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security interest creating a lien or encumbrance upon the Property, having first exercised its option to <br />construct, has not proceeded diligently with construction, the Agency shall be afforded those rights against <br />such holder which it would otherwise have against Developer under this Agreement. <br />2.05 Right of Agency to Cure. <br />In the event of a default or breach by the Developer of a mortgage, deed of trust or other security <br />instrument prior to issuance of a Certificate of Completion for all of the Improvements, and the holder has <br />not exercised its option to complete the Improvements, the Agency may terminate the Agreement by <br />writing. <br />2.06 Holder to be Notified. <br />The Developer, for itself, its successors and assigns hereby warrants and agrees that each term <br />contained herein dealing with security financing and rights of holders shall be either inserted into the <br />relevant deed of trust or mortgage or acknowledged by the holder prior to its coming into any security right <br />or interest in the Property. <br />2,07 Modifications to Agreement. <br />The Agency shall not unreasonably withhold its consent to modifications of this Agreement <br />requested by Developer's lender or lenders provided such modifications do not alter the Agency's <br />substantive rights and obligations under this Agreement. <br />Article Three: GENERAL PROVISIONS <br />3.01 Notices, Demands and Communications. <br />Formal notices, demands, and communications between the Agency and the Developer shall be <br />sufficiently given if and shall not be deemed given unless dispatched by regular U.S. mail or delivered <br />personally, to the principal office of the Agency and the Developer as follows: <br />Agency: San Leandro Redevelopment Agency <br />835 East 14th Street <br />San Leandro, California 94577 <br />Attn: John J. Jermanis, Executive Director <br />Developer: 1040 Davis Partnership LLC <br />2081 Adams Avenue <br />San Leandro, California 94577 <br />Attn: Claire Koenig <br />Such written notices, demands and communications may be sent in the same manner to such <br />other addresses as the affected Party may from time to time designate by mail as provided in this Section <br />3.01. <br />3.02 Conflict of Interests. <br />Disposition and Development Page 14 <br />Agreement - 1040 Davis Street May 14, 2004 FINAL <br />