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E. DAMAGES AND DEFAULT: <br />1. Developer agrees to pay liquidated damages to the City if any lot has a real <br />estate closing occur before all public improvements within the Plat are certified as being <br />substantially completed by the City. Specifically, Developer agrees to immediately pay to the City <br />liquidated damages in the amount of Ten Thousand Dollars ($10,000.00) for each lot closing which <br />occurs in violation of this paragraph. The City shall be authorized to retain an appropriate <br />percentage of the financial guarantee referred to in paragraph 4 as security for payment of any <br />liquidated damages owed to the City. Model Homes are exempt from this section. <br />2. Developer agrees to pay liquidated damages to the City, in the amount of <br />Five Thousand Dollars ($5,000.00), if the Developer encroaches upon any City road right-of-way or <br />utility easement not permitted on the plans without first obtaining a written permit from the City <br />expressly authorizing said encroachment. The City shall be authorized to retain an appropriate <br />percentage of the financial guarantee referred to in paragraph 4 as security for payment of any <br />liquidated damages 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 <br />this Agreement, any one or more of the following events: <br />1. Subject to unavoidable delays, failure by Developer to commence <br />and complete construction of the Improvements pursuant to the <br />terms, conditions and limitations of this Agreement. <br />2. Failure by Developer to substantially observe or perform any <br />material covenant, condition, obligation or agreement on their part to <br />be 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 />Adelaide Landing 5th Addition <br />1. The City may suspend its performance under the Agreement until it <br />receives assurances from Developer, deemed adequate by the City, <br />that Developer will cure their default and continue their <br />performance under the Agreement. Suspension of performance <br />includes the right of the City to withhold permits including, but not <br />limited to, building permits. <br />11 <br />