ORD 2010 - Laserfiche WebLink

lender(s) providing such financing may require certain Agreement interpretations and modifications and agrees, from time to time, to meet with SPA or a Developer and representatives of such lender(s) to negotiate in good faith any such request for interpretation or modification. City will not unreasonably withhold its consent to any such requested interpretation or modification provided such interpretation or modification is consistent with the intent and purposes of this Agreement. Any mortgagee of a mortgage or a beneficiary of a deed of trust ("Mortgagee") of the Property shall be entitled to the following rights and privileges: (a) Neither entering into this Agreement nor a breach of this Agreement shall defeat, render invalid, diminish, or impair the lien of any mortgage or deed of trust made in good faith and for value on the Project Site or a portion thereof. (b) If City timely receives a request from a Mortgagee requesting a copy of any notice of default given to SPA or a Developer under the terms of this Agreement, City shall provide a copy of any such notice to the Mortgagee within 10 days of receiving the request. The Mortgagee shall have the right, but not the obligation, to cure the default during the remaining cure period allowed such party under this Agreement. (c) Any Mortgagee who comes into possession of the Project Site, or any portion thereof, pursuant to foreclosure of the mortgage or deed of trust, or deed in lieu of such foreclosure, shall take the Project Site, or portion thereof, subject to the terms of this Agreement; provided, however, in no event shall such Mortgagee be liable for any defaults or monetary obligations of SPA or a Developer arising prior to acquisition of title to the Project Site, or portion thereof, by such Mortgagee, except that any such Mortgagee or its successors or assigns shall not be entitled to a building permit or occupancy certificate until all delinquent and current fees and other monetary obligations due under this Agreement for the portion of the Project Site acquired by such Mortgagee have been paid to City. Section 8.06. Notice of Compliance Generally. Within thirty 30 days following a written request from SPA or a Developer, City shall execute and deliver to SPA or a Developer (or to any party requested by SPA or Developer) a written "Notice of Compliance," in recordable form, duly executed and acknowledged by City, that certifies: (a) This Agreement is unmodified and in full force and effect, or, if there have been modifications hereto, that this Agreement is in full force and effect as modified and stating the date and nature of such modifications; (b) There are no current uncured defaults under this Agreement or specifying the dates and nature of any such default; 23