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22 <br />LA515\163\1077757.v2 <br />construction or development work in the Subdivision until it is brought into <br />compliance. Upon the City’s demand, the Developer shall cease work until there is <br />compliance. <br />30. EVENTS OF DEFAULT. The following shall be "Events of Default" under this <br />Agreement and the term "Event of Default" shall mean, whenever it is used in this Agreement, <br />any one or more of the following events: <br />A. Subject to unavoidable delays, failure by the Developer to commence and complete <br />construction of the public Subdivision Improvements pursuant to the terms, <br />conditions, and limitations of this Agreement. <br />B. Failure by the Developer to substantially observe or perform any material covenant, <br />condition, obligation, or agreement on its part to be observed or performed under <br />this Agreement. <br />31. 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 immediately <br />draw on the Security, as set forth in this Agreement. <br />32. ENFORCEMENT BY CITY; DAMAGES. The Developer acknowledges the right of