicable provisions of this Agreement and /or terminate this Agreement and recover damages from the Commission to the extent allowed by law. 13.1.4. Any proceeding involving the Commission or the Property, commenced under any bankruptcy or reorganization arrangement, probate, insolvency, readjustment of debt, dissolution or liquidation law of the United States, or any state, but if such proceedings are instituted, no Event of Default shall be deemed to have occurred hereunder unless the City either approves, consents to, or acquiesces in such proceedings, or such proceedings are not dismissed within 60 days. 13.1.5. An order, judgment or decree is entered, without the application, approval or consent of the City, by any court of competent jurisdiction approving the appointment of a receiver, trustee or liquidator of the Commission of all or a substantial part of its assets, and such order, judgment or decree shall continue in effect for a period of 60 days. 14. Remedies of the City. Upon the occurrence of an Event of Default, the City may exercise, singly or in combination, any or all of the rights, powers and privileges set forth in this Agreement, the Cooperative Agreement and any other agreements or instruments to which the City is a party and which relate to the Project Grant Funds and the Remediation Work, at law or in equity, at any time and from time to time. 15. Secure Site. In the event of Default, the Commission shall secure the Property. The cost of securing the Property is the responsibility of the Commission. If the Commission fails to 12