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Benefactor: Clifford E, Shirley, President <br />Golden Circle Recreation, Inc. <br />1-7985 SW Pacific Hwy. <br />Tualatin, Oregon 97062 <br />11: Default. <br />11.1 Events of Default. Any of the following shall be an event of default hereunder: <br />11.1.1 Failure of Benefactor to make any of the payments required herein by the due <br />date for such payment as shown in Exhibit A; <br />11.1.2 Benefactor shall apply for, or consent to, or if an order, judgment or decree <br />is entered by any court of competent jurisdiction approving the appointment <br />of, a receiver, trustee, custodian or liquidator of all or a substantial part of his <br />assets, or if Benefactor shall make a general assignment for the benefit of his <br />creditors, or file a voluntary petition in bankruptcy or a petition seeking relief <br />from his debts under any other law, or if any involuntary petition should be <br />filed in bankruptcy against Benefactor by his creditors. <br />11.2 Remedies of City on Default. If Benefactor should fail to make any of the payments <br />required herein by the due date for such payment as shown in Exhibit A, the City <br />shall have the right; at its sole option and without any further demand or notice, to <br />take one or any combination of the following remedial steps: <br />11.2.1 By written notice to Benefactor, the City may terminate this Agreement and <br />declare all of the principal components of the payments shown on Exhibit A, <br />plus all due but unpaid interest components, immediately due and payable; <br />and <br />11.2.2 Take whatever action at law or in equity it determines necessary or desirable <br />-- to enforce its rights under this Agreement. <br />In the event suit or action is required to enforce Benefactor's payment obligations <br />hereunder, Benefactor agrees to pay such reasonable attorney fees and other costs as <br />the court may allow to City. <br />12. No Waiver. Failure of City to exercise any remedy after any event of default will not <br />constitute or be deemed to be a waiver of the City's right to exercise any available remedy <br />with respect to such event of default or any prior ar subsequent event of default. <br />13. Binding Benefit. The rights and obligations of the parties hereunder shall inure to and be <br />binding on the parties' successors, heirs, representatives and executors. <br />Agreement for Acquisition and Development of Pre's Rock Park - Page 7 <br />