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DocuSign Envelope ID: 92860B03-367C-49AA-BA95-OFDE6BFCF177 <br />as of the time made as a result of the gross negligence or willful misconduct of the <br />Developer; <br />3. Any report, certificate, or other document furnished by the Developer to the City <br />pursuant to this Agreement or any other Project Agreement is false or misleading <br />in any material respect as of the time furnished due to the gross negligence or willful <br />misconduct of the Developer and has been relied upon by the City to its material <br />detriment prior to correction by the Developer; <br />4. Prior to the completion of the initial construction of the Project, the filing by the <br />Developer of a petition for the appointment of a receiver or trustee; <br />5. Prior to the completion of the initial construction of the Project, the making by the <br />Developer of a general assignment for the benefit of creditors; <br />6. Prior to the completion of the initial construction of the Project, the entry of an <br />order for relief pursuant to any Chapter of Title 11 of the U.S. Code, as the same <br />may be amended from time to time, with the Developer as debtor; <br />7. Prior to the completion of the initial construction of the Project, the filing by the <br />Developer of an insolvency proceeding with respect to the Developer or any similar <br />proceeding with respect to the Developer for compromise, adjustment, or other <br />relief under the laws of any country or state relating to the relief of debtors; or <br />8. Prior to the completion of the initial construction of the Project, the occurrence of <br />a material default by the Developer under any of its construction loan documents <br />or equity investment documents that results in either (a) the construction lender <br />exercising its remedies to either (i) accelerate the loan, (ii) foreclose on the <br />Development Site, or (iii) otherwise dispossess Developer from the Project, as <br />applicable <br />9. The Developer fails to adhere to the requirements of the CRA Ordinance, or is in <br />default with respect to the CRA or CRA Agreement (beyond applicable notice and <br />cure periods). <br />10. Demolition of the East Rockport School or Grant School, or the Developer fails to <br />maintain the Development Site in accordance with City ordinances and in <br />compliance with the Certificate of Appropriateness from the City regarding the <br />rehabilitation of historic structures that are part of the Project. <br />B . Remedies for Developer Default. At any time as of which a Developer Default <br />exists, the City, at its option, may, but shall not be obligated to, exercise any one or more <br />of the following remedies: <br />12 <br />