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COMMISSION with assurances that DEVELOPER will cure the failure as soon as is <br /> reasonably possible and DEVELOPER so commences and completes such cure. <br /> 15.2. CITY has committed an Event of Default if CITY fails to perform any material term, <br /> covenant, condition or agreement contained in this Agreement for more than 30 days <br /> after written notice thereof from DEVELOPER, or within such other period of time as is <br /> reasonably necessary to cure such failure, but only if CITY has, within said 30 day <br /> period, provided DEVELOPER with assurances that CITY will cure the failure as soon as <br /> is reasonably possible and CITY so commences and completes such cure. <br /> 15.3. Upon the happening of an Event of Default, the non-defaulting party may, at its option <br /> and with prior notice, institute any action, suit or other proceeding at law, in equity <br /> (including any action to compel specific performance) or otherwise which it shall deem <br /> necessary or proper for the protection of its interests under this Agreement. <br /> - 7 - <br />