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SECTION 11. DEFAULTS AND REMEDIES. The following shall be events of default under this Agreement: (a) the failure of the Developer or any individual Owner to pay no later than the thirtieth calendar day following its due date any Service Payment, or any installment thereof, due by the Developer or any individual Owner, including any applicable late payment charges; (b) the failure of the Developer or any individual Owner to perform or observe any other covenant made by it in or pursuant to this Agreement, which failure shall continue for more than 30 days following written notice thereof by the City. (c) the failure by the City to provide the Project TIF Revenue to the Developer or its designee within forty-five (45) days following the deposit of such Project TIF Revenue by the City into the TIF Fund; provided, however, that the Developer has complied with the cost certification requirements of Section 10 hereof. (d) the failure of the City to perform or observe any other covenant made by it in or pursuant to this Agreement, which failure shall continue for more than 30 days following written notice thereof by the Developer. Upon the occurrence and continuation of any event of default, in addition to other rights of enforcement granted hereunder, the City or the Developer shall be entitled to exercise any and all remedies available to it hereunder, including the remedies described in Section 12, or under applicable law. waiver by the City or the Developer of any event of default shall not be deemed to extend to any subsequent or other event of default under this Agreement. The City and the Developer acknowledge and agree that the timely payment of Project TIF Revenue to the Developer is a material term of this Agreement. SECTION 12. ENFORCEMENT; FORECLOSURE OF LIEN. The provisions of this Agreement with respect to the obligations of the Developer or any individual Owner may be enforced to the fullest extent permitted by law, by (i) the City, and (ii) the County Treasurer. It is the intention and agreement of the Developer, as an Owner, that this Agreement shall constitute and be deemed to be a lien encumbering and running with the real property comprising the TIF Site to secure the obligations of the Developer and any individual Owners to make Service Payments (and, if applicable, pay interest and penalties), which Service Payments are intended to have the same lien rights as real estate taxes and the same priority in accordance with O.R.C. Sections 323.11 and 5709.91. In furtherance of the foregoing, it is the intention of the Developer, as an Owner, that the City may, upon the occurrence of an event of default set forth in Section 12 hereof, and without limiting any other right or remedy otherwise available to the City, take all such steps as may be legally available to it to foreclose upon such lien pursuant to the procedures and requirements of Ohio law relating to either delinquent real estate taxes or mortgage liens; provided, that nothing contained in this Agreement shall be deemed to authorize any acceleration of Service Payments due in future years. The provisions of this Agreement shall encumber and run with the real property comprising the TIF Site. SECTION 13. COUNTERPARTS; CAPTIONS. This Agreement may be executed in several counterparts, each of which shall be regarded as an original and all of which shall constitute but one and the same Agreement. Captions have been provided herein for the convenience of the reader and shall not affect the construction of this Agreement. SECTION 14. SEVERABILITY. In case any section or provision of this Agreement, or any covenant, agreement, stipulation, obligation, act or action, or part thereof, made, assumed, entered into or 6 15836951v9