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NS-2893
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Last modified
2/23/2016 3:30:38 PM
Creation date
2/23/2016 10:03:33 AM
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Template:
City Clerk
Doc Type
Ordinance
Doc #
NS-2893
Date
2/16/2016
Destruction Year
P
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Property (or portion thereof) if and to the extent any such Mortgagee has <br />within such thirty (30) day period commenced proceedings to obtain title <br />and /or possession and thereafter the Mortgagee diligently pursues such <br />proceedings to completion and cures or remedies the Breach, provided <br />that, in such event, all noncurable Defaults shall be waived. <br />8.3 Mortgagee Not Obligated Under this Development Agreement. <br />Unless a Mortgagee expressly assumes Owner's Obligations to the City in <br />accordance with Section 8.2, no Mortgagee shall in any way be obligated <br />by the provisions of this Development Agreement, nor shall any covenant <br />or any other provision in this Development Agreement be construed to <br />obligate such Mortgagee. Nothing in this Development Agreement shall be <br />deemed to construe, permit or authorize any such Mortgagee to devote <br />the Mortgage Parcel to any uses or to construct any improvements on the <br />Mortgagee Parcel, other than those uses or improvements provided for or <br />authorized by this Development Agreement. <br />8.4 No Liability. No Mortgagee shall have any liability beyond its interest in <br />the Mortgage Parcel acquired through enforcement of its Mortgage for the <br />performance or payment of any covenant, liability, warranty or obligation <br />under this Development Agreement. City agrees that it shall look solely to <br />the interests of such Mortgagee in such Mortgage Parcel for payment or <br />discharge of any such covenant, liability, warranty or obligation. <br />8.5 No Amendment or Termination. This Development Agreement shall <br />not, without the prior written consent of all Mortgagees holding Mortgages <br />on any portion of the Property, be amended to (a) terminate this <br />Development Agreement prior to the expiration of the Term (except as <br />expressly provided above) or (b) change any provision of this <br />Development Agreement which, by its terms, is specifically for the benefit <br />of Mortgagees. No amendment to this Development Agreement affecting <br />the Property or any part thereof, made without the consent of any <br />Mortgagee holding a Mortgage on such Property, or any part thereof, shall <br />be binding upon such Mortgagee or its successors in interest should it <br />become a party hereto. <br />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 />19 <br />
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