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<br /> <br />Meadows at Hugo 2nd Addition 11 <br />within a reasonable timeframe after written notice thereof from the City. The City shall be authorized <br />to retain an appropriate percentage of the financial guarantee referred to in paragraph 4 as security for <br />payment of any 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 this <br />Agreement, any one or more of the following events: <br /> <br /> 1. Subject to unavoidable delays, failure by Developer to commence and <br />complete construction of the Improvements pursuant to the terms, <br />conditions and limitations of this Agreement and the continuance of <br />such failure for a period of 15 days after written notice thereof from <br />the City, except in case of emergency where reasonable notice will be <br />given. <br /> <br /> 2. Failure by Developer to substantially observe or perform any material <br />covenant, condition, obligation or agreement on its part to be observed <br />or performed under this Agreement, and the continuance of such <br />failure for a period of 15 days after written notice thereof from the <br />City, except on the case of emergency where reasonable notice will be <br />given. <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 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 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