08-25 Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respec Thereto in Connection With the J. C. Hart Development Project

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ARTICLE VI. EVENTS OF DEFAULT AND REMEDIES Section 6.1. Events of Default (a) Each of the following events is hereby declared an"event of default,"that is to say, if: (i) Failure of the Company to pay any amount payable on the Loan pursuant to Section 3.2 hereof when the same is due and payable; or (ii) Failure of the Company to perform any non-payment related covenant, condition or provision hereof and to remedy such default within 30 days after written notice thereof from the Trustee to the Company; provided that, if the failure is of such a nature that it cannot be remedied within 30 days, despite reasonably diligent efforts, then the 30- day period shall be extended as reasonably may be necessary for the Company to remedy the failure, so long as the Company: (A) commences to remedy the failure within the 30- day period; and (B) diligently pursues such remedy to completion; or (iii) Any event of default as defined in the Development Agreement shall occur and be continuing; or (iv) An event of default occurs under the Taxpayer Agreement and is continuing. (b) During the occurrence and continuance of any Event of Default hereunder, the Trustee, as assignee of the City pursuant to the Indenture, and in addition to the rights retained by the City as provided in Section 6.1(c) hereof, on behalf of any unpaid Bondholders shall have the rights and remedies hereinafter set forth, in addition to any other remedies herein or by law provided. The Trustee, personally or by attorney, may in its discretion, proceed to protect and enforce its rights by a suit or suits in equity or at law, whether for damages or for the specific performance of any covenant or agreement contained in this Agreement or in aid of the execution of any power herein granted, or for the enforcement of any other appropriate legal or equitable remedy, as the Trustee shall deem most effectual to protect and enforce any of its rights or duties hereunder. If after any Event of Default occurs and prior to the Trustee exercising any of the remedies provided in this Agreement, the Company will have completely cured such Event of Default, and shall have provided the Trustee with evidence thereof to the reasonable satisfaction of the Trustee,then in every case such Event of Default will be waived, rescinded and annulled by the Trustee by written notice given to the Company. No such waiver, annulment or rescission will affect any subsequent default or impair any right or remedy consequent thereon. (c) Notwithstanding anything herein to the contrary, during the occurrence and continuance of an Event of Default by the Company the City may in its discretion, proceed to protect and enforce its rights under this Agreement by a suit or suits in equity or at law, whether for damages or for the specific performance, including the recovery of reasonable attorney's fees. Section 6.2. Remedies Cumulative. No remedy herein conferred upon or reserved to the Trustee or City is intended to be exclusive of any other remedy or remedies, and - 14 -