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<br />SUBDIVISION IMPROVEMENT AGREEMENT
<br />TRACT 8724
<br />Page 4 of 11
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<br />8. Default. Default by Subdivider shall include, but not be limited to:
<br />a. Subdivider’s failure to timely complete construction of the Improvements;
<br />b. Subdivider’s failure to perform substantial construction work for a period of 6 months after
<br />commencement of the work;
<br />c. Subdivider’s insolvency, appointment of a receiver, or the filing of any petition in
<br />bankruptcy, either voluntary or involuntary, which Subdivider fails to discharge within 30
<br />calendar days;
<br />d. The commencement of a foreclosure action against the subdivision or a portion thereof, or
<br />any conveyance in lieu or in avoidance of foreclosure; or
<br />e. Subdivider’s failure to perform any other obligation under this Agreement.
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<br />9. Remedies. The City reserves all remedies available to it at law or in equity for a default or breach
<br />of Subdivider’s obligations under this Agreement. The City shall have the right, subject to this Section
<br />and Section 7, to draw upon or use the appropriate security to mitigate the City’s damages in the event
<br />of default by Subdivider or Contractor. The City’s right to draw upon or use the security is in addition to
<br />any other remedy available to the City. The parties acknowledge that the estimated costs and security
<br />amounts may not reflect the actual cost of construction of the Improvements and, therefore, the City’s
<br />damages for Subdivider’s or Contractor’s default shall be measured by the actual cost of completing the
<br />required Improvements. The City may use the sums provided by the securities for the completion of the
<br />Improvements in accordance with the plans.
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<br />In the event Subdivider or Contractor fails to cure any default under this Agreement within 30 business
<br />days after the City mails a notice of such default to Contractor and Contractor’s surety with a copy to
<br />Subdivider, Contractor authorizes the City to perform the obligation for which Subdivider or Contractor
<br />is in default and agrees to pay the entire cost of such performance by the City. The City may take over
<br />the work and complete the Improvements, by contract or by any other method the City deems
<br />appropriate, at the expense of Contractor. In such event, the City, without liability for doing so, may
<br />complete the Improvements using any of Contractor’s materials, appliances, plans, and other property
<br />that are at the work site and that are necessary to complete the Improvements.
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<br />10. Hold Harmless Agreement. Subdivider hereby agrees to indemnify and shall hold City, its
<br />elective and appointive Boards, Commissions, officers, agents, and employees, harmless from any
<br />liability for damage or claims for damage for bodily injury, personal injury, including death, as well as
<br />from claims from property damage which may arise from Subdivider and Subdivider's contractors',
<br />subcontractors', agents', or employees' construction of the Improvements under this Agreement, whether
<br />such construction be by Subdivider or by any of Subdivider's contractors, subcontractors, or by any one
<br />or more persons directly employed by, or acting as agent for, Subdivider or any of Subdivider's
<br />contractors or subcontractors. Subdivider agrees to, and shall, defend City and its elective and
<br />appointive Boards, Commissions, officers, agents and employees from any suits or actions at law or
<br />equity for damages caused, or alleged to have been caused, by reason of any of the aforesaid
<br />construction. In addition to the above:
<br />a. That City does not, and shall not, waive any rights against Subdivider which it may have by
<br />reason of the aforesaid hold-harmless agreement, because of the acceptance by City, or the
<br />deposit with City by Subdivider, of any of the insurance policies described herein.
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<br />b. That the aforesaid hold-harmless agreement by Subdivider shall apply to all damages and
<br />claims for damages of every kind suffered, or alleged to have been suffered, by reason of any
<br />Page 207 of 846
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