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11.0 COLLEGE DEFAULT: 11.1 For purposes of this Agreement, the failure of the COLLEGE to perform any covenant, obligation or agreement of the COLLEGE hereunder, and the continuance of such failure for a period of thirty (30) days after written notice thereof from the City shall constitute a COLLEGE default hereunder. Within the sixty (60) day period after notice is given, a request may be made for a hearing (by either party) to be held before the City Council to determine if a default has occurred. Upon the occurrence of COLLEGE default and failure to cure, the City may withhold any certificate of occupancy for improvements proposed to be constructed. 11.2 Notwithstanding anything herein to the contrary, the CQ�,LEGE may convey a parcel ar parcels of land within the PUD to a third party, and the''conveyed parcels shall remain subject to all of the terms of the PUD specifically relating to said parcels. In that case, the parties agree as follows: a. A default by the COLLEGE, or its successors in interest, in the perfornlance of the obligations hereunder, will not constitute a default with regard to the conveyed parcel and will not entitle the CITY to exercise any of its rights and remedies hereunder with respect to such conveyed parcel, sa long as the owner of the conveyed parcel otherwise complies with applicable provisions of the PUD. b. A default with regard to a conveyed parcel will not constitute a default with regard to the parcels retained by the COLLEGE or other conveyed parcels, so long as such retained or other conveyed parcels otherwise comply with applicable provisions of this Agreement. 12.0 MISCELLANEOUS: 12.1 This Agreement shall be binding upon the parties, their heirs, successors, tenants, or assigns, as the case may be. 12.2 Breach of any material tern� of this Agreement by the COLLEGE shall be ground for denial of bui7ding permits, except as otherwise provided in Section 10.0. 12.3 If any portion, section, subsection, sentence, clause, paragraph or phrase of this Development Agreement is for any reason held invalid as a result of a challenge brought by the COLLEGE, their agents or assigns, the balance of this Agreement shall nevertheless remain in full force and effect. 12.4 This Agreement shall run with the land and shall be recorded in the Ramsey County Recorder's Office by the CITY. 10