I-2 - Resolution 2025-065 - Approval of Amended Development Agreement with 80-380 - Village Drive

(ii) Failure by the Developer to comply with Sections 4 and 5 of this Agreement. (iii) Failure by the Developer to observe or perform any other material covenant on its part, to be observed or performed hereunder. b. Notice and Remedies. Whenever any Event of Default described in this Agreement occurs, the City shall provide written notice to the Developer describing the cause of the default and the steps that must be taken by the Developer in order to cure the default. The Developer shall have thirty (30) days after receipt of the notice to cure the default or to provide assurances satisfactory to the City that the default will be cured as soon as reasonably possible. If the Developer fails to cure the default or provide assurances, the City shall then have the right to: (i) Pursue any action available to it, at law or in equity, in order to enforce the terms of this Agreement. (ii) Withhold the Payments provided for in Section 6 hereof. (iii) Terminate this Agreement. 11. Amendment and Assignment. This Agreement may not be amended or assigned by either party without the written consent of the other party. 12. Successors. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. 13. Term. The term (the “Term”) of this Agreement shall commence on the Commencement Date and end on June 1, 2030, or on such earlier date upon which the aggregate sum of Payments made to the Developer equals the Maximum Payment Total. 14. Choice of Law. This Agreement shall be deemed to be a contract made under the laws of the State of Iowa and for all purposes shall be governed by and construed in accordance with laws of the State of Iowa. -4- 4938-7064-7118\2