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<br /> <br /> <br />Apple Academy 10 <br />terms, conditions and limitations of this Agreement. <br /> <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 /> <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 /> <br />1. 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 /> <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 /> <br /> 4. Enforcement by City; Damages. The Developers acknowledge the right of <br />the City to enforce the terms of this Agreement against the Developers, by action for specific <br />performance or damages, or both, or by any other legally authorized means. The Developers also <br />acknowledge that their failure to perform any or all of their obligations under this Agreement may <br />result in substantial damages to the City; that in the event of default by the Developers, the City may <br />commence legal action to recover all damages, losses and expenses sustained by the City; and that <br />such expenses may include, but are not limited to, the reasonable fees of legal counsel employed with <br />respect to the enforcement of this Agreement. <br /> <br />F. THIS AGREEMENT: <br /> <br /> 1. Release of Agreement. This Agreement shall run with the land and may be <br />recorded against the title to the property. After the Developer has completed the work required of it <br />under the Agreement, at the Developer’s request the City will execute and deliver to the Developer a <br />release. <br /> <br /> 2. Warranty of Title. Developer warrants and represents to the City that it is <br />the fee owner of the land described herein and that it has authority to execute this Development