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S. Remedies for City Default. At any time as of which a City Default exists, the <br />Developers, at their option, may, but shall not be obligated to, exercise any one of more <br />of the following remedies; <br />a. By written notice to the City, terminate this Agreement, provided that such <br />termination shall not affect the obligations of the City that have then accrued; <br />b. Except for obligations requiring City Council approval, commence an action <br />for specific performance or other equitable relief against City with respect to <br />the defaulted obligations; and (ii) exercise the Developers' right under Section <br />XV(G) with respect to the City Default; and <br />c. Enforce, or avail itself of, any other remedies available to it at law or in equity. <br />T. Default Notices. At any time when there exists a default by the Developers in the <br />due and punctual payment, performance or observance of any obligation of the Developers <br />under this Agreement or any other Project Agreement, City may give the Developers a <br />written notice, indicated as being a "Default Notice" under this Section, identifying the <br />default and specifying a period of time for the cure of the default. At any time when there <br />exists a default by City in the due and punctual payment, performance or observance of <br />any obligation of City under this Agreement or any other Project Agreement, the <br />Developers may give the City a written notice, indicated as being a "Default Notice" under <br />this Section, identifying such default and specifying a period of time for the cure of the <br />default. Any notice given in accordance with this Section is called a "Default Notice." The <br />period of time for cure to be set forth in any Default Notice may be not shorter than such <br />period of time as is reasonable in light of the nature of the default and the time reasonably <br />required to cure the default. Notwithstanding any provision hereof or in any other Project <br />Agreement to the contrary, in no event will the cure period set forth in any Default Notice <br />be less than (i) ten (10) days to cure any monetary payment default, or (ii) sixty (60) days <br />with respect to any non -monetary default, and, during the construction period, to the extent <br />such non -monetary default cannot reasonably be cured in sixty (60) days, then the period <br />for cure shall be extended for so long as is reasonable, provided that the Developers <br />commences to cure within such initial sixty (60) day period and thereafter diligently <br />continues to pursue such cure; provided, however, that in no event shall the cure period for <br />non -monetary defaults be extended for longer than one hundred twenty (120) days total. <br />U. Enforcement. As the remedy at law for the breach of any of the terms of this <br />Agreement may be inadequate, each enforcing Party has a right of temporary and <br />permanent injunction, specific performance, and other equitable relief that may be granted <br />in any proceeding brought to enforce any provision hereof, without the necessity of proof <br />of actual damage or inadequacy of any legal remedy. <br />V. Interest. Except as otherwise expressly provided herein, amounts that are due and <br />payable by the Developers to City under this Agreement will bear interest if not paid when <br />due, until paid, (a) at the prime rate published in the "Money Rates" section of the Wall <br />15 <br />