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<br />I <br /> <br />7.10 Owner shall timely acquire and provide evidence of same to the City, <br />maintenance bonds, in a form in compliance with the City's Code and Regulations, that will <br />ensure maintenance of the Public Improvements for a period of two (2) years following their <br />Substantial Completion. <br /> <br />8. <br />Phasine of Proiect <br /> <br />8.1 The Property shall be developed as a single project, but construction may be <br />phased as more particularly described herein. Owner agrees that it will obtain all required City <br />permits for the construction of the items set forth in the definition of "Initial Completion" set <br />forth above ("Initial Completion Items") and will diligently pursue such construction until fully <br />completed; provided, however that the Owner will Substantiall Complete construction of the <br />Initial Completion Items on or before the date which is thirty-six (36) months from the Effective <br />Date. Owner acknowledges that Owner will not receive Chapter 380 Payments until such time as <br />the Initial Completion Items have been completed and have been accepted by the City. Owner <br />shall post maintenance bonds on all Public Improvements shown in Exhibit "C", in compliance <br />with the City Code. <br /> <br />8.2 Failure by Owner to timely and fully and continuously comply with any <br />maintenance, warranty and/or performance bond or other fiscal assurance requirements at any <br />time throughout the Term of this Agreement shall be an Act of Default. <br /> <br />I <br /> <br />9. <br />Suspension of Payments <br /> <br />9.1 City, under the following circumstances, and at its sole discretion, may suspend <br />its obligations under this Agreement and all future payment obligations shall automatically cease <br />upon anyone of the following events, which are an Act of Default: <br /> <br />9.2 The appointment of a receiver of Owner, or of all or any substantial part of its <br />property, and the failure of such receiver to be discharged within sixty (60) days thereafter. <br /> <br />9.3 The adjudication of Owner as bankrupt. <br /> <br />9.4 The filing by Owner of a petition or an answer seeking bankruptcy, receivership, <br />reorganization, or admitting the material allegations of a petition filed against it in any <br />bankruptcy or reorganization proceeding. <br /> <br />I <br /> <br />7 <br />