Events of Default; Cure Period. An event of default is any failure by the City, Developer, or Owner to perform or observe any and all covenants, conditions, obligations, or agreements on its part to be observed or performed when and as required under this Agreement, within sixty (60) days after written notice to the defaulting party delivered in the manner required by Section 11.7, which notice shall specify the precise nature of the alleged default (including references to relevant sections of this Agreement) and the manner in which the alleged default may satisfactorily be cured; provided, however, that, if an event is not financial and cannot be cured within such sixty (60) day period, but the defaulting party commences to cure such matter within the sixty (60) day period and thereafter reasonably and continuously takes action to complete such cure and such cure is completed within such time as is reasonably necessary under the circumstances, such default will not constitute an event of default.
