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24 <br />The provisions of this Article will survive the Contract's termination. <br />ARTICLE X <br />DEFAULT AND REMEDIES <br />10.1. Events of Default. An "Event of Default" is any of the following: <br />(a) The County's failure to make any Installment Payment by the due <br />date. <br />(b) The occurrence of an Event of Nonappropriation. <br />(c) The County breaches or fails to perform or observe any term, <br />condition or covenant of this Contract, the Deed of Trust or the Project Fund <br />Agreement on its part to be observed or performed, other than as referred to in <br />subsections (a) or (b) above, including payment of any Additional Payment, for a <br />period of 30 days after written notice specifying such failure and requesting that it <br />be remedied has been given to the County, unless SunTrust agrees in writing to an <br />extension of such time prior to its expiration; provided, however, that if the failure <br />stated in the notice cannot reasonably be corrected within the applicable period and <br />the County institutes corrective action within the applicable period, no Event of <br />Default will be deemed to have occurred so long as the County diligently pursues <br />the same. <br />(d) Proceedings under any bankruptcy, insolvency, reorganization or <br />similar law are instituted by or against the County as a debtor, or a receiver, <br />custodian or similar officer is appointed for the County or any of its property. <br />(e) Any warranty, representation or statement made by the County in this <br />Contract, in the Deed of Trust or in the Project Fund Agreement is found to be <br />incorrect or misleading in any material respect as of the Closing Date. <br />(f) Any lien, charge or encumbrance (other than Permitted <br />Encumbrances) prior to or affecting the validity of the Deed of Trust is found to <br />exist, or proceedings are instituted to enforce any lien, charge or encumbrance <br />against the Mortgaged Property and such lien, charge or encumbrance would be <br />prior to the lien of the Deed of Trust. <br />97562vi 24 <br />