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<br />such obligations. Any such holder properly completing the Project pursuant to this Section shall <br />assume all rights and obligations of Owner under this Agreement and shall be entitled to a <br />Certificate of Completion upon compliance with the requirements of this Agreement and the <br />Regulatory Agreement. <br /> <br />7.4 Failure of Holder to Complete hnorovements. In any case where, six (6) months <br />after default by Owner in completion of construction of the Improvements, the holder of record <br />of any mortgage, deed of trust, or other security interest creating a lien or encumbrance upon the <br />Property has not exercised its option to construct the hnprovements, or having first exercised its <br />option to construct, has not proceeded diligently with construction, Agency shall be afforded <br />those rights against such holder that it would otherwise have against Owner under this <br />Agreement. <br /> <br />7.5 Holder to be Notified. Owner, for itself, its successors and assigns hereby <br />warrants and agrees that each term contained herein dealing with security financing and rights of <br />holders shall be either inserted into the relevant deed of trust or mortgage or acknowledged by <br />the holder prior to its creating any security right or interest in the Property. <br /> <br />7.6 Modifications to Agreement. Agency shall not unreasonably withhold its consent <br />to modifications of this Agreement requested by Owner's lender or lenders provided such <br />modifications do not alter Agency's substantive rights and obligations under this Agreement. <br /> <br />7.7 Estoppel Certificates. Either Party shall, at any time, and from time to time, <br />within thirty (30) days after receIpt of wntten notice from the otht:l' Party, execute and deliver to <br />such Party a written statement certifying that, to the knowledge ofthe certifying Party: (i) this <br />Agreement is in full force and effect and a binding obligation of the Parties (if such be the case), <br />(ii) this Agreement has not been amended or modified, Of if so amended, identifying the <br />amendments, and (iii) the requesting Party is not in default in the performance of its obligations <br />under this Agreement, or if in default, describing the nature of any such defaults. <br /> <br />ARTICLE VIII <br /> <br />ENVIRONMENTAL MATTERS <br /> <br />8.1 No Agency Liability. Owner shall not cause or permit any Hazardous Materials <br />(as defined below) to be brought upon, kept, stored or used in, on, or about the Property by <br />Owner, or the agents, employees, contractors or invitees of Owner except for materials <br />commonly used in construction activities similar to those related to the Project, or in the <br />operation and maintenance of the Property and the Improvements, in each case incompliance <br />with all applicable laws, and shall not cause any release of Hazardous Materials into, onto, under <br />or through the Property. Neither Agency nor City shall be responsible for the cost of dllY soil, <br />groundwater or other envirornnental remediation or other response activities for any Hazardous <br />Materials existing or occurring on the Property or any portion thereof, and Owner shall be solely <br />responsible for all actions and costs associated with any such activities required for the operation <br />ofthe Project, the Property, or any portion thereof. Upon receipt of any notice regarding the <br />presence, release or discharge of Hazardous Materials in, on or under the Property, or any <br /> <br />818642.2 <br /> <br />14 <br />