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• (c) All covenants, stipulations, promises, agreements and obligations of the City contained herein shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the City and not of any governing body member, officer, agent, servant or employee of the City in the individual capacity thereof. ARTICLE IX Events of Default Section 9.1. Events of Default Defined. The term "Event of Default" shall mean, whenever it is used in this Agreement (unless the context otherwise provides), any failure by Developer or the City to substantially observe or perform any material covenant, condition, obligation or agreement on its part to be observed or performed hereunder. Section 9.2. City's Remedies on Default. Whenever any Event of Default by Developer occurs, the City may take any one or more of the following actions after providing thirty (30) days written notice to the Multifamily Developer of the Event of Default, but only if the Event of Default has not been cured within said thirty (30) days, provided, however, that if such Event of Default is by its nature incapable of cure within thirty (30) days if the Multifamily Developer provides to the City evidence, reasonably acceptable to the City, that the Event of Default will be cured and will be cured as soon as reasonably possible, then the Multifamily Developer shall have such additional time as is reasonably necessary to cure such Event of Default but only so long as the Multifamily Developer is diligently pursuing such cure: (a) Suspend its performance of the City's obligations under this Agreement and the Note until the Event of Default is cured. If the City suspends its performance of its obligation to make payments due under the Note, the City shall make the suspended payments to the Multifamily Developer within five (5) business days following the Multifamily Developer's cure of the Event of Default. The City is not obligated to invest any amounts the City retains as a result of the City's suspension of its performance of its obligation to make payments under the Note, and is not obligated to pay Developer interest on the amount of the suspended payments between the date the payment is suspended and the date the City makes the suspended payment to the Multifamily Developer. (b) Take whatever action, including legal, equitable or administrative action, which may appear necessary or desirable to the City to collect any payments due under this Agreement, or to enforce performance and observance of any obligation, agreement, or covenant of the Multifamily Developer under this Agreement. Ic- If Developer defaults on its obligation to pay Acquisition Costs under Article III, the City may abandon the condemnation proceeding. Any costs incurred by the City, inc-uding any amounts the City is obligated to pay to owners named in the condemnation petition or other individuals or entities for attorneys fees, appraisal fees, relocation payments and other costs shall be considered Acquisition Costs. • -~,,,f ~ ;, ~-~„ ~, ~~ ~ 18 ;` ~~?~ '~=' ~~December 29, 2003 R'~