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v. Private investment during the quarter 12.3. The Commission need only submit one quarterly report to the City pursuant to Section 12.2 to satisfy the Commission's reporting obligations under this Agreement and the Loan Agreement executed concurrently herewith (the "Loan Agreement''). Each quarterly report must include all Remediation Work on the Project, whether carried out with Grant Funds pursuant to this Agreement or with funds obtained pursuant to the Loan Agreement. 12.4. The Commission shall ensure that all contractors, subcontractors or any other parties performing the Remediation Work submit reports as necessary to allow Commission to comply with the notice requirements in Section 12.2. 12.5. The Commission shall furnish such other information as the City may from time to time reasonably request. 13. Events of Default. 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. l 3.1.2. 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 perfornance 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 11