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option of the City, shall be placed of record so as to give notice thereto to <br />any subsequent purchasers and encumbrances of all or any part of the <br />Property and all recording fees, if any, shall be paid by the NLD. <br />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 NLD to comply with any of the terms and conditions <br />contained in this Agreement. <br />2, The failure of NLD to comply with any applicable ordinance or statute <br />with respect to the development of the Property. <br />K. 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. NLD shall pay <br />all sums so advanced or expenses incurred by the City, upon demand, <br />with interest from the dates of such advances or expenses at the rate <br />of 10% per annum. No action taken by the City pursuant to this <br />section shall be deemed to relieve NLD from curing any such default <br />to the extent that it is not cured by the City or from any other default <br />hereunder. The City shall not be obligated, by virtue of the existence <br />or exercise of this right, to perform any such act or cure any such <br />default. NLD shall save, indemnify, and hold harmless, including <br />reasonable attorney fees, the City from any liability or other damages <br />which may be incurred as a result of the exercise of the City's rights <br />pursuant to this section. <br />2. Obtain an Order from a Court of competent jurisdiction requiring NLD <br />to specifically perform its obligations pursuant to the terms and <br />provisions of this Agreement. <br />Exercise any other remedies which may be available to it including an <br />action for damages. <br />4. Withhold the issuance of any or all building permits and/or prohibit <br />the occupancy of all building(s) for which permits have been issued. <br />5. In addition to the remedies and amounts payable as set forth herein, <br />upon the occurrence of an Event of Default, NLD shall pay to the City <br />all fees and expenses, including reasonable attorney, engineering and <br />consulting fees, incurred by the City as a result of the Event of Default, <br />whether or not a lawsuit or other action is formally taken. <br />L� <br />