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<br />6. Events of Default. Each of the following occurrences <br />shall constitute an "Event of Defaultll by Owners under this Rail <br />Spur Agreement: <br />a. The failure of owners to pay the monetary consideration <br />provided for in this Rail Spur Agreement; and <br />b. The failure of Owners to perform, comply with or observe any <br />other agreement, obligation or undertaking of Owners, or any <br />other term, condition or provision, of this Rail Spur <br />Agreement, and the Rail Easement Agreement, and the <br />oontinuance of such failure for a period of ten (10) days <br />after written notice from city to Owners specifying the <br />failure. <br />Upon any Event of Default, city may, at city's option and in <br />addition to all other rights, remedies, and recourses afforded city <br />hereunder or by law or equity, do anyone or more of the following: <br />a. Terminate this Rail Spur Agreement and Rail Easement <br />Agreement, by the giving of written notice to owners, in Which <br />event Owners shall pay to city upon demand, any monetary <br />consideration then owed by Owners to City, <br />b. Terminate owners right to possession of the property described <br />in Exhibit lIA" of the Rail Easement Agreement:. <br />7 . If either the City or Owners initiate any litigation <br />relating to this Rail Spur Agreementl the prevailing party in such <br />litigation, shall be entitled to recover, in addition to all <br />damages allowed by law and other relief, all court costs and <br />reasonable attorneys' fees incurred in oonnection with suoh <br />litigation. <br /> <br />6 <br />