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Docusign Envelope ID:6745F9B5-2832-47E9-B6E5-4177B13AB6B5 <br /> (1) Each contract will require that contractor meet a development timeline <br /> with milestones,monthly reporting,plan and permit review and approvals, and other <br /> standard contract terms Developer reasonably requires to gain confidence that water main <br /> improvements,sanitary sewer lift station and force main work will not delay Project; <br /> (2) Each contract will provide that in the event that certain milestones and <br /> deadlines are not met,the contractor shall develop and submit a recovery action plan <br /> (including root cause analysis, corrective actions and revised schedule)to address delays, <br /> meet and confer with City and Developer;in addition, shall pay liquidated damages to <br /> City, which shall either offset project costs owed to such contractor or Developer's share <br /> thereof shall be promptly remitted to Developer. <br /> (3) In the event that City defaults under the contracts with contractors, <br /> contractors shall provide notice to Developer and Developer shall have the right to cure <br /> such default to allow Developer to ensure that the water main improvements, sanitary <br /> sewer lift station and force main work will not delay Project; <br /> In the event that a contractor misses milestones or defaults under its contracts with City <br /> with respect to the water main improvements,sanitary sewer lift station and force main,City <br /> shall provide notice within three(3)business days and the City and Developer shall meet and <br /> confer regarding the situation and the default. City shall not terminate the contract,fire the <br /> contractor,or replace the contractor without prior notice to,and conferral with, Developer. <br /> Section 5.Remedies—Liability. <br /> A. If, in the City's judgment,the Developer is in material default of this Agreement, <br /> the City shall provide the Developer with a written statement indicating in adequate detail any <br /> failure on the Developer's part to fulfill its obligations under this Agreement.Except as required <br /> to protect against further damages,the City may not exercise any remedies against the Developer <br /> in connection with such failure until thirty(30)days after giving such notice.A default not cured <br /> as provided above shall constitute a breach of this Agreement unless the City grants the <br /> Developer additional time to accomplish the cure.Any failure or delay by the City in asserting <br /> any of its rights or remedies as to any default or alleged default or breach shall not operate as a <br /> waiver of any such default or breach of any rights or remedies it may have as a result of such <br /> default or breach. <br /> B.If the Developer materially fails to fulfill its obligations under this Agreement after <br /> notice is given by the City and any cure periods described in paragraph(a)above have expired, <br /> the City may elect to exercise any right or remedy it may have at law or in equity,including the <br /> right to specifically enforce the terms and conditions of this Agreement.If any voluntary or <br /> involuntary petition or similar pleading under any section or sections of any bankruptcy or <br /> insolvency act shall be filed by or against the Developer,or any voluntary or involuntary <br /> proceeding in any court or tribunal shall be instituted to declare the Developer insolvent or <br />