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16 <br /> <br />The policies of insurance required pursuant to clauses (a) and (b) above shall be in form and <br />content satisfactory to the City and shall be placed with financially sound and reputable insurers <br />licensed to transact business in the State. The policies of insurance shall name the City as an <br />additional insured on the policy, and the Developer or all its subcontractors shall file with the City <br />a certificate evidencing coverage prior to any construction by the Developer or its subcontractors. <br />The certificate shall contain an agreement of the insurer to give not less than thirty (30) days <br />advance written notice to the City and the Developer in the event of cancellation of such policy or <br />change affecting the coverage thereunder. The certificate may not contain any disclaimer for <br />failure to give the required notice. <br /> <br />ARTICLE XIV <br /> <br />Events of Default <br /> <br /> Section 14.1. Events of Default Defined. The term "Event of Default" shall mean, <br />whenever it is used in this Agreement (unless the context otherwise provides), any failure by the <br />Developer to substantially observe or perform any material covenant, condition, obligation or <br />agreement on its part to be observed or performed under this Agreement. <br /> <br /> Section 14.2. Remedies on Default. Whenever any Event of Default referred to in this <br />Agreement occurs, the City may take any one or more of the following actions after provision of <br />thirty (30) days written notice to the Developer by the City of the Event of Default, but only if the <br />Event of Default has not been cured within said thirty (30) days or, if the Event of Default cannot <br />be cured within thirty (30) days, the Developer does not provide assurances to the City reasonably <br />satisfactory to the City that the Event of Default will be cured as soon as reasonably possible: <br /> <br /> (a) Withhold the Certificate of Completion. <br /> <br /> (b) Refuse to issue building permits to any property within the plat until such <br />time as such default has been inspected and corrected to the satisfaction of the City. <br /> <br /> (c) Perform the work of the Developer and the Developer shall promptly <br />reimburse the City for any expense incurred by the City within thirty (30) days. Failure <br />to do so shall result in the City withholding any cash deposit, certified check, letter of <br />credit, or any other form of Performance Guarantee of the Developer. <br /> <br /> (d) If the plat is a phase of a multi-phase preliminary plat, the City may refuse <br />to approve final plats of subsequent phases if the Developer has breached this Agreement <br />and the breach has not been remedied. <br /> <br /> (e) Take whatever action, including legal or administrative action, which may <br />appear necessary or desirable to the City to enforce performance and observance of any <br />obligation, agreement, or covenant of the Developer under this Agreement and shall be <br />entitled to collect any and all expenses incurred by the City in connection therewith, including, <br />but not limited to, engineering, legal, planning and litigation costs and expense.