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ORDINANCE NO, NS-2106 107 24. Mortaaqees. In the event the city receives written notice from any institutional lender or pension trust (a "Mortgagee") that it has obtained a deed of trust or mortgage on all or any portion of tl:le Property (a "Mortgage"), together with a copy thereof, the City agrees as follows: (a) The city shall mail, first-class, postage prepaid, to each Mortgagee a copy of any notice (the "First Notice") given to Developer under section 22 concurrently with the giving of such notice to Developer. If the default specified in the First Notice is one described in either section 21(a) (i) or section 21(a)(ii), and if Developer fails to cure such default within the period allowed in section 21, the city shall give written notice (the "Second Notice"), to each Mortgagee of such failure. (b) The City shall not terminate or cancel this Agreement, irrespective of the provisions of section 22 unless (i) the City has given to each Mortgagee the notice or notices required by Section 22, (ii) no Mortgagee has within 30 days following the giving of the First Notice (if the default specified therein is one described in section 21(a)(iii)), or within 30 days following the giving of the Second Notice (if the default specified in the First Notice is one described in section 21(a) (i) or section 21(a) (ii)) (x) cured any default arising solely from the failure to pay amounts due and owing to the city hereunder, and (y) commenced the exercise of remedies available under the Mortgage or obtained a deed-in-lieu thereof, and (ii) no Mortgagee, purchaser at a foreclosure sale held under the mortgage, or purchaser from Mortgagee (a "Purchaser") has, within 30 days following the obtaining. of title to the Property, or portion thereof originally covered by the Mortgage (but in no event later than 90 days following the giving of the First Notice (if the default specified therein is one described in Section 21(a) (iii), or within 90 days following the giving of the Second Notice (if the default specified in the First Notice is one described under Section 21(a) (i) or Section 21(a) (ii)) (x) cured all defaults which are, by their nature, curable within such period, and (y) commenced, in good faith, to cure all other defaults which, by their nature are not curable within such period, and diligently proceeded to cure all such defaults within a reasonable time. A default under section 21(a) (iii) shall be deemed cured by the giving of a written agreement by any such Mortgagee or Purchaser to continue to be bound by the terms of this Development Agreement. (c) The city shall accept the performance of any such Mortgagee or Purchaser as if such performance were rendered by Developer. Each Mortgagee and each such Purchaser shall have the right but not the obligation, to remedy any defaults of Developer within the time specified herein. No 17