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within 20 business days thereafter. The payment checks can be issued by the City as a joint <br />check to both the Developer and a specific vendor (if requested by the Developer). <br />4. Ownership Of Materials, Supplies, Drawings, Specifications, Programs And <br />Systems <br />Any and all plans, studies, records, papers, drawings, specifications, programs, systems <br />and other materials /work product prepared by or for Developer pursuant to the Predevelopment <br />Loan Agreement and paid for with the Predevelopment Loan (the "Plans ") shall be collaterally <br />assigned to the City. Developer agrees to provide City with any such materials whenever <br />requested to do so. <br />5. Repayment. In the event the City and Developer enter into a Development Agreement <br />with respect to the Property, the principal amount of any Predevelopment Loan relating to the <br />Project shall be rolled over into and added to any additional loans to be provided to the <br />Developer pursuant to the Development Agreement and repaid in accordance with the terms <br />thereof. In the event the City and Developer fail to enter into a Development Agreement with <br />respect to a particular Project within the time provided in this Predevelopment Loan, the <br />Developer shall have no obligation to repay the predevelopment loan except to assign to the City <br />the Plans, and the City shall be entitled to an assignment of said Plans. <br />6. Event of Default. <br />Failure by Developer to perform any covenant or agreement in the Predevelopment Loan <br />Agreement, or in the Attachments thereto (Exhibits B & C), within thirty (30) days after written <br />demand by City (or, in the event that more than thirty (30) days is reasonably required to cure <br />such default, should Developer fail to promptly commence such cure, and diligently and <br />continuously prosecute same to completion). Should Developer fall behind sixty (60) days in the <br />performance of any one milestone set forth in Exhibit B (except for delays solely caused by the <br />City), the Developer shall be considered in default of said Predevelopment Loan Agreement and <br />said Agreement can be terminated at the option of the City. <br />7. Remedies. <br />Upon the occurrence of an Event of Default and the expiration of any applicable cure <br />period therefor, City may declare that no further payments pursuant to the Predevelopment Loan <br />Agreement shall be made to the Developer and terminate the Agreement. <br />8. Severability. <br />Every provision of this Note is intended to be severable. In the event any term or <br />provision hereof is declared by a court of competent jurisdiction, to be illegal or invalid for any <br />reason whatsoever, such illegality or invalidity shall not affect the balance of the terms and <br />provisions hereof, which terms and provisions shall remain binding and enforceable. <br />4 <br />