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<br />{00149157 12} 27. <br />agreement, to the extent necessary to cure the default and, if the security is a <br />Letter of Credit, the City may draw on the Letter of Credit for any amount up to <br />the full amount of the Letter of Credit. The Defaulting party shall be provided <br />written notice and given 10 days to cure identified issues prior to a City draw on <br />Letter of Credit or exercise of any other remedy. If the City elects to perform <br />obligations of the Defaulting party, the City may withdraw from said account and <br />retain an amount equal to the total amount of the costs and expenses which the <br />City incurs in connection with the performance of such obligations. If the City <br />elects to perform obligations of the Defaulting party under this Master Agreement <br />or any subdivision agreement, Defaulting party is entitled to recover from the City <br />any balance of the proceeds of the Letter of Credit remaining after the City has <br />reimbursed itself for all costs and expenses which the City incurs in connection <br />with the full performance of the Developer’s obligations and Defaulting party is <br />liable to the City for the amount by which the costs and expenses which the City <br />incurs in connection with the performance of the Defaulting party’s obligations <br />under this Master Agreement or any phase-specific subdivision agreement exceed <br />the proceeds of the Letter of Credit; <br /> <br />d. the City may deny building permits for buildings and may withhold approval of <br />any new phase proposed by the Developer, until the default is cured; <br /> <br />e. the City may at its sole option and in the case of a Developer breach perform the <br />work or improvements to be performed by the Developer, in which case the <br />Developer shall within 30 days after written billing by the City reimburse the City <br />for any costs and expenses incurred by the City. Alternatively, the City may <br />specially assess the cost and expenses against any and all of Developer’s Property <br />and Developer waives all procedural and substantive objections to the assessment. <br /> <br />f. If the Defaulting party’s default is the failure to perform one or more of its <br />monetary obligations under this Master Agreement, the City may commence an <br />action against the Defaulting party for monetary damages. <br /> <br />Notwithstanding anything else in this Section 13.11 to the contrary, if the Defaulting <br />party’s default is the failure to obtain an extension or renewal of a Letter of Credit or a <br />replacement Letter of Credit within 30 days of the date an existing Letter of Credit will expire or <br />if applicable law prevents the City from giving the notice of default described in this Section <br />13.11, the City may exercise the remedies described above without prior notice to the Defaulting <br />party and without the Defaulting party having an opportunity to cure the Defaulting party’s <br />default. If the City draws on a Letter of Credit as a result of the Defaulting party’s failure to <br />provide an extension or renewal of a Letter of Credit or a replacement Letter of Credit the City <br />may use the proceeds of the Letter of Credit in the same manner and to the same extent the City <br />may use proceeds of a draw on a Letter of Credit and will remit unused proceeds of the Letter of <br />Credit to the Defaulting party upon the Defaulting party’s delivery to the City of a new Letter of <br />Credit in the form and in the amount this Master Agreement or any phase-specific subdivision <br />agreement requires. Further notwithstanding anything else in this Section 13.11 to the contrary, <br />in the event that (i) the Developer Option lapses, expires or is terminated as to any portion of the