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[DRAFT] <br /> <br />maintains with a state or national bank or other financial institution acceptable to the City, <br />m~av use the proceeds of the Letter of Credit in the same manner and to the same extent the <br />Ci.D' may use proceeds of a draw on a Letter of Credit pursuant to Section 15(b) and will <br />remit unused proceeds of the Letter of Credit to the Developer.upon the Developer's <br />delivery to the Cit~, of a new Letter of Credit in the form and in the amount this Master <br /> <br />A=~oreement requires_~ <br /> <br /> 15.2 DEVELOPER'S REMEDIES. If the City defaults in the performance of any of its <br />obligations under this Master A~eement, the Developer shall give the City Formal Notice of <br />such default and the City shall have 3_00 days to cure the default. If the City, after the <br />Formal Notice to k by the Developer, does not cure the default within such 30 day <br />period, or such longer period as may be necessm? ifthe default may not reasonably be cured <br />within such 3~0 day period, provided the Ci~ pursues the cure. with reasonable <br />diligence, then the Developer may avail itself of the following non-exclusive remedies: <br /> <br />(a) the Developer ma), specifically enforce this Master Agreement; <br /> <br />(b) <br /> <br />the Developer naa), suspend its performance under this Master A~eement until it <br />receives assurances from the City, deemed adequate by the Developer, that the <br />CiD~ w/il cure its default and continue performance under this Master A~eement; <br />and <br /> <br />(c) the Developer may terminate or cancel and rescind this Master A~eement~. <br /> <br />.... or ~q~.~., wk~ch may .y~., nccc~sa~' or ~ ........ to ........ F ............. <br /> <br /> 15.3 MASTER AGREEMENT TERMINATION DEFAULTS. The following defaults <br />by the Developer that have not been remedied after notice and expiration of the cure penod <br />provided in Section 15.1 above shall permit the City to terminate the Master A~eement and <br />repeal the RTC Ordinance: <br /> <br />(a) <br /> <br />Failure by the Developer to convey to the City the City Hall Site, as required by <br />Section 5.1; or <br /> <br />Failm'e by the Developer to convey the .... ~' <br /> p .... arcaaPark Land to the CiW, as <br />required by Section __' or <br /> <br />(c) <br /> <br />Failure bh, the Developer to complete the Developer Public Improvements, but <br />only to the extent the Developer is obligated to construct or install such <br />improvements pursuant to the terms of this Master A~eement and provided the <br />City has not elected to complete such Developer Public Improvements pursuant to <br />Section 15. t (f) above. <br /> <br />1555730.red <br />VgtpV6; <br />8/29/03 <br /> <br />42 <br /> <br /> <br />