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<br />default. Owner may record the Letter in the Official Records of the County of <br />Orange. <br /> <br />6.3. Non-Compliance. If, after the City conducts the Annual Review, City finds that <br />Owner is not in good faith compliance under this Agreement, City shall provide <br />Owner with a notice specifically stating the basis of the default and invoking the <br />procedures set forth in Section 7.3 below. <br /> <br />6.4. Failure of Periodic Review. City's failure to review at least annually Owner's <br />compliance with the terms and conditions of this Agreement shall not constitute <br />or be asserted by any party as a breach of the Agreement by Owner or City. <br /> <br />7. DEFAULT. <br /> <br />7.1. Events of Default. Owner is in default under this Agreement (an "Owner <br />Default") if: <br /> <br />a. Upon completion of the Annual Review, the City finds that there is <br />substantial evidence that Owner is not in good faith compliance with one or <br />more of the terms or conditions of this Agreement; or <br /> <br />b. Owner's development of the Project is not in compliance with the Existing <br />Approvals. <br /> <br />7.2. City Default. The City is in default under this Agreement if it fails to perform <br />any act required of it under this Agreement (a "City Default"). <br /> <br />7.3. Procedure upon Owner Default. <br /> <br />a. Upon the occurrence of an Owner Default, City shall give Owner written <br />notice specifying the nature of the alleged Owner Default, the manner in <br />which the Owner Default may be satisfactorily cured, and a reasonable <br />time in which the Owner Default may feasibly be cured (the "Cure Period"). <br />The City shall schedule a hearing before the City Council within 20 days <br />after the end of the Cure Period (the "Default Hearing") at which Owner <br />may either challenge the finding of an Owner Default, demonstrate that the <br />cure is complete, and/or demonstrate good faith effort toward cure and <br />request reasonable additional time in which to complete the cure (which <br />request shall not be denied by the City). <br /> <br />b. If the City Council finds, on the basis of substantial evidence, that the <br />Owner Default has not been and cannot be cured in a reasonable manner, <br />City may terminate this Agreement. <br /> <br />c. Non-performance shall not be excused because of a failure of a third <br />person. <br /> <br />70020313.6 <br />6/14/04 <br /> <br />10 <br /> <br />75C-20 <br />