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(A) Failure on the part of the Company to pay the ~
installments upon the purchase price ~tequired to be paid under
Section 3.03 hereof within ten (10) days after the date that ;
the payment is due.
(B) Failure on the part of the Company to observe
and perform any covenant, condition or agreement other than ,
as described in Section 7.41(A) above which it has herein `
or in the Resolution agreed to observe or perform, for a period
of thirty (30) days (except that such period shall be ten
(10) days for furnishing proof of renewi~g insurance policies)
after written notice specifying such failure and requesting _
that it be remedied shall have been given by registered mail
to the Company by the Issuer or the Trustee, unless the Issuer ~
and the Trustee shall agree in writing to an extension of
such time prior to its expiration. However, such a detault
shall be deemed to be cured, if promptly and in good faith
_upon receipt of such notice the Company proceeds diligently
to correct such default and corrects it within the applicable
period or as soon thereafter as reasonably practicable, provided
that the rights of the bondholders have not been unduly prejudiced
thereby. If such failure by the Company to observe and perform
any such covenant, condition or agreement shall result from
a change in the Constitut.ion of the United States or of the
State of Florida, or ac3ministrative or legislative action
(whether state or federal), or a final judgment, decree or
order of any court or administrative body entered after the
Company's contest thereof in good faith, or an Act of God,
an act of a public enemy, an order or action of military authorities ~
(whether state or federal, a strike or lockout or other industrial
disturbance, insurrection, riot, epidemic, drought, arrests,
civil or military restraints, accidental damage to the Mortgaged
Property or Project or injury to employees of the Company,
a failure of utilities or any other cause or event not reasonably
within the control of the Company, then the Company shall
not be deemed to be in default during the continuance of such
inability. (The settlement of strikes, lockouts and other
industrial disturbances shall not be deemed to be entirely
within the discretion of the Company, and the Company shall
not be deemed to be in default within the meaning of this
paragraph if-it shall refuse to make settlement of strikes,
lockouts and other industrial disturbances by acceding to
the demands of the opposing party or parties when such course_
is, in the sole judgment of the Company, unfavorable to the
Company.)
(C) The Company or Di Giorgio shall file a petition in - '
,
bankruptcy or for reorganization or for an arrangement pursuant
to any present or future federal bankruptcy act.or under any
~ similar federal or state law, or shall be adjudicated a .
bankrupt or insolvent or shall make an assignment for the
benefit of its creditors or shall admit in writing its inability
to pay its debts generally-as they become due, or if a petition
or answer proposing the adjudication of the Company or Di Giorgio .
as a bankrupt or~its reorganization under any present or ~ ;
future federal bankruptcy act or any similar or state law shall
be filed in any court and such petition or answer shall not be
discharged or denied within ninety (90) days after the filing
thereof, or a receiver, trustee or liquidator of the Company or
Di Giorgio or of all or any substantial portion of the Mortgaged
Property or the Project shall be appointed in any proceeding
brought against the Company and shall not be discharged within~
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