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Economic Development Commission and the Redevelopment Commission. That indemnification <br /> is intended to and shall be enforceable by the City to the full extent permitted by law. <br /> Notwithstanding anything herein,no indemnity shall be required hereunder for damages that result <br /> from the negligence or willful misconduct on the part of the party seeking indemnity. <br /> ARTICLE VI. <br /> EVENTS OF DEFAULT AND REMEDIES <br /> Events of Default. Each of the following shall be an Event of Default: The <br /> Borrower shall fail to observe and perform any agreement, term or condition contained in this <br /> Agreement or the Development Agreement,and the continuation of such failure for a period of 30 <br /> days after notice thereof shall have been given to the Borrower by the City, or for such longer <br /> period as the City may agree to in writing; provided, that if the failure is of such nature that it can <br /> be corrected but not within the applicable period, that failure shall not constitute an Event of <br /> Default so long as the Borrower institutes curative action within the applicable period and <br /> diligently pursues that action to completion. <br /> The declaration of an Event of Default, and the exercise of remedies upon any such <br /> declaration, shall be subject to any applicable limitations of federal bankruptcy law affecting or <br /> precluding that declaration or exercise during the pendency of or immediately following any <br /> bankruptcy, liquidation or reorganization proceedings. <br /> The Borrower hereby unconditionally waives diligence, presentment, protest, notice of <br /> dishonor,and notice of default of the payment of any amount at any time payable to the City under <br /> or in connection with the Loan. All amounts payable under the Loan and the Note are payable <br /> with reasonable attorney fees and costs of collection and without relief from valuation and <br /> appraisement laws. <br /> Remedies on Default. Whenever an Event of Default shall have happened and be <br /> subsisting, any one or more of the following remedial steps may be taken: <br /> (a) The City may have access to, inspect, examine and make copies of the books, <br /> records, accounts and financial data of the Borrower pertaining to the Project; and <br /> (b) The City may pursue all remedies now or hereafter existing at law or in equity,plus <br /> recover all expenses including attorney fees as provided in Section 6.4 or to enforce the <br /> performance and observance of any other obligation or agreement of the Borrower hereunder. <br /> Notwithstanding the foregoing or any other provision in this Agreement, the City shall not be <br /> obligated to take any step that in its opinion will or might cause it to expend time or money or <br /> otherwise incur liability unless and until a satisfactory indemnity bond has been furnished to the <br /> City at no cost or expense to the City. <br /> No Remedy Exclusive. No remedy conferred upon or reserved to the City by this <br /> Agreement is intended to be exclusive of any other available remedy or remedies, but each and <br /> every such remedy shall be cumulative and shall be in addition to every other remedy given under <br /> this Agreement,or now or hereafter existing at law, in equity or by statute. No delay or omission <br /> 10 <br />