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<br />LA515-110-838683.v10 <br />any one or more of the following events: <br />A. Subject to unavoidable delays, and following written notice and an opportunity to <br />cure, failure by the Developer to commence and complete construction of the <br />Subdivision Improvements pursuant to the terms, conditions, and limitations of this <br />Agreement. <br />B. Failure by the Developer, following written notice and an opportunity to cure, to <br />substantially observe or perform any material covenant, condition, obligation, or <br />agreement on its part to be observed or performed under this Agreement. <br />29. 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 the Developer <br />will cure its default and continue its performance under the Agreement. Suspension <br />of performance includes the right of the City to withhold permits, including, but not <br />limited to, building permits and certificates of occupancy. <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 immediately <br />draw on the Security, as set forth in this Agreement. <br />30. 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 and following