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- Developer must submit to the City evidence <br /> satisfactory to the City, in the City' s sole <br /> discretion, of the actual cost for said <br /> demolition and site preparation; <br /> - The City Council of the City of Elk River must <br /> approve payment pursuant to the terms of this <br /> Development Agreement. <br /> 5. Default. <br /> Developer shall be in default under the terms of this <br /> agreement if: <br /> - Developer seeks reimbursement for any costs not <br /> authorized by this agreement; or <br /> - Developer seeks reimbursement for any costs in <br /> excess of Developer' s actual costs for demolition <br /> and site preparation; or <br /> - Developer fails to obtain a Certificate of <br /> Occupancy for the Project on or before January 1, <br /> 1995; or <br /> - the market value of the Project for tax valuation <br /> purposes, as of January 1, 1995, is less than <br /> $565,000. <br /> 6 . Remedies on Default. <br /> If Developer is in default under the terms of this <br /> agreement, the City may exercise one or more of the <br /> following remedies : <br /> - the City may terminate this Development Agreement; <br /> - the City may refuse to make payment to or <br /> reimburse Developer for demolition and site <br /> preparation costs provided for in this agreement; <br /> - the City may, if payment has already been made to <br /> Developer, bring an action against Developer <br /> and/or Chuba for recovery and repayment of all <br /> sums paid to Developer, and for City's reasonable <br /> attorney's feet and such other expenses incurred <br /> by the City in seeking to recover payments made <br /> to Developer; <br /> - the City may exercise any other remedies which it <br /> • may have at law. <br />