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trails/sidewalks & utilities) that were installed by the. Developer identified in Part B of Article IV lying within the public right-of-way or easements, the fallowing insurance: (a) Builder's risk insurance, written on the so-called "Builder's Risk - Completed Value. Basis," in an amount equal to one hundred percent (100%) of the insurable value of the Improvements at the date of completion, and with coverage available in nonreporting form on the so called "all risk" form of policy; and The policies of insurance required pursuant to clauses (a) and (b) above shall be in farm and. content satisfactory to the City and shall be placed with financially sound and. reputable insurers licensed to transact business in the State. The policies of insurance shall name the City as an additional insured on the policy, and the Developer or all its subcontractors shall file with the City a certificate evidencing coverage prior to any construction by the Developer or its subcontractors. The certificate shall contain an agreement of the insurer to give not. less than thirty (30) days advance written notice to the City and the Developer in the event of cancellation of such. policy or change affecting the coverage thereunder. The certificate may not contain. any disclaimer far failure to give the required notice. ARTICLE XIV Events of Default Section 14.1. Events of Default Defined. The term. "Event of Default" shall mean, ^ whenever it.is used in this Agreement (unless the context.otherwise provides), any failure by the Developer to substantially observe or perform any material covenant, condition, obligation or agreement on its part to be observed or performed under this Agreement. Section 14.2. Remedies on Default. Whenever any Event ofDefault referred to: in this Agreement occurs, the City may take any one or more of the following actions after provision of thirty (30) days' written notice to the Developer by the City of the Event of Default, but only if the Event of Default has not been cured within said thirty (30) days or, if the Event of Default cannot be cured within thirty (34) days, the. Developer does not provide assurances to the City reasonably satisfactory to the City that the Event of Default will be cured as soon as reasonably possible: (a) Withhold the Certificate of Completion. (b) Refuse to issue building permits to any property within the plat until such time as such default has been inspected and corrected to the satisfaction of the City. (c) Perform. the. work of the Developer and the Developer shall promptly reimburse the City for any expense incurred by the. City within thirty (30) days. Failure to do so shall result in. the City withholding any cash deposit, certified check, letter of credit, or any other form of Performance Guarantee of the Developer. 1.9