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nor to release the other party from its obligations under this <br />agreement. <br /> <br /> 3.4 Assignment. Fromm and any subsequent owner of <br />the subject business park may assign his rights, obligations, <br />and interest under this agreement to a third party upon said <br />third party's taking title to the property. In the event of <br />such assignment, the assignor shall provide City with written <br />notice of any such assignment and transfer. The assignee shall <br />execute a release, indemnity and hold harmless agreement in <br />favor of the assignoro Upon execution of an assumption and <br />release, indemnity and hold harmless agreement by the assignee, <br />the assignor shall be released from further obligation to the <br />City under this agreement. <br /> <br /> 3.5 Term and Termination. The term of this agreement <br />shall be for a period of ten (10) years commencing on the date <br />of execution by the parties hereto or for eight (8) years <br />commencing on the date of completion of the formation of the <br />Assessment District, whichever is longer, unless otherwise <br />terminated pursuant to paragraph 3.6 hereof. <br /> <br /> 3°6 Default. If Fromm defaults on any obligations <br />created by this agreement or is in breach of any of his covenants <br /> <br />contained herein, and such default or breach is not cured within <br /> <br />ninety (90) days of his receipt of written notice from City, <br />City may utilize all remedies at law and equity including <br />specific performance or may terminate this agreement, provided, <br />however, in the case of a default not reasonably curable and <br />which default is not caused by a willful misconduct or active <br /> <br />-9- <br /> <br /> <br />