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22015340 Page 8 of 49 <br />2.01 Term <br />The term of this Agreement will commence on the Effective Date and continue for <br />fifteen (15) years thereafter ("Initial Term"), unless sooner terminated under this <br />Agreement. After the Initial Term, the Agreement shall be automatically renewed for <br />two successive fifteen (15) year periods. This Agreement may be terminated before <br />the expiration of any renewal period, however, if the Owner submits a written request <br />to the City to allow uses other than those outlined in section 1.04(A), and the City <br />approves such request. If the City approves the request, then this Agreement shall <br />automatically terminate upon such approval. <br />2.02 Enforcement and Default and Remedies for Default <br />The Parties agree that the City shall be entitled to enforce the SMDC as the SMDC <br />exists on the effective date of this Agreement, as modified by Plans adopted <br />pursuant to this Agreement. If either Parry defaults in its obligations under this <br />Agreement, the other Party must, prior to exercising a remedy available to that Party <br />due to the default, give written notice to the defaulting Party, specifying the nature <br />of the alleged default and the manner in which it can be satisfactorily cured, and <br />extend to the defaulting Party at least thirty (30) days from receipt of the notice to <br />cure the default. If the nature of the default is such that it cannot reasonably be cured <br />within the thirty (30) day period, the commencement of the cure within the thirty (30) <br />day period and the diligent prosecution of the cure to completion will be deemed a <br />cure within the cure period. The City may issue Stop Work Orders for violations <br />arising under this Agreement or the City of San Marcos Code of Ordinances, as <br />applicable. <br />If either Party defaults under this Agreement and fails to cure the default within the <br />applicable cure period, the non -defaulting Party will have all rights and remedies <br />available under this Agreement or applicable law, including the right to institute legal <br />action to cure any default, to enjoin any threatened or attempted violation of this <br />Agreement or to enforce the defaulting Party's obligations under this Agreement by <br />specific performance or writ of mandamus, or to terminate this Agreement or other <br />enforcement remedies the City may possess under its municipal regulatory authority. <br />Notwithstanding anything herein to the contrary, no parry shall be deemed to be in <br />default hereunder until the passage of ten (10) business days after receipt by such <br />party of notice of default from the other party. Upon the passage of ten (10) working <br />days without cure of the default, such party shall be deemed to have defaulted for <br />purposes of this Agreement. <br />Page 8 of 48 <br />