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183371v6 7 F. Binding Effect. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the heirs, representatives, successors and assigns of the parties hereto and shall be binding upon all future owners of all or any part of the Property. This Agreement, at the option of the City, shall be placed of record so as to give notice thereto to any subsequent purchasers and encumbrances of all or any part of the Property and all recording fees, if any, shall be paid by the Developer. G. Default. The occurrence of any of the following shall be considered an “Event of Default” in the terms and conditions contained in this Agreement: (1) Failure of Developer to comply with any of the terms and conditions contained in this Agreement if Developer fails to correct such failure within thirty (30) days after receiving written notice of such failure from the City, or if such failure cannot be reasonably cured within such thirty (30) day period, then the failure of the Developer to promptly commence the correction of such failure or to complete the correction of such failure within a reasonable period of time. (2) The failure of Developer to comply with any applicable ordinance or statute with respect to the development of the Property. H. Remedies. Upon the occurrence of any Event of Default, the City, in addition to any other remedy which may be available to it, shall be permitted to do any of the following: (1) City may make advances or take other steps to cure the default, and, where necessary, enter the Property for that purpose. Developer shall pay all reasonable sums so advanced or reasonable expenses incurred by the City, upon demand, with interest from the dates of such advances or expenses at the rate of 10 percent per annum. No action taken by the City pursuant to this section shall be deemed to relieve Developer from curing any such default to the