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itself for all costs and expenses which the City incurs in connection with the Nll <br />peforrnance of the Developer's obligations and Developer is personally liable'to <br />-the City for the amount by wb_/ch the costs and expenses which the City recurs in <br />co2nection with the performance of the Developer's obligations under this Master <br />Ageement exceed the proceeds of the Letter of Credit. If the City elects to <br />commence a civil action to recover its damages (to the extent such an action for <br />damages is perm/ired under Section 15(0, the CiV must hold the proceeds of the <br />Letter of Credit, less amounts the City deducts therefrom to reimburse the City for <br />costs and expenses the City incurs in performing Developer's obligations, tmti] a <br />court enters a jud~m:nent against Developer at which ti_me the .City must apply the <br />proceeds of the Letter of Credit, less amounts the City has deducted therefrom to <br />reimburse the CJV for costs and expenses the City incurred in pe,~orming the <br />Developer's obligations, towards the satisfaction of the judgment. Tf the proceeds <br />of the Letter of Credit exceed the amount necessary, for the satisfaction of any <br />judgment the City obtains against Developer and the reimbursement of costs and <br />expe~es the City incurs m pe~orming Developer's obligations, the City must <br />remit the remah"2ng balance of the Letter of Credit proceeds to .the Developer; <br /> <br />(d) <br /> <br />the City may deny building per'mits for buildings wi, thin any Phase that is not <br />subject to a Secondary Development A~eemen: and may withhold approval of <br />Final Plans for any new Phase proposed by the Developer, until the default is <br />cured; <br /> <br />thb City, may, at its sole option, pe~orm the work or improvements to be <br />performed by the Developer, in which case the Developer shall within th/Wy (30) <br />days after written billing by the CiVre/.mburse the Ci~ for any costs and <br />expenses incurred by the City. ~ tine 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 Prope~? 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 15_mited to.notice and hca. ring <br />requirements and any claLrn that the special assessments exceed benefit; <br /> <br />if the Developer's default is the failure to perform one or more of its monetary <br /> .. ~ . ?" "' , <br />obligations under Section ,a 12, 7.6, /.7, 7. i2. 7.13, 9.6, 9.7, J__..>, 1~.1 1.~.,~, <br />15.1 (c) or 15.1 (e), the City may commence an action against the Developer for <br />monetary damages. <br /> <br />Notwithstanding an.vtking else in th.is Section 15, if the Developer's default is the fai/th-e to <br />obtain an extension or renewal of a Lener of Credit or a replacement Letter of Credit within 30 <br />days of the date an e,'dsting Letter of Credit will expire or if applicable law prevents.the City <br />fi.om ~ving the notice of default desc~dbed in this Section ! 5.1, the City may exercise the <br />remedies described in Sections 15(b), !5(c), If(d) or I5(e) Without prior notice to the Developer <br />and w/thom the Developer having an opporturfity to cure the Developer's default, if the C1ty <br />draws on a Letter of Credit as a result oft~e Developer's fai]ure to provide an extension or <br />renewal of a Lener of Credit or a replacement Letter of Cred2t, the Ci{y must hold the proceeds <br /> <br /> <br />