section 5.4. agreement to pay attorneys' fees and expenses. subject to the provisions of this agreement, in the event the city or the developer should default under any of the provisions of this agreement, and the nondefaulting party shall require and employ attorneys or incur other expenses or costs for the collection of payments due or to become due or for the enforcement of performance or observance of any obligation or agreement on the part of the city or the developer herein contained, the defaulting party shall, on demand therefor, pay to the nondefaulting party the reasonable fees of such attorneys and such other reasonable costs and expenses so incurred by the developer.
section 5.5. tax laws. except as provided in section 3.1 hereof, the parties acknowledge that all laws of the state now in effect or hereafter enacted with respect to taxation of property shall be applicable and that the city, by entering into this agreement, is not excusing any non-payment of taxes by developer. without limiting the foregoing, the city and the developer shall always be entitled to exercise all rights and remedies regarding assessment, collection and payment of taxes assessed on developer's property.
article vi
effective date, term and termination
section 6.1. effective date and term. this agreement shall become effective upon its execution and delivery by the parties hereto and shall remain in full force from the date hereof and shall expire upon the performance of all obligations on the part of the city and the developer hereunder.
section 6.2. cancellation and expiration of term. at the termination or other expiration of this agreement in accordance with the provisions of this agreement, the city and the developer shall each execute and deliver such documents and take or cause to be taken such actions as may be necessary to evidence the termination of this agreement.
article vii
assignment and pledge of developer's interest
section 7.1. consent to pledge and/or assignment. the city hereby acknowledges that it is the intent of the developer to pledge and assign its right, title and interest in, to and under this agreement as collateral for financing for the project, although no obligation is hereby imposed on the developer to make such assignment or pledge. recognizing this intention, the city does hereby consent and agree to the pledge and assignment of all the developer's right, title and interest in, to and under this agreement and in, and to the payments to be made to developer hereunder, to third parties as collateral or security for financing the development program, on one or more occasions during the term hereof.