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constructed within one year of the execution date of <br />this Agreement, Arden Plaza shall receive 100 percent <br />credit for its sidewalk improvement costs; and <br />ii. If such improvements are constructed after one year of <br />the execution date of this Agreement, a depreciation <br />rate of 5 percent per year shall be used, and the City <br />shall credit the assessment in the amount of the <br />depreciated cost. <br />2. Arden Plaza shall convey temporary construction easements over <br />Lot 2 and Lot 3 to the City for implementing the County Road E <br />streetscape improvements. The City shall reasonably restore the <br />area of the temporary construction easement to its condition prior <br />to construction of the streetscape improvements. <br />3. Arden Plaza shall convey a permanent public use easement as <br />described in attached Easement Sketch, dated December 29, 2009. <br />F. Binding Effect. The terms and provisions of this Agreement shall be binding <br />upon and inure to the benefit of the heirs, representatives, successors and <br />assigns of the parties hereto and shall be binding upon all future owners of <br />all or any part of the Property. This Agreement, at the option of the City, <br />shall be placed of record so as to give notice thereto to any subsequent <br />purchasers and encumbrances of all or any part of the Property and all <br />recording fees, if any, shall be paid by the Arden Plaza. <br />G. Default. The occurrence of any of the following shall be considered an <br />"Event of Default" in the terms and conditions contained in this Agreement: <br />1. Failure of Arden Plaza to comply with any of the terms and conditions <br />contained in this Agreement. <br />2. The failure of Arden Plaza to comply with any applicable ordinance or <br />statute with respect to the development of the Property. <br />H. Remedies. Upon the occurrence of any Event of Default, the City, in addition <br />to any other remedy which may be available to it, shall be permitted to do <br />any of the following: <br />1. City may make advances or take other steps to cure the default, and, <br />where necessary, enter the Property for that purpose. Arden Plaza <br />shall pay all sums so advanced or expenses incurred by the City, upon <br />demand, with interest from the dates of such advances or expenses at <br />the rate of 10 percent per annum. No action taken by the City <br />pursuant to this section shall be deemed to relieve Arden Plaza from <br />5 <br />