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<br /> 26 <br /> <br /> <br />ARTICLE 8. <br />MORTGAGEE PROTECTION; CERTAIN RIGHTS OF CURE <br />8.1. Mortgagee Protection. <br />This Agreement shall not prevent or limit Developer in any manner, at Developer’s sole <br />discretion, from encumbering the Property or any portion thereof or any improvement thereon by <br />any mortgage, deed of trust or other security device securing financing with respect to the <br />Property (“Mortgage”). This Development Agreement shall be superior and senior to any lien <br />placed upon the Property or any portion thereof after the date of recording this Development <br />Agreement, including the lien of any Mortgage. Notwithstanding the foregoing, no breach <br />hereof shall defeat, render invalid, diminish or impair the lien of any Mortgage made in good <br />faith and for value, but all of the terms and conditions contained in this Development Agreement <br />shall be binding upon and effective against and inure to the benefit of any person or entity, <br />including any deed of trust beneficiary or mortgagee (“Mortgagee”) who acquires title to the <br />Property, or any portion thereof, by foreclosure, trustee’s sale, deed in lieu of foreclosure, or <br />otherwise. <br />8.2. Mortgagee Not Obligated. <br />Notwithstanding the provisions of Section 8.1 above, no Mortgagee shall have any <br />obligation or duty under this Development Agreement to perform Developer’s obligations or <br />other affirmative covenants of Developer hereunder; provided, however, that a Mortgagee shall <br />not be entitled to devote the Property to any uses or to construct any improvements thereon other <br />than those uses or improvements provided for or authorized by this Development Agreement, or <br />by the Project Approvals and Applicable Rules. <br />8.3. Notice of Default to Mortgagee; Right of Mortgagee to Cure. <br />If City receives a notice from a Mortgagee requesting a copy of any Notice of Default <br />given to Developer hereunder and specifying the address for service thereof, then City shall <br />deliver to such Mortgagee, concurrently with service thereon to Developer, any notice given to <br />Developer with respect to any claim by City that Developer has committed a default, and if City <br />makes a 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 />8.4. No Supersedure. <br />Nothing in this Article 8 shall be deemed to supersede or release a Mortgagee or modify a <br />Mortgagee’s obligations under any subdivision improvement agreement or other obligation <br />incurred with respect to the Project outside this Development Agreement, nor shall any provision <br />of this Article 8 constitute an obligation of City to such Mortgagee, except as to the notice <br />requirements of Section 8.3.