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ORD 2285
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ORD 2285
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9/3/2024 9:20:43 AM
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CITY CLERK
CITY CLERK - TYPE
ORDINANCES
DOCUMENT DATE
8/20/2024
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be binding upon and effective against and inure to the benefit of any person or entity, including <br />any deed of trust beneficiary or mortgagee ("Mortgagee") who acquires title to the Project Site, <br />or any portion thereof, by foreclosure, trustee's sale, deed in lieu of foreclosure, or otherwise. <br />Section 5.2 Mortgagee Not Obligated. Notwithstanding the provisions of <br />Section 5.1 above, no Mortgagee shall have any obligation or duty under this Agreement to <br />perform Developer's obligations or other affirmative covenants of Developer hereunder; <br />provided, however, that a Mortgagee shall not be entitled to devote the Project Site to any uses <br />or to construct any improvements thereon other than those uses or improvements provided for <br />or authorized by this Agreement, or by the Project Approvals and Applicable Law. <br />Section 5.3 Notice of Default to Mortgagee; Right of Mortgagee to Cure. If City <br />receives a notice from a Mortgagee requesting a copy of any Default Notice given to Developer <br />hereunder and specifying the address for service thereof, then City shall deliver to such <br />Mortgagee, concurrently with service thereon to Developer, any notice given to Developer with <br />respect to any claim by City that Developer has committed a default, and if City makes a <br />determination of noncompliance hereunder, City shall likewise serve notice of such <br />noncompliance on such Mortgagee concurrently with service thereof on Developer. Each <br />Mortgagee shall have the right (but not the obligation) during the same period available to <br />Developer to cure or remedy, or to commence to cure or remedy, the event of default claimed or <br />the areas of noncompliance set forth in City's notice. <br />Section 5.4 No Supersedure. Nothing in this Article 5 shall be deemed to <br />supersede or release a Mortgagee or modify a Mortgagee's obligations under any subdivision <br />improvement agreement or other obligation incurred with respect to the Project outside this <br />Agreement, nor shall any provision of this Article 5 constitute an obligation of City to such <br />Mortgagee, except as to the notice requirements of Section 5.3. <br />Section 5.5 Technical Amendments to this Article 5. City agrees to reasonably <br />consider and approve interpretations and/or technical amendments to the provisions of this <br />Agreement that are required by lenders for the acquisition and construction of the improvements <br />on the Project Site or any refinancing thereof and to otherwise cooperate in good faith to <br />facilitate Developer's negotiations with lenders. <br />ARTICLE 6 Miscellaneous <br />Section 6.1 Amendments. The Agreement may be amended in writing by the <br />Parties, by mutual agreement, consistent with the procedures set forth in the Development <br />Agreement Statute, as it is amended from time to time. <br />Section 6.2 No Damages Relief. The Parties acknowledge that neither Party <br />would have entered into this Agreement if it were exposed to damages claims by the other Party <br />for any breach of this Agreement. As such, the Parties agree that in no event shall either Party <br />be entitled to recover damages against the other Party for breach of this Agreement. To the <br />extent permitted by law, specific enforcement of this Agreement, including specific performance <br />of Developer's payment obligations set forth in Section 3.2(a) -(f), is the proper and desirable <br />remedy. <br />Section 6.3 Cooperation in Event of Legal Action. In the event of an <br />administrative, legal or equitable action or other proceeding instituted by a third -party <br />challenging the validity of this Agreement or any Project Approval or Subsequent Approval, the <br />
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