ORD 1815A - Laserfiche WebLink

promptly notify City of the lien of any Mortgage that has been created on or attached to the Property. ) 10.3 Mortl!al!ee Not Oblil!ated to Construct. Notwithstanding anything to the contrary contained in this Agreement (including, without limitation, those provisions that are or are intended to be covenants running with the land), a Mortgagee, including any Mortgagee who obtains title to the Property or any portion thereof as a result of foreclosure proceedings or conveyance or other action in lieu thereof, or other remedial action, shaiI not be obligated or have a duty under this Agreement or the other Project Approvals to construct or complete any improvements or to guarantee their construction or completion, or to perform any other obligations hereunder solely because of the Mortgagee holding a Mortgage or other interest in the Properly, this Agreement or the other Project Approvals. The foregoing provisions shall not be applicable to any other party who, after such foreclosure, conveyance, or other action in lieu thereof, or other remedial action, obtains title to the Property or such part from or through such Mortgagee, or any other purchaser at a foreclosure sale other than the Mortgagee itself. A breach of any obligation secured by any Mortgage or other lien against the Mortgaged interest or a foreclosure under any Mortgage or other lien shall not by itself defeat, diminish, render invalid or unenforceable, or otherwise impair the obligations or rights of Property Owner under this Agreement or the other Project Approvals. Subject to the provisions of the first sentence of this Section 10,3, any person, including a Mortgagee, who acquires title to all or any portion of the mortgaged property by foreclosure, trustee's sale, deed in lieu of foreclosure, or otherwise, shall succeed to all of the rights and obligations of Property Owner under this Agreement and the other Project Approvals, and shall take title subject to all of the terms and conditions of this Agreement and the other Project Approvals. Nothing in this Agreement or the other Project) Approvals shall be deemed or construed to permit or authorize any such holder to devote any portion of the Property to any uses, or to construct any improvements, other than the uses and improvements provided for or authorized by this Agreement and the other Project Approvals. 10.4 Notice of Breach. If City receives a notice from a Mortgagee requesting a copy of any notice of breach given Property Owner hereunder and specifying the address for service thereof, the City shall deliver to such Mortgagee, concurrently with service thereon to Property Owner, any notice given to Property Owner with respect to any claim by City that Property Owner has committed an event of default or breach of its obligations or covenants under this Agreement or the other Project Approvals, and if City makes a determination of noncompliance made in conjunction with the Annual Review process described in Section 6.4, City shall likewise serve notice of such noncompliance on such Mortgagee concurrently with service thereon on Property Owner, In addition, if such breach or default remains uncured for the period allowed for cure with respect thereto under this Agreement. City shall deliver a notice of such failure to cure to each such Mortgagee. Delay or failure by City to provide any Mortgagee with a notice required by this subsection shall not be the basis for any claims by the Mortgagee for money damages from the City, but shall, to the extent to which the failure to give notice has impaired the Mortgagee's ability to cure, extend the time for that Mortgagee's cure period and delay the rights of the City against that mortgaged property with respect to the breach or default or finding of noncompliance that is the subject of the notice. 10.5 Mortl!agee's Right to Cure Defaults bv Proiect Soonsor. A Mortgagee shall have the right, at its option, to cure any default or breach by Property Owner under this Agreement or ) 356901849375vI4 - 32. 08125100