AgdaPkt 2016-12-12 Closed and Joint SA PFA

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6.2.A. - Page 12 (3) Developer is adjudged bankrupt or makes a general assignment for the benefit of creditors, or a receiver is appointed in the event of Developer's insolvency. (4) Developer or Developer's contractors, subcontractors, agents or employees, fail to comply with any terms or conditions of this Agreement. (5) Any delay in the construction of any portion of the Work or repairs, which in the reasonable opinion of the City Engineer, endangers public or private property. City shall serve written notice of breach and default under this Agreement upon Developer and the financial institution holding the securities. 24. Omiortrmity to Cure. If City gives Developer notice under Section 23 of breach and default of this Agreement, Developer shall have 30 days within which to correct, remedy or cure the default. If the written notification states that the problem is urgent and relates to the public health and safety, then Developer shall have 24 hours to correct, remedy or cure the default. if Developer does not cure the default within the applicable timeframe, City may pursue the remedies set forth in Section 25 below. 25. Remedies. 25.1 City may proceed to complete the Work by contract or other method City considers advisable, at the sole expense of Developer. Developer, immediately upon demand, shall pay the costs and charges related to the Work and any subsequent repairs. City, without liability for doing so, may take possession of and utilize in completing the Work and repairs, if any, such materials and other property belonging to Developer as may be on or about the Property and necessary for completion of the work. In the event of default, the financial institution holding the securities shall be liable to City to pay the face amount of the security, as specified under Section 13. 252 City may bring legal action to compel performance of this Agreement and recover the costs of completing the Work and/or repairs, if any, including City's administrative and legal costs or pursue any other action at law or equity. 253 If legal action is brought by City under this section of the Agreement, and City is the prevailing party in such a proceeding, Developer shall pay all of the costs of suit, reasonable attorney fees, arbitration costs and such other costs as may be determined by the court or arbitrator. 25A No failure on the part of City to exercise any right or remedy hereunder shall operate as a waiver of any other right or remedy that City may have hereunder. 25.5 The rights and remedies of City are cumulative, and the exercise by City of one or more of such rights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default or any other default. 26. Final Drawin;zs. Upon completion of the Work and prior to final acceptance, Developer shall deliver to City a set of "as -built" drawings consistent with the Conditions. These drawings shall be in a form reasonably acceptable to the City Engineer, shall be certified as being "as -built" and shall reflect the Work as actually constructed, with any and all changes incorporated therein. Said drawings shall be signed and sealed as accurate by the engineer of record. REV: 02-20-15 VR Page 10 of21 ArMAGR 2015.0341SunCap Redwood LLC (IA)