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250.1q that the party is contesting the existence of the default. If a response to the Notice of Default has not been received in the offices of the party alleging the default within such thirty (30) day time period, the Notice of Default shall be conclusively presumed to be valid and the defaulting party shall have an additional thirty (30) days to cure such default. In the event that the default is not cured within the period set forth above, the non-defaulting party may pursue any remedy afforded by Paragraph 10. If a Notice of Default is contested, the parties shall have up to sixty (60) days from the date of written response to the Notice of Default to arrive at a mutually acceptable resolution of the matter(s) giving rise to the Notice of Default. If, after the expiration of such time, the parties are not able to arrive at a mutually acceptable resolution of the matter(s), the party alleging the default may elect to pursue any remedy afforded by Paragraph 16. 18. Consequences of Default. In the event of a default by either party which is not cured within the time prescribed by Paragraph 17, the non-defaulting party may undertake one or more of the following remedies: (a) Terminate this Agreement by written notice stating the grounds for such action; or (b) Institute an action for specific performance of this Agreement, injunction, or other equitable relief, it being expressly agreed that in the event of a breach of this Agreement, irreparable harm is likely to occur to the non- breaching party and damages are not an available remedy. In no event shall either party be entitled to damages against the other party based upon the other party's default under this Agreement. 19. Bindin9 Effect of Agreement. The burdens of this Agreement shall bind, and its benefits inure to, all successors- in-interest to the parties hereto and constitute covenants which run with the land. City agrees to cause an original of this Agreement to be recorded with the County Recorder for the County of Orange in compliance with the requirements of Government Code ~65868.5. 20. Assignment. Developer shall have the right to sell, assign, pledge as security or transfer all or any part of its interest in the Property along with all of its right, title and interest in and to all or any part of this Agreement to any person, firm or corporation at any time during the Term without the consent of City. The City agrees to execute any document reasonably required by an assignee, transferee, lender or other party confirming the rights of such party under this Agreement or providing notices of default and rights to cure for the benefit of such parties. - 17 -