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<br /> 6. EVENTS OF DEFAULT AND REMEDIES
<br /> Material failure or delay by either the Municipality or Developer to timely perform any ,
<br /> term or provision of this Agreement shall constitute an "event of default" under this Agreement. The ,
<br /> party who so fails or delays must, upon receipt of written notice of the existence of such event of default, '
<br /> immediately commence to cure, conect or remedy such event of default and thereafter procced with �I
<br /> diligence to cure such event of default. The party claiming such event of default shall give written notice of ��
<br /> the claimed event of default to the other party specifying the event of default complained of. Except as I
<br /> required to prote�t against immediate, irreparable harm, the party asserting an event of default may not '
<br /> institute proceedings against the other party until thirty (30) days after having given such notice. If such �,
<br /> event of default is cured within such thirty (30) day period, the event of default shall not be deeme� to ',
<br /> constitute a ��default" under this Agreement. If the event of default is one which cannot reasonably be �
<br /> cured within a thirty (30) day period, upon request and with appropriate showings the cure period shall be ,
<br /> extended for such time as is reasona.bly necessary for the curing of the same, so long as there is diligent ��
<br /> proceeding to cure such event of default. If such event of default is cured within such extended period, the �
<br /> event shall not be deemed to constitute a default under this Agreement. However, an event of default not
<br /> cured as provided above shall constitute a default under this Agree�nent. Except as otherwise expressly
<br /> provided in this Agreement, any failure or delay by either party in asserting any of its rights or remedies as
<br /> to any event of default or default shall not operate as a waiver of any such event of default or default of any
<br /> rights or remedies it may have as a result of such event of default or default.
<br /> The sole remedy of the Developer in the event of a default by the Municipality under any
<br /> of the tenns and provisions of this Agreement shall be to institute legal action against the Municipality for.
<br /> specific performance or other appropriate equitable relief. Under no circumstances shall the Municipality
<br /> be subject to any monetary liability or be liable for damages (compensatory or punitive) under the
<br /> provisions, terms and conditions of this Agreement. Except as to the foregoing, the parties shall have all
<br /> remedies with respect to this Agreement available under applicable law. Notwithstanding anything herein
<br /> to the contrary, the Municipality shall be liable for no amount hereunder in excess of Incremental Taxes
<br /> duly deposited into the Special Account.
<br /> 7. LIMITED LIABILITY TO OTHERS
<br /> Except as otherwise expressly provided herein, the Municipality shall not be obligated to
<br /> make any payments to any person other than the Developer, nor shall the Municipality be obligated to pay
<br /> any contractor, subcontractor, mechanic, materialman providing services or materials to the Developer for
<br /> or in respect of the Development Project.
<br /> 8. TIME; UNAVOIDABLE DELAY -
<br /> Time is of the essence of this Agreement. Provided, however, the Developer shall not be
<br /> deemed in default with respect to any obligations under this Agreement on its part to be performed if the
<br /> Developer fails to timely perform the same and such failure is due in whole or in part to any strike, lockout,
<br /> d labor trouble (whether legal or illegal), civil disorder, inability to procure materials, weather conditions,
<br /> wet soil conditions, failure or interruption of power, restrictive governmental laws and regulations,
<br /> condemnation, riots, insurrections, war, fuel shortages, accidents, casualties, Acts of God, acts caused
<br /> directly or indirectly by the Municipality (or the Municipality's agents or, employees) or third parties, or
<br /> any other similar cause beyond the reasonable control of Developer, including but not limited to delays in
<br /> acquiring interests in or possession of real estate caused by the parties who are contractually obligated to
<br /> convey and grant to the Developer, for which the Developer shall have a day for day extension for any
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