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[DRAFT} <br /> <br />days after written billing by the City reimburse the City for any costs and <br />expenses incurred by the City. In the alternative, the City may, in whole or in <br />part, specially assess any of the costs and expenses incurred by the City against <br />any or all of the Subject 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 therefrom, including but not limited to notice and hearing <br />requirements and any claim that the special assessments exceed benefit; <br /> <br />(f) <br /> <br />If the Developer's default is the failure to perform One or more of its monetary <br />obligations under Section 7.6, 7.7, 7.12, 7.13, 12.3, 13.1, 13.2, 15.1(c) or 15.1(e), <br />the City may commence an action against the Developer for monetary damages. <br /> <br />Notwithstanding anything 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 within 30 <br />days of the date an existing Letter of Credit will expire or if applicable law prevents the City <br />from giving the notice of default described in this Section 15.1, the City may exercise the <br />remedies described in Sections 15(b), 15(c), 15(d) or 15(e) without prior notice to the Developer <br />and without the Developer an opportunity to cure the Developer's default. If. the City draws on a <br />Letter of Credit as a result of the Developer's failure to provide an extension or renewal of a <br />Letter of Credit or a replacement Letter of Credit~ the City must hold the proceeds of the Letter <br />of Credit in a separate account the City maintains with a state or national bank or other financial <br />institution acceptable to the City, may use the proceeds of the Letter of Credit in the same <br />manner and to the same extent the City may use proceeds of a draw on a Letter of Credit <br />pursuant to Section 15(b) and will remit unused proceeds of the Letter of Credit to the Developer <br />upon the Developer's delivery to the City of a new Letter of Credit in the form and in the amount <br />this Master Agreement requires. <br /> <br /> 15.2 DEVELOPER'S REMEDIES. If the City defaults in the performance of any of its <br />obligations under this Master Agreement, the Developer shall give the City Formal Notice of <br />such default and the City shall have 30 days to cure the default. If the City, after the Formal <br />Notice to it by the Developer, does not cure the default within such 30 day period, or such longer <br />period as may be necessary if the default may not reasonably be cured within such 30 day period,. <br />provided the City pursues the cure with reasonable diligence, then the Developer ma~v avail itself <br />of the following non-exclusive remedies: <br /> <br />(a) the Developer may specifically enforce this Master Agreement; <br /> <br />(b) <br /> <br />the Developer may suspend its performance under this Master Agreement until it <br />receives assurances from the City, deemed adequate by the Developer, that the <br />City will cure its default and continue performance under this Master Agreement; <br />and <br /> <br />(c) the Developer may terminate or cancel and rescind this Master Agreement. <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 period <br /> <br /> <br />