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7.0 <br />8.0 <br />Event of Defauit. The occurrence of any of the following shall be cansidered an "Event <br />of Default" and the terms and conditions coniained in this Agreement. <br />Failure of Developer to comply wiih any of the ierms and conditions contained in <br />this Agreemeni; and <br />� <br />Failure of Develaper to comply with any applicable ardinance or statute with <br />rsspect to the development of Fox Ridge. <br />: <br />Remedies. Upon the occutxence of an Event of Default, ihe City, in addition to any ofher <br />remedy which may be available to it, shall be permiited to do any of the follawing: <br />A. City may make advances or take other steps to cure the defauit, and, where <br />necessary, enter the Property far that purpose. Developer shall pay all sums so <br />advanced, or expenses incurred by the City, upon demand, with interest fronn the <br />dates of such adva�ces or expenses at the rate of 10% per annum ar the m�imum <br />amount permitted by law if less than 10%. If no action is taken by the City <br />plzrsuant fo this section it shall be deemed to relieve D�veloper from curing any <br />such defaults to the extent that it is not cured by the City or from any atlner default <br />hereunder. The City shall not be obligated, by virtu� of the existence or exercise <br />of this right, to perform any such act or cure any such deiault. Developer shalI <br />save, inderr�nify, and hold harmless, including reasonabl� attorney's fees, the City <br />from liability ox other damages which may be incurred as a res�li of the exercise <br />of the City's rights pursuant to this section. <br />B. Obtain an order �rom <br />speciiically per�orm i <br />Agreeznent. <br />a Court of competent jurisdiction requiring Developer io <br />� obligations pursuant to the terms and provisions of this <br />C. Exercise any othex remedies which may be available ta it, including an action for <br />darnages. <br />D. Withhold the zssuance of any building permits; issue stop work orders; andlar <br />prohibit the occupancy of any builc�ing for which a building permit has alreac�y <br />been issued. <br />E. In addition �o the remedies and amounts payable as set forth herein, upon the <br />occurrence of an Event of Defau�f, Developer shall pay the City all fees and <br />expenses, including reasonable attorneys fees, engineering and consultant fees <br />incurred by the City as a result of an event of clefault, whether or not a lawsuit or <br />action is forznally undertaking. <br />9.0 Lirnitation of LiabiIitv. Nofwithstanding in this Agreement to the contrary, the liability <br />o� the Developer shall be Iimited to its ownership and the deveiapment of Fox Ridge. <br />Upon sale or conveyance of an.y portion of Fox Ridge, the trans�eree shall be liable for all <br />obligations of Fox Ridge which relate to the Praperty and the transferor shall be released <br />from further obligation, liability, right or responsibility in respect to such transfer, <br />provid�d that the City consents to the transfer, which conseni shall not be unreasonably <br />7 <br />