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12. DEFAULT. The failure to maintain the Improvements will constitute an <br />event of default. Upon such event of default, City will provide written notice to Developer. <br />Upon receipt of the written notice, Developer will have thirty (30) days to remedy such <br />event of default (or such longer period of time as may reasonably be required, as <br />determined by City, provided that Developer will commence to remedy such default within <br />thirty (30) days period and thereafter diligently prosecute such remedy to completion). If <br />the written notification states that the problem is urgent and relates to the public health <br />and safety, then the Developer shall have twenty-four (24) hours to rectify the problem. <br />If Developer fails to remedy the event of default within the prescribed time period, City will <br />have the right to do all work necessary to remedy the event of default and charge <br />Developer pursuant to the terms of Section 6, above. <br />13. ASSIGNMENT BY CITY. City may assign its rights and obligations under <br />this Agreement to a municipal services district or other public agency without Developer's <br />consent. <br />14. AGREEMENT ATTACHES TO LAND AND BINDS DEVELOPER'S <br />SUCCESSORS AND ASSIGNS. This Agreement pertains to and runs with the Property <br />in perpetuity, and will be recorded against the Property at Developer's expense. This <br />Agreement binds the assigns and successors -in -interest of Developer, including any <br />transferee of a fee interest in and to any portion of the Property. City and its successors <br />and assigns, in the event of any breach of this Agreement, will have the right to exercise <br />all of the rights and remedies, and to maintain any actions at law or suits in equity or other <br />proper proceedings against Developer (with respect to breaches occurring during <br />Developer's period of ownership) or its permitted successors and assigns to enforce the <br />curing of such breach. <br />15. ASSIGNMENT BY DEVELOPER. Developer may assign its obligations <br />under this Agreement only with the prior written approval of the City Manager. In <br />connection with any such assignment, Developer and its assignee will execute and deliver <br />to City a written assignment and assumption agreement in a form acceptable to City. City <br />agrees and acknowledges that the form attached hereto as Exhibit "C" is an acceptable <br />form of assignment and assumption agreement (provided, however, that City shall not <br />unreasonably withhold approval to other forms of assignment and assumption <br />agreements). Developer may sell and/or grant the fee interest of lots/units or common <br />area located on the Property and thereby transfer all of its obligations under this <br />Agreement to its successors. Upon the sale and/or grant of a fee interest in a particular <br />lot or common area located on the Property, Developer's obligations under this <br />Agreement will inure to its successor -in -interest and Developer will thereafter be released <br />from its obligations under this Agreement with respect to such lot or common area. <br />16. NOTICES. Any notices relating to this Agreement will be given in writing <br />and will be deemed sufficiently given and served for all purposes when delivered <br />personally or by generally recognized overnight courier service, or five (5) days after <br />REV: 4-12-2023 SK <br />ATTY/AGR.2023.071/SI XX, LLC (Broadway Plaza LMA) (Page 8 of 17) <br />