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� , , <br /> Hook: 3855 Page� 447 <br /> 6. The covenants and conditions set forth in this agreement are <br /> covenants running with the land. As such, it is the parties' intention that the <br /> same inure to the benefit of City, its successors and assigns, and be and remain <br /> binding upon the heirs, personal representatives, successors, grantees and <br /> assigns of Owner, for the period described in this Agreement. <br /> 7. City's obligations hereunder shall cease if Owner fails to demonstrate <br /> to City that Owner has an enforceable written agreement with capable and <br /> competent contractor(s) for the renovation of the exterior design and farade of <br /> the building on or before Monday, October 8, 2007. City reserves the right to <br /> reject any contract between Owner and contractor(s), for any reason or reasons <br /> that City might lawfully reject such a contract between City and the same <br /> contractor, including but not limited to responsible and responsive bidder <br /> requirements. Absent such an agreement, this Agreement shall be null and void <br /> 8. Material failure or 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 exister�ce 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 /> default is cured within either the original thirty (30) day period or a reasonable <br /> « » <br /> r f the event of default shall not be deemed a default under this <br /> extension the eo , <br /> a reement. An event of default not cured as provided herein shall constitute a <br /> 9 <br /> or dela b either art in assertin <br /> default under this a reement. An failure y p y g <br /> 9 Y Y <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 /> 4 <br />