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costs arising from any act or omission by, or negligence of Grantee and its officers, agents, or employees or its contractor or subcontractor or the officers, agents or employees of the contractor or subcontractor while engaged in the performance of this Agreement. Also, no member, official, or employee of the City or of its agents or contractors shall be personally liable to Grantee in the event of any default or breach of the Agreement by the City. ARTICLE VI - EVENTS OF DEFAULT The entire amounts due under the GRANT Documents shall become and be immediately due and payable upon the written demand of the City, without any other notice or demand of any kind of presentment or protest, if anyone of the following events occurs (an "Event of Default") and is continuing at the time of such demand, whether it is voluntary or involuntary or, without limitation, occurring or brought about by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. Section 6.01 Default under Grant (1) Default Under Grant -- If Grantee shall fail to comply with its obligations under this Agreement and the Mortgage of even date. (3) Incorrect Representations or Warranties -- If any representation or warranty contained in or made in connection with the execution and delivery of this Agreement or in any certificate furnished pursuant hereto shall prove to have been incorrect or untrue in any material respect when made; (4) Default in Covenants -- If Grantee defaults in the performance of any other term, covenant, or agreement contained in the GRANT Documents and such default shall continue un remedied for thirty (30) days after the earlier of either: (1) the default becoming known to an executive officer of Grantee; or (2) written notice thereof was given to Grantee by City; (5) Voluntary Insolvency -- If Grantee becomes insolvent, ceases to pay its debts as they mature, voluntarily files a petition seeking reorganization of, or the appointment of a receiver, trustee, or liquidator, for itself or a substantial portion of its assets, with the purpose of effecting a plan or other arrangements with creditors, is adjudicated bankrupt, or makes a voluntary assignment for the benefit of creditors; (6) Involuntary Insolvency -- If an involuntary petition is filed against Grantee under any bankruptcy, insolvency, or similar law seeking the reorganization of, or the appointment of any receiver, trustee, or liquidator, for Grantee or a substantial part of its assets, or a writ or warrant of attachment or similar process is issued against a substantial part of Grantee's assets, and such petition is not dismissed, or such writ Page 10 of 16