Common use of City’s Default Clause in Contracts

City’s Default. If City is in material default or material breach of one or more of City’s representations, warranties or obligations under this Agreement of which PWRF has provided City written notice of and City has failed to cure within ten (10) days of such notice (but in all events such material breach or default is not cured prior to the Closing Date, if earlier), provided that City shall not be entitled to such notice and opportunity to cure for failure to cause the transfer of the City Parcels on the Closing Date (a “City Default”), then PWRF shall as its sole and exclusive remedy and at its election, be entitled to: (1) terminate this Agreement and City shall promptly reimburse Buyer for all of its reasonable costs incurred in connection with this Agreement (including, without limitation, all due diligence costs, consultant fees, reasonable attorney’s fees, and brokerage commissions) in an amount not to exceed $100,000, (2) pursue an action for specific performance, within the thirty (30) day period following the occurrence of such City Default, (3) pursue specific performance of Seller’s obligations under this Agreement, or (4) waive such City Default and proceed to Closing as contemplated herein.