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<br />e <br /> <br />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 /> <br />The City Council of the City of Elk River must <br />approve payment pursuant to the terms of this <br />Development Agreement. <br /> <br />5. Default. <br /> <br />Developer shall be in default under the terms of this <br />agreement if: <br /> <br />Developer seeks reimbursement for any costs not <br />authorized by this agreement; or <br /> <br />Developer seeks reimbursement for any costs in <br />excess of Developer's actual costs for demolition <br />and site preparation; or <br /> <br />Developer fails to obtain a Certificate of <br />Occupancy for the Project on or before January 1, <br />1995; or <br /> <br />e <br /> <br />the market value of the Project for tax valuation <br />purposes, as of January 1, 1995, is less than <br />$565,000. <br /> <br />6 . <br /> <br />Remedies on Default. <br /> <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 /> <br />the City may terminate this Development Agreement; <br /> <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 /> <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 /> <br />e <br /> <br />the City may exercise any other remedies which it <br />may have at law. <br />