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ARTICLE V EVENTS OF DEFAULT Section 5.01. Events of Default Described. The happening of any one or more of the following events shall constitute a default and upon the occurrence of:any such an event, MBIA may exercise the remedies specified herein: (a) Failure by the Developer to make any payment required by Article IV paragraph (a) hereof; (b) Failure by the Developer to make any payment required by Article IV paragraph (b) hereof; (c) Filing by the Developer of a petition in bankruptcy, or for appointment of a creditor's receiver or insolvency, or for reorganization of composition, or if the Developer makes an assignment for the benefit of creditors or to a trustee for creditors, or there occurs an adjudication in bankruptcy or the taking of possession of the Development or any part thereof by a receiver for creditors or the seizure and sale of the Development or any part thereof under judicial process or pursuant to any power of sale; (d) Any representation of or warranty by the Developer made in this Agreement or in any Related Document (as defined in Article VII hereof) is untrue or incomplete in any material respect; (e) Except as described in clause (a) or 'clause (b) above, the failure of the Developer to observe or perform any of the covenants, conditions or provisions of this Agreement or in any Related Document (as defined in Article VII hereof), and to cure or correct such failure within thirty (30) days after MBIA gives written notice thereof; (E) The occurrence and continuation of an event of default (however defined) under any of the Related Documents to which the Developer is a party (as defined in Article VII hereof); (g) Any material amendment to the Deed of Trust or the Loan Agreement shall have been made without the prior written consent of MDIA; .,. w. (h) Any material provision of the Developer Documents shall at any time for any reason cease to be valid and binding on the Developer, or shall be declared 6