(d) if a decree or order of a court or agency or supervisory authority having jurisdiction in the premises of the appointment of a conservator or receiver or liquidator of, any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding up or liquidation of the city's or developer's affairs shall have been entered against the city or the developer, the city or the developer shall have consented to the appointment of a conservator or receiver or liquidator in any such proceedings of or relating to the city or the developer or of or relating to all or substantially all of its property, including without limitation the filing of a voluntary petition in bankruptcy by the city or the developer or the failure by the city or the developer to have an involuntary petition in bankruptcy dismissed within a period of 90 consecutive days following its filing or in the event an order for release has been entered under the bankruptcy code with respect to the city or the developer.
section 5.2. remedies on default. whenever any event of default described in section 5.1 hereof shall have occurred and be continuing, the nondefaulting party may take any one or more of the following remedial steps following any applicable cure period:
(a) the nondefaulting party may take whatever action at law in at equity as may appear necessary or desirable to collect the amount then due and thereafter to become due, to specifically enforce the performance or observance of any obligations, agreements or covenants of the nondefaulting party under this agreement and any documents, instruments and agreements contemplated hereby or to enforce any rights or remedies available hereunder or under applicable law; and
(b) the developer shall also have the right to exercise any rights or remedies available to a secured party under the laws of the state of _________(address).
section 5.3. remedies cumulative. no remedy herein conferred upon or reserved to any party is intended to be exclusive of any other available remedy or remedies but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this agreement or now or hereafter existing at law, in equity or by statute. delay or omission to exercise any right or power accruing upon any events of default to insist upon the strict performance of any of the covenants and agreements herein set forth or to exercise any rights or remedies upon the occurrence of an event of default shall not impair any such right or power or be considered or taken as a waiver or relinquishment for the future of the right to insist upon and to enforce, from time to time and as often as may be deemed expedient, by injunction or other appropriate legal or equitable remedy, strict compliance by the parties hereto with all of the covenants and conditions hereof, or of the rights to exercise any such rights or remedies, if such events of default be continued or repeated.