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B. Failure by the Developer to substantially observe or perform any material <br />covenant, condition, obligation or agreement on its part to be observed or <br />performed under this Agreement. <br />34. REMEDIES ON DEFAULT. Whenever any Event of Default occurs, the City, subject <br />to any rights of third parties agreed to by the City pursuant to this Agreement, or otherwise by <br />written, executed instrument of the City, may take any one or more of the following: <br />A. The City may suspend its performance under the Agreement until it receives <br />assurances from the Developer, deemed adequate by the City, that Developer will <br />cure its default and continue its performance under the Agreement. Suspension of <br />performance includes the right of the City to withhold permits including, but not <br />limited to, building permits. <br />B. The City may initiate such action, including legal or administrative action, as is <br />necessary for the City to secure performance of any provision of this Agreement or <br />recover any amounts due under this Agreement from the Developer, or <br />immediately draw on the Security, as set forth in this Agreement. <br />35. ENFORCEMENT BY CITY; DAMAGES. The Developer acknowledges the right of <br />the City to enforce the terms of this Agreement against the Developer, by action for specific <br />performance or damages, or both, or by any other legally authorized means. In the event of a <br />default by the Developer as to construction or repair of any of the Subdivision Improvements or <br />any other work or undertaking required by this Agreement, the City may, at its option, perform <br />the work and the Developer shall promptly reimburse the City for any expense incurred by the <br />City. This Agreement is a license for the City to act, and it shall not be necessary for the City to <br />seek an order from any court for permission to enter the Subdivision for such purposes. If the <br />City does such work, the City may, in addition to its other remedies, levy special assessments <br />against the land within the Subdivision to recover the costs thereof. For this purpose, the <br />24