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<br />Developer sells one or more lots, the entire Plat, or any part of it Assessments attributed to any <br />lot or parcel shall be due in full on sale and shall be paid on or before the closing of such sale. <br />E. The Developer shall pay in full all bills submitted to it by the City for <br />obligations incurred under this Agreement within thirty (30) days after receipt If the bills are not <br />paid on time, the City may draw down the $10,000.00 escrow account, identified. in Section 17 of <br />this Agreement, and may halt Plat development and construction until the bills are paid in full and <br />the escrow replenished to its original amount Additionally, at its discretion, the City may draw <br />down the Security or Additional Security to pay overdue bills as set forth in Section 18 of this <br />Agreement. Bills not paid within thirty (30) days shall accrue interest at the rate of eighteen <br />percent (18%) per year. <br />23. DEVELOPER'S DEFAULT. In the event of default by the Developer as to any <br />of the work to be performed by it hereunder, the City may, at its option, perform the work and <br />the Developer shall promptly reimburse the City for any expense incurred by the City, provided <br />the Developer, except in an emergency as determined by the City, is first given notice of the <br />work in default as set forth in Section 19. This Agreement is a license for the City to act, and it <br />shall not be necessary for the City to seek a Court order for permission to enter the Plat. When <br />the City does any such work, the City may, in addition to its other remedies, assess the cost in <br />whole or in part as a lien against the Land and/or draw down the Security, at its sole discretion. <br />24. MISCELLANEOUS. <br />A. Third parties shall have no recourse against the City under this Agreement, <br />and the Developer shall indemnify the City and its officers, employees, and agents for all costs, <br />damages, or expenses that the City may payor incur in consequence of such claims, including <br />attorneys' fees. <br />B. Breach of the terms of this Agreement by the Developer shall be grounds <br /> <br />HanzaI Development Agreement v8 <br /> <br />14 <br />