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SECTION 2: MISCELLANEOUS PROVISIONS <br /> 2.01 Term <br /> A. The term of this Agreement will commence on the Effective Date and continue for <br /> forty-five (45) years thereafter("Initial Term"), unless sooner terminated under this <br /> Agreement. After the Initial Term, the Agreement may be extended for a fifteen <br /> (15)year period by Owner, with City's approval, by delivering written notice of such <br /> election to the City on or before the expiration of the then-current term. Following <br /> expiration of the second 15-year term, the Agreement may be extended for up to <br /> three successive five (5) year periods by Owner, with City's approval, by delivering <br /> written notice of such election to the City on or before the expiration of the then- <br /> current term. <br /> 2.02 Enforcement and Default and Remedies for Default <br /> A. The Parties agree that the City shall be entitled to enforce the San Marcos <br /> Development Code as it exists on the effective date of this Agreement, as modified <br /> by this Agreement. If either Party defaults in its obligations under this Agreement, <br /> the other Party must, prior to exercising a remedy available to that Party due to the <br /> default, give written notice to the defaulting Party, specifying the nature of the <br /> alleged default and the manner in which it can be satisfactorily cured, and extend <br /> to the defaulting Party at least thirty (30) days from receipt of the notice to cure the <br /> default. If the nature of the default is such that it cannot reasonably be cured within <br /> the thirty (30) day period, the commencement of the cure within the thirty (30) day <br /> period and the diligent prosecution of the cure to completion will be deemed a cure <br /> within the cure period. The City may issue Stop Work Orders for violations arising <br /> under this Agreement or the City of San Marcos Code of Ordinances, as <br /> applicable. <br /> B. 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 <br /> legal action to cure any default, to enjoin any threatened or attempted violation of <br /> this Agreement or to enforce the defaulting Party's obligations under this <br /> Agreement by specific performance or writ of mandamus, or to terminate this <br /> Agreement or other enforcement remedies the City may possess under its <br /> municipal regulatory authority. <br /> C. Notwithstanding anything herein to the contrary, no party 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 /> 5 <br />