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to the City. <br />2. Developer agrees to pay liquidated damages to the City, in the amount of Five <br />Thousand Dollars ($5,000.00), if the Developer encroaches upon any City road right-of-way or utility <br />easement not permitted on the plans without first obtaining a written permit from the City expressly <br />authorizing said encroachment. The City shall be authorized to retain an appropriate percentage of <br />the financial guarantee referred to in paragraph 4 as security for payment of any liquidated damages <br />owed to the City. <br />3. Events of Default. <br />a) Events of Default Defined. The following shall be "Events of <br />Default" under this Agreement and the term "Event of Default" shall mean, whenever it is used in this <br />Agreement, any one or more of the following events: <br />1. Subject to unavoidable delays, failure by Developers to commence <br />and complete construction of the Public Improvements pursuant to the <br />terms, conditions and limitations of this Agreement. <br />2. Failure by Developers to substantially observe or perform any material <br />covenant, condition, obligation or agreement on their part to be <br />observed or performed under this Agreement. <br />b) Remedies on Default. Whenever any Event of Default occurs, the <br />City, subject to any rights of third parties agreed to by the City pursuant to this Agreement, or <br />otherwise by written, executed instrument of the City, may take any one or more of the following: <br />The City may suspend its performance under the Agreement until it <br />receives assurances from Developers, deemed adequate by the City, <br />that Developers will cure their default and continue their performance <br />under the Agreement. Suspension of performance includes the right <br />of the City to withhold permits including, but not limited to, building <br />permits. <br />2. The City may initiate such action, including legal or administrative <br />action, as is necessary for the City to secure performance of any <br />provision of this agreement or recover any amounts due under this <br />Agreement from Developers, or immediately draw on the Letter of <br />Credit, as set forth in this Agreement. <br />4. Enforcement by City; Damages. The Developers acknowledge the right of <br />The Preserve on Sunset Lake <br />11 <br />