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XXV. Notice/Remedies on Default. Whenever any Event of default occurs, the City <br /> shall give written notice of the Event of Default to Developer by United States mail at its <br /> last known address. If the Developer fails to cure the Event of Default within fifteen (15) <br /> days of the date of mailed notice, in addition to any other remedy provided in this <br /> Agreement, and without waiver of any such right, City may avail itself of any or all of the <br /> following remedies for so long as the Developer is in default: <br /> A. Halt all plat development work and construction of Developer <br /> Improvements until such time as the Event of Default is cured. <br /> B. Refuse to issue building permits or occupancy permits as to any lot until <br /> such time as the Event of Default is cured. <br /> C. Apply to a court of competent jurisdiction to enjoin continuation of the <br /> Event of Default. <br /> D. If the Event of Default is the failure of Developer to complete, construct, <br /> install, or correct the Developer Improvements in accordance with the <br /> plans and specifications and this Agreement, City may perform the <br /> construction or work and the Developer shall reimburse City for its <br /> expenses. This provision shall be a license granted by the Developer to <br /> the City to act, but shall not require the City to take any such action. <br /> Developer consents to such action by City and waives any claim <br /> Developer may have against City for damages in the event City exercises <br /> its rights in accordance with this provision. This remedy is in addition to <br /> and not in lieu of the City's right to draw on all security referenced in this <br /> Agreement. <br /> E. Terminate this Agreement by written notice to Developer at which time all <br /> terms and conditions as contained herein shall be of no further force and <br /> effect and all obligations of the parties as imposed hereunder shall be null <br /> and void. <br /> F. Draw upon and utilize Developer funds and/or security in order to cover <br /> the costs of the City in order to correct the Event of Default. <br /> XXVI. Miscellaneous. <br /> A. This Agreement shall be binding upon the parties, their heirs, successors, <br /> or assigns, as the case may be. <br /> B. If any portion, section, subsection, sentence, clause, paragraph, or phrase <br /> of this Agreement is for any reason held invalid, such decision shall not <br /> affect the validity of the remaining portions of this Agreement. <br /> 14 <br />