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[DRAFT] <br /> <br />extent such an action for dama~oes is permitted under Section 15(f) below, the <br />Cit~, must h01d the proceeds of the Letter of Credit, less amounts the City <br />deducts therefrom to reimburse the City for costs and expenses the Ci~ <br /> <br />incurs in performing Developer's obligations until a court enters a .iud_gment <br />a_~oainst Developer at which time the City must apply the proceeds of the <br />Letter of Credit. less amounts the City has deducted therefrom to reimburse <br /> <br />the Citw for costs and expenses the Cit3, incurred in performing the <br />Developer's obli._o, ations, towards the satisfaction of the jtidgment. If the <br />proceeds of the Letter of Credit exceed the amount necessam, for the <br /> <br />satisfaction of any judgment the City obtains against DeVeloper and the <br />reimbursement of costs and expenses the eiB, incurs in performing <br /> <br />Developer's obligations, the CiD' must remit the remaining balance of the <br />Letter of Credit proceeds to the Developer: <br /> <br />the City ma5, den), building permits for buildings within any Phase that is not <br />affected bysubject to a Secondary Development A~eement and ma), withhold <br />approval of Final Plans for any new Phase proposed by the Developer, Until the <br />default is cured; <br /> <br />(e) <br /> <br />(-f-kthe City ma5,, at its sole option, perform the work or improvements to be <br />perlq)nned by the Developer, in which case the Developer shall within thirD, (30) <br />days after written billing by the City reimburse the City for any costs and <br />expenses incun-ed by the City. In the alternative, the City may, in whole or in <br />part, specially assess any of the costs and expenses incmTed by the City against <br />any or all of the SuSject Property then owned by the Developer; and the <br />Developer hereby waives any and all procedural and substantive objections to the <br />installation and construction of the work and improvements and the special <br />assessments resulting therefi'om, including but not limited to notice and hearing <br />requirements and any claim that the special assessments exceed benefit:; <br /> <br />If the Developer's default is the failure to perform one or more of its <br />monetary obligations under Section 7.6, 7.7. 7.12, 7.13, 12.3.13.1, 13.2, <br />15.1(c) or 15.1(el, the CiD.~ may commence an action against the Developer <br />for monetary dama~es~. <br /> <br />Notwithstandin~ an.~in~o else in this Section 15, if the Developer's default is the failure to <br />obtain an extension or renewal of a Letter of Credit or a replacement Letter of Credit <br />within 30 days of the date an existing Letter of Credit will expire or if applicable taw <br />prevents the Cit3' f_rom ~iving the notice of default described in this Section 15.1, the Cit3.! <br />may exercise the remedies described in Sections 15(b), 15(c), 15(d) or 15(e) without prior <br />notice to the Developer and without the Developer an opportunity, to cure the Developer's <br />default. If the City draws on a Letter of Credit as a result of the Developer's failure to <br /> <br />provide an extension or renewal of a Letter of Credit or a replacement Letter of Credit. the <br /> <br />Citw must hold the proceeds of the Letter of Credit in a separate account the City <br /> <br />1555730.red <br />V8 tp V6: <br />8/29/03 <br /> <br />41 <br /> <br /> <br />