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• <br />• <br />agreement in favor of the assignor. Upon execution of an <br />assumption and release, indemnity and hold harmless agreement <br />by the assignee, the assignor shall be released from further <br />obligation to the City under this Agreement. <br />3.5 Term. The term of this Agreement shall be for a <br />period of nine (9) years. commencing on the date of execution <br />by the. parties hereto unless otherwise terminated pursuant to <br />paragraph 3.6 hereof. <br />3.6 Default. If Caroline defaults on any obligations <br />created by this Agreement or is in breach of any of his covenants <br />contained herein, and such default or breach is not cured <br />within ninety (9Q~ days of his receipt of written notice from <br />City, City may utilize all remedies. at law and equity including <br />specific performance or may terminate this Agreement, provided, <br />however, in the case of a default not reasonably cureable and <br />which. default is not caused by a willful misconduct or active <br />negligence of Caroline or his assignee or nominee, within said <br />period, City may not terminate, provided Caroline, or his <br />assignee, is diligently proceeding to cure said default. <br />3.7 Agreement to Cooperate in Setting Up Assessment <br />District. City agrees to cooperate in establishing assessment <br />districts as may be needed to provide services and to provide <br />public utilities and improvements deemed necessary for this <br />proj ect . <br />3.3 Cross Indemnity. The parties hereto agree to indemnify <br />and hold harmless each other from any claim o~ action arising <br />-6- <br />