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(ii) Mort a ee's Right to Cure. Notwithstanding anything stated to <br /> the contrary in this Agreement, this Agreement shall not be terminated as to any Project Phase <br /> because of a default or breach hereunder on the part of Owner until and unlessi <br /> (1) written notice of any such default or breach has been delivered <br /> to Mortgagee in accordance with the provisions of Section 9.1.4(a)(i) above, <br /> (2) with respect to a default or breach that is curable solely by the <br /> payment of money,Mortgagee, Owner have failed to cure such default or breach within thirty <br /> (30) days following the expiration of any of Owner's notice and cure periods set forth herein, <br /> and <br /> (3) with respect to a default or breach that is not curable solely by <br /> the payment of money, Mortgagee, Owner have failed to cure such default or breach within <br /> ninety (90) days following the expiration of any of Owner's notice and cure periods set forth <br /> herein or, if such default or breach is curable but cannot be cured within such time period, (i) <br /> Mortgagee has failed to notify City within such ninety (90) day time period that Mortgagee <br /> intends to cure such default or breach, (ii) Mortgagee fails to commence to cure such default or <br /> breach within such ninety (90) day period,or(iii) Mortgagee fails to diligently prosecute such <br /> cure to completion. it is expressly understood and agreed that no Mortgagee shall have any <br /> obligation hereunder to cure or complete any cure of any breach or default by Owner hereunder. <br /> (b) Permitted Transfers to Mortgagee. <br /> (i) Notwithstanding anything stated to the contrary in this <br /> Agreement,the following transfers shall be permitted and shall not require the approval or consent <br /> of City: <br /> (1) A transfer of the Property (and the concurrent transfer of the <br /> Owner's rights under this Agreement with respect to the Project Phase provided the conditions in <br /> Section 2.5.1 hereof have been complied with as to such Project Phase), at a foreclosure sale under <br /> a Mortgage,whether pursuant to the power of sale contained therein or a judicial foreclosure decree, <br /> or by an assignment in lieu of foreclosure,or <br /> (2) Any subsequent transfer by a Mortgagee (or its nominee or <br /> designee if the Mortgagee, or such nominee or designee, is the purchaser at such foreclosure sale <br /> or under such assignment in lieu of foreclosure) with respect to the Property, and the concurrent <br /> transfer of the Owner's rights under this Agreement with respect to the Project Phase that is <br /> transferred, provided that the conditions in Section 2.5.1 hereof have been complied with as to <br /> such Project Phase. <br /> (ii) Any transferee arising from any transfer permitted above shall be <br /> liable to perform the obligations of Owner, as applicable, under this Agreement only so long as <br /> such transferee holds title to the Property, provided that upon any such conveyance of title, such <br /> transferee's transferee expressly assumes and agrees to perform all of the obligations of this <br /> Agreement first arising after the date of such conveyance to the extent applicable to the Project <br /> Phase. <br /> (iii) Following the transfer, if any, described in Section 9.1.4(b)(i) <br /> above,all non-curable defaults existing under this Agreement prior to such transfer shall be deemed <br /> waived without further notice or action of any party. <br /> Ordinance No. NS-3087 <br /> Page 31 of 41 <br /> i <br />