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the express intent of the parties to modify the Develop- <br />ment Agreement to allow for the development of the <br />Development in as close conformity to the terms and <br />conditions of this Development Agreement as reasonably <br />possible. Nothing herein shall preclude Developer from <br />challenging the conflicting law, rule, regulation or <br />policy. <br /> <br /> In the event the City receives written notice from any <br />institutional lender or pension trust (a "Mortgagee") that it has <br />obtained a deed of trust or mortgage on all or any portion of the <br />Property (a "Mortgage"), together with a copy thereof, the city <br />agrees as follows: <br /> <br /> (a) The city shall mail, first-class, postage prepaid, <br />to each Mortgagee a copy of any notice given to Developer concur- <br />rently with the giving of such notice to Developer. If Developer <br />fails to cure such default within' the period allowed in this <br />Agreement, the city shall give another written notice to each <br />Mortgagee of such failure. <br /> <br /> (b) The City shall not terminate or cancel this <br />Agreement unless any mortgagee has cured any default curable by <br />payment of money within thirty (30) days of notice or if a non- <br />monetary default has commenced, in good faith, to cure all other <br />defaults and diligently proceeded to cure all such defaults within <br />a reasonable time. A default shall be deemed cured by the giving <br />of a written agreement by any such Mortgagee or Purchaser to <br />continue to be bound by the terms of this Development Agreement. <br /> <br /> (c) The city shall accept the performance of any such <br />Mortgagee or Purchaser as if such performance were rendered by <br />Developer. Each Mortgagee and each such Purchaser shall have the <br />right but not the obligation, to remedy any defaults of Developer <br />within the time specified herein. No Mortgagee or Purchaser shall <br />have any liability under this Development Agreement except for acts <br />or events which occur while such Mortgagee or Purchaser holds title <br />to the Property or portion thereof. <br /> <br /> (d) The provisions of this section are solely for the <br />benefit of Mortgagees and Purchasers and shall not otherwise impair <br />any rights of the city against Developer. <br /> <br /> (e) No default or event of default hereunder by <br />Developer shall defeat, impair or render invalid the lien of any <br />deed of trust made in good faith and for value as to the Develop- <br />ment or any portion thereof. <br /> <br /> (f) The city, by resolution of the City Council, may <br /> <br />15 <br /> <br /> <br />