Laserfiche WebLink
as reasonably possible. Nothing herein shall preclude Developer from challenging the <br />conflicting law, rule, regulation or policy. <br />17. Mortgagees. <br />In the event City receives written notice from any institutional lender or pension trust <br />(a "Mortgagee") that it has obtained a deed of trust or mortgage on all or any portion of the <br />Property (a "Mortgage"), together with a copy thereof, City agrees as follows: <br />(a) City shall mail, first-class, postage prepaid, to each Mortgagee a copy of <br />any notice given to Developer concurrently with the giving of such notice to Developer. <br />If Developer fails to cure such default within the period allowed in this Second Amendment, <br />City shall give another written notice to each Mortgagee of such failure. <br />(b) City shall not terminate or cancel this Second Amendment (i) if any <br />Mortgagee has cured any default curable by payment of money within thirty (30) days of notice, <br />or (ii) if a non -monetary default, any Mortgagee has commenced, in good faith, to cure such non - <br />monetary default and diligently proceeds to cure such non -monetary default within a reasonable <br />time. A default shall be deemed cured by the giving of a written agreement by any Mortgagee or <br />by any purchaser of the Property upon a foreclosure of a Mortgage or by a transfer by deed in <br />lieu of foreclosure (herein, a "Purchaser") to continue to be bound by the terms of this Second <br />Amendment. <br />(c) City shall accept the performance of any such Mortgagee or Purchaser as <br />if such performance were rendered by Developer. Each Mortgagee and each such Purchaser <br />shall have the right but not the obligation, to remedy any defaults of Developer within the time <br />specified herein. No Mortgagee or Purchaser shall have any liability under this Second <br />Amendment except for acts or events which occur while such Mortgagee or Purchaser holds title <br />to the Property or portion thereof. <br />(d) The provisions of this Section 17 are solely for the benefit of Mortgagees <br />and Purchasers and shall not otherwise impair any rights of City against Developer. <br />(e) No default or event of default hereunder by Developer shall defeat, impair <br />or render invalid the lien of any Mortgage made in good faith and for value as to the <br />Development or any portion thereof. <br />(f) City, by resolution of the City Council, may modify or add to the <br />provisions of this Section 17 at the request of any institutional lender or pension trust providing <br />financing, so long as such requested modifications or additions pertain only to the rights of a <br />Mortgagee or Purchaser hereunder and are not otherwise inconsistent with the terms of this <br />Second Amendment. <br />18. Relationship of the Parties. <br />It is hereby specifically understood and acknowledged that the Development is a private <br />project and that neither City nor Developer will be deemed to be the agent of the other for any <br />purposes whatsoever. <br />SMRH:4830-4678-6704.6 -13- <br />