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observe or perform any other covenant, condition, obligation or agreement on its part to be observed or performed hereunder, but only if such failure has not been cured within 1p thirty days after receipt by the defaulting party of written notice of such failure or, if the failure is by its nature incurable within thirty days, the defaulting party does not provide assurances reasonably satisfactory to the non-defaulting party within such thirty-day period that the failure will be cured and will be cured as soon as reasonably possible. Subject to the foregoing notice and cure periods,nothing in this Section shall limit the Authority's right to exercise any remedy-to which it is entitled under any other provision of this Agreement. 17.2. Remedies on Default Whenever any Event of Default referred to in Paragraph 17.1 of this Agreement occurs, the non-defaulting party may: • (a) Suspend its performance under this Agreement until it receives assurances that the :defaulting party will cure its default and continue its performance under this Agreement (b) Cancel and rescind or terminate this Agreement. In the event that Authority should fail to consummate the transaction contemplated by this Agreement for 'any reason except for Developer's default or the failure of Developer to satisfy any conditions to Authority's obligation hereunder, and Developer elects to cancel and terminate this Agreement in the manner provided by applicable law and be relieved of its obligations hereunder, Developer shall be immediately entitled •to the return of the Earnest Money heretofore paid in exchange for a quit claim deed for the Property. In the event that Developer shall fail to consummate the transaction contemplated herein for any reason, except the default by Authority or the failure of Authority to satisfy any of the conditions to the Developer's obligations set forth herein,and the Authority elects to cancel and terminate this Agreement in the manner provided by applicable law and be relieved of its obligations hereunder, the Authority shall be entitled to retain the Earnest Money as liquidated damage (c) In the case of an Event of Default by the Developer, the Authority may demand reimbursement by the Developer to the Authority in the amount of any costs paid by the Authority pursuant to this Agreement. (d) Take whatever action, inchlding legal, equitable, or administrative action,which may appear necessary or desirable to collect any payments due under this Agreement, or to enforce performance and observance of any obligation, • agreement, or covenant under this Agreement (e) Enforce the specific performance of this Agreement, which action roust be commenced within one (1) year of the date of failure of a party to consummate the transactions contemplated herein. •205-s 10