Events of Default by Developer. “Default” or an “Event of Default” by Developer under this Agreement shall mean one or more of the following events: the Developer, in violation of this Agreement, assigns or attempts to assign or transfer this Agreement or control of the Property, or any rights in either; there is any change in the ownership of the Developer or in the identity of the parties in control of the Developer that violates this Agreement; subject to the grace period described in Section 13.3, Developer fails to provide the evidence of Developer’s Financing as required; subject to the grace period described in Section 13.3, Developer fails to commence, diligently pursue and complete construction of the Improvements for each Phase of the redevelopment of the Property as required; a holder of a mortgage or deed of trust exercises any remedy provided by loan documents, law or equity that materially interferes with the construction of the Improvements; or subject to the grace period described in Section 13.3, Developer fails to observe or perform any material and substantial covenant, obligation or agreement required of it under this Agreement or to make good faith efforts to obtain Developer’s Financing.
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