Laserfiche WebLink
8.6 Condemnation or Insurance Proceeds. Nothing in this Development <br />Agreement shall impair the rights of any Mortgagee, pursuant to its <br />Mortgage, to receive insurance and /or condemnation proceeds which are <br />otherwise payable to Owner granting such Mortgage. <br />8.7 Title by Foreclosure. Except as otherwise set forth herein, all of the <br />provisions contained in this Development Agreement applicable to any of <br />the Mortgage Parcel shall be binding on and for the benefit of any person <br />who acquires title to the property, or any part thereof, by foreclosure under <br />a Mortgage or transfer by deed in lieu. <br />8.8 Delegation to Mortgagee. Owner may delegate and /or assign <br />irrevocably to any Mortgagee the non - exclusive authority to exercise any <br />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 />11 A -39 <br />