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<br /> <br />Victor Land Holdings, LLC 7 <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 /> <br /> 3. Events of Default. <br /> <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 /> <br /> 1. Subject to unavoidable delays, failure by Developers to commence <br />and complete construction of the Public Improvements pursuant to <br />the terms, conditions and limitations of this Agreement. <br /> <br /> 2. Failure by Developers 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 /> <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 <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 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