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I' <br />ARTICLE XII <br />EVENTS OF DEFAULT AND REMEDIES <br />12.1. PvAnfs nAfanlt* Dgfingd. The followin9 <br />shall be "events of default" under this Lease and the terms <br />"events of default" and "default" shall mean, whenever they are <br />used in this Lease, with respect to the Project, any one or more <br />of the following events: <br />(i) Failure by City to pay any Lease-Purchase <br />Payment or other payment required to be paid hereunder <br />at the time specified herein and the continuation of <br />said failure for a period of five business days after <br />telephonic or telegraphic notice given by Authority that <br />the payment referred to in such notice has not been <br />received, such telephonic or telegraphic notice to be <br />subsequently confirmed in writing, or after written <br />notice. <br />(ii) Failure by City to observe and perform any <br />covenant, condition or agreement on its part to be <br />observed or performed, other than as referred to in <br />clause (i) of this Section, for a period of thirty (30) <br />days after written notice specifying such failure and <br />requesting that it be remedied has been given to City by <br />Authority, unless Authority shall agree in writing to an <br />extension of such time prior to its expiration; <br />provided, however, if the failure stated in the notice <br />cannot be corrected within the applicable period. <br />Authority will not unreasonably withhold its consent to <br />an extension of such time if corrective action is <br />instituted by City within the applicable period and <br />diligently pursued until the default is corrected. <br />(iii) The filing by City of a voluntary petition <br />in bankruptcy, or failure by City promptly to lift any <br />execution, garnishment or attachment of such consequence <br />as would impair the ability of City to carry on its <br />operations at the Project, or adjudication of City as a <br />bankrupt, or assignment by City for the benefit of <br />creditors, or the entry by City into an agreement of <br />composition with creditors, or the approval by a court <br />of competent jurisdiction of a petition applicable to <br />City in any proceedings instituted under the provisions <br />of the Federal Bankruptcy Statute, as amended, or under <br />any similar acts which may hereafter be enacted. <br />The provisions of this Section 12.1 and Section 12.2 are subject <br />to the following limitation: if by reason of force majfiure City <br />is unable in whole or in part to carry out its obligations under <br />this Lease with respect to the Project, other than the obligation <br />12-1