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LYON HOUSING (FIRST STREET) XLVIII, LLC. A DELAWARE LIMITED LIABILITY COMPANY
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LYON HOUSING (FIRST STREET) XLVIII, LLC. A DELAWARE LIMITED LIABILITY COMPANY
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7/21/2014 5:27:20 PM
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Company Name
LYON HOUSING (FIRST STREET) XLVIII, LLC. A DELAWARE LIMITED LIABILITY COMPANY
Contract #
A-2013-195
Agency
PLANNING & BUILDING
Council Approval Date
11/18/2013
Destruction Year
0
Notes
A-2007-082
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or all of Owner's obligations and /or rights hereunder with respect to the <br />Mortgage Parcel, but no such delegation shall be binding upon the City <br />unless and until either Owner or such Mortgagee shall give to the City a <br />true and correct copy of a written instrument effecting such delegation. <br />Such delegation of authority may be effected by the terms of the Mortgage <br />itself, In which case service upon the other Party of an executed <br />counterpart or conformed copy of said Mortgage, together with written <br />notice specifying the provisions therein which delegates such authority to <br />said Mortgagee, shall be sufficient to give such other Party notice of such <br />delegation. No such delegation or assignment shall relieve the Owner of <br />that Mortgage Parcel of any of its obligations hereunder with respect to <br />such Mortgage Parcel, <br />8.9 No Obligation to Cure. Nothing herein contained shall require any <br />Mortgagee to cure any default of Owner referred to above. <br />8.10 Separate Agreement. The City shall, upon request, execute, <br />acknowledge and deliver to each Mortgagee requesting same, an <br />agreement prepared at the sole cost and expense of Owner, in form <br />satisfactory to such Mortgagee and the City, between the City and the <br />Mortgagees, agreeing to all of the provisions hereof, provided Owner pays <br />for all legal and other consulting costs incurred by City In reviewing same. <br />8.11 Estoppel Certificate. Within thirty (30) days after written request <br />therefore, the City shall execute and deliver to any proposed Mortgagee in <br />connection with its new Mortgage and to such Mortgagee thereafter from <br />time to time an estoppel certificate in form and substance satisfactory to <br />Owner and such Mortgagee ( "Estoppel Certificate "). The City hereby <br />agrees to reasonably cooperate in including in any such Estoppel <br />Certificate from time to time any provision which may reasonably be <br />requested by any proposed Mortgagee for the purpose of implementing <br />the Mortgagee protection provisions contained in this Section 8 and <br />allowing such Mortgagee reasonable means to protect or preserve the lien <br />and security interest of its Mortgage hereunder, clarifying the non - <br />applicability of the provisions of this First Amended and Restated <br />Development Agreement to such Mortgagee as it relates to parcels other <br />than the Mortgage Parcel, and /or such other terms and provisions as are <br />customarily required by Mortgagees (taking into account the customary <br />requirements of their participants, syndication partners or ratings <br />agencies) in connection with any such financing; provided, however, that <br />no such Estoppel Certificate shall in any way materially adversely affect <br />any rights of the City or increase any obligations of City under this First <br />Amended and Restated Development Agreement. <br />067619A5448332v9 23 <br />
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