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HO��C � ,ir��r� �'c�ge : ��..�.r <br /> building on or before June 30, 2009. City reserves the right to reject any contract <br /> between Owner and contractor, for any reason or reasons that City might lawfully <br /> reject such a contract between City and the same contractor, including but not <br /> limited to responsible and responsive bidder requirements. Absent such an <br /> agreement, this Agreement shall be null and void. <br /> 8. Material failure of delay by either City or Owner to timely perform any <br /> term or provision of this agreement shall constitute an "event of default" under <br /> this agreement. The party who so fails or delays must, upon receipt of written <br /> notice of the existence of such event of default, cure, correct or remedy such <br /> event of default, within thirty (30) days after having been given such notice. If the <br /> event of default is one which cannot be reasonably cured within a thirty (30) day <br /> period, upon request and with the appropriate showings the cure period shall be <br /> extended for such time as is reasonably necessary for the curing of the same, so <br /> long as there is diligent proceeding to cure such event of default. If an event of <br /> defauft is cured within either the original thirty (30) day period or a reasonable <br /> extension thereof, the event of default shall not be deemed a "default" under this <br /> agreement. An event of default not cured as provided herein shall constitute a <br /> default under this agreement. Any failure or delay by either party in asserting <br /> any of its rights or remedies as to any event of default or default shall not operate <br /> as a waiver of any such event of default or default. <br /> The sole remedy of Owner in the event of default by City shall be to <br /> institute legal action against City for specific performance or other equitable <br /> relief. Under no circumstances shall City be subject to any monetary liability or be <br /> liable for damages (compensatory or punitive) under the terms of this agreement. <br /> Owners shall comply with all Federal laws and regulations regarding the Program <br /> and with all policies and procedures established by the City necessary to <br /> administer and monitor the Program. The occurrence of any one or more of the <br /> following events shall constitute cause for the City to declare Owners in default of <br /> their obligations under this Agreement: <br /> a. Owners fail to perform, to City's satisfaction, any material requirement of <br /> this Agreement, or are in violation of a material provision of this <br /> Agreement; <br /> 4 <br />