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<br /> <br /> <br /> <br /> <br />seek damages from Buyer or otherwise exercise any remedies it may have with respect to the <br />property and the bank shall have no right of offset with respect to any sums that Harris County <br />may otherwise collect from Buyer. <br /> <br />Upon substantial completion and provided that Harris County is satisfied in its discretion <br />that its liability in respect of the Applicable Laws pertaining to the Property have been addressed. <br />and resolved in all material respects, then Harris County shall permit the stated amount of the <br />Letter of Credit to be reduced to such amount as Harris County determines to be reasonable to <br />assure the performance of Buyer's remaining obligations under this Agreement and the Approved <br />DevelopmentJRemediation Plan. Harris County, may at its discretion, approve a different <br />financial assurance mechanism proposed by Buyer which provides adequate security for the <br />performance of Buyer's remaining obligations under this Agreement and the Approved <br />Development/Remediation Plan. <br /> <br />10. <br />Defaultn): <br /> <br />Any of the following shall constitute an event of default (each an nEvent of <br /> <br />(a) The failure of Buyer to prepare the DevelopmentJRemediation Plan within the <br />time period specified in Paragraph 1; <br /> <br />(b) The failure by Buyer to redevelop, construct and improve the Property in <br />accordance with the Approved Development/Remediation Plan; <br /> <br />(c) The failure by Buyer to cure any notice of violation of which TCEQ shall <br />have notified Harris County and/or Buyer, and such failure continues beyond any cure or <br />grace period specified in any such notice; or <br /> <br />(d) The failure by Buyer to perform, keep or fulfill any of the other covenants, <br />undertakings, obligations or conditions set forth in this Agreement, the Deed or the Deed <br />of Trust. <br /> <br />If an Event of Default occurs Harris County will before exercising any of its remedies <br />under this Agreement, the Deed or the Deed of Trust first give notice of such Event of Default to <br />Buyer and Buyer will have thirty (30) days after written notice to cure the default, provided <br />however if an Event of Default occurs which Harris County determines to constitute a serious <br />immediate threat to the environment or the health and safety of individuals then Harris County <br />may take such actions as it determines to be necessary to abate such threat and the reasonable <br />and necessary cost of such remedial actions shall be paid by Buyer to Harris County upon <br />demand. Harris County may in its discretion grant Buyer additional periods of time to cure a <br />non-monetary Event of Default if the County determines that Buyer has with all reasonable <br />diligence taken action to cure such non-monetary Event of Default within the 30 day period and <br />that an additional period of time is reasonable and necessary. <br /> <br />11. If any Event of Default occurs and is continuing after any applicable notice and <br />grace or cure period, Harris County will have, in addition to any and all other rights, remedies <br />and recourses available to it at law or in equity, which may be exercised cumulatively, including <br /> <br />EnvrrorunenmlA~eement <br /> <br />4 <br />