ORD 1650 - Laserfiche WebLink

thereof, by foreclosure, trustee's sale, deed in lieu of foreclosure or otherwise. 14.2 Mort_~agee Not Obligated. No foreclosing Mortgagee shall have any obligation or duty under this Agreement to construct or complete the construction of any improvements required in connection with this Agreement, or to pay for or guarantee construction or completion thereof. County or City, upon receipt of a written request therefor from a foreclosing Mortgagee, shall permit the Mortgagee to succeed to the rights and obligations of Partners under this Agreement, provided that all defaults by Partners thereunder, if any, that are reasonably susceptible to being cured, are cured by the Mortgagee as soon as reasonably possible. The foreclosing Mortgagee thereafter shall comply with all of the provisions of this Agreement. 14.3 Notice of Default to Mortgagee. If the County or City receives notice from a Mortgagee requesting a copy of any Notice of Default given to Partners hereunder and specifying the address for service thereof, the County or City shall deliver to the Mortgagee, concurrently with service thereof to Partners, any notice given to Partners describing any claim by the County or City that Partners have defaulted hereunder. If the County or City determines that Parmers is in noncompliance with this Agreement, the County or City also shall serve notice of noncompliance on the Mortgagee, concurrently with service thereof on Partners. Each Mortgagee shall have the right during the same period available to Parreefs to cure or remedy, or to commence to cure or remedy, the condition of default claimed or the areas of noncompliance set forth in the County's or City's notice. 15. A~i]~. 15.1 8~9.d~I,~. Subject to the approval of the County or City (as to that portion of the Subject Property annexed to it), which approval shall not be unreasonably withheld, Partners may assign its rights to develop the Project hereunder to any successor in interest which acquires any legal or equitable interest in any portion of the Project, which rights shall run with the property on which the Project is constructed. Each permitted successor in intereel ;_-,. P~'tr',e."s shall be bound by all of the terms and provisions hereof applicable to that portion of the Project acquired by it. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties' successors, assigns and legal representatives. This Agreement shall be recorded by the County in the Alameda Recorder's Office promptly upon execution hereof by all parties. 15.2 Release Upon Transfer. Upon the sale, transfer or assignment in whole or in pan of Partners' rights and interests under this Agreement under Section 15.1, Pamers shall be released from its obligations under this Agreement with respect to the portion of the Project so transferred; provided, however, that (i) Partners are not then in default under this Agreement; (ii) Partners have provided written notice of such transfer to the County and City; and (iii) subject to the exceptions stated herein below, the transferee executes and delivers to the County and City a written Assumption Agreement in which (a) the names and address of the 3\11/93: n~lfll.4evellnn_J.alm 13