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<br /> <br />Waters Edge 6th Addition 12 <br />be 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 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 /> <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 Developer, or immediately draw on the financial <br />Letter of Credit, as set forth in this Agreement. <br /> <br /> 4. Enforcement by City; Damages. The Developer acknowledges the right of <br />the City to enforce the terms of this Agreement against the Developer, by action for specific <br />performance or damages, or both, or by any other legally authorized means. The Developer also <br />acknowledges that its 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 Developer, 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 <br />with 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 this Agreement, at the Developer’s request the City will execute and deliver to the Developer <br />a 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, except for a portion of the property, and that it has <br />authority to execute this Agreement, with consent from the other fee owner, and agree to the <br />conditions hereof and to subject the land hereto. Developer also represents and warrants that the <br />use for which this development is sought will not violate any restrictive covenants applying to the <br />property.