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assume Developer’s obligation to construct the Project, Mortgagee shall not be bound by the <br />Developer’s completion date, provided that, upon assuming such obligation. Mortgagee shall <br />diligently proceed to completion. If, after acquiring Developer’s interest in the Property, <br />Mortgagee elects not to assume Developer’s obligation to complete the Project, Mortgagee shall <br />so notify City with 90 days after Mortgagee’s acquisition of the Developer’s interest in the <br />Property, and Mortgagee shall use good faith efforts to sell such interest within six (6) months <br />after delivery of such notice to a developer who will construct the Project. <br />8.4 City Right to Cure Defaults. In the event of a breach or default by Developer <br />under a mortgage or deed of trust secured by the Property, City may cure the default, without <br />acceleration of the subject loan, following prior notice thereof to the holder of such instrument <br />and Developer. In such event, Developer shall be liable for, and City shall be entitled to <br />reimbursement from Developer for all costs and expenses incurred by City associated with and <br />attributable to the curing of the default or breach and such sum shall constitute a part of the <br />indebtedness secured by the Leasehold Deed of Trust. <br />8.5 Holder to be Notified. Developer, 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 />8.6 Modifications to Agreement. City shall not unreasonably withhold its consent to <br />modifications of this Agreement, the Leasehold Deed of Trust, Security Agreement, Regulatory <br />Agreement, HOME Note or City Note requested by Project lenders or investors provided such <br />modifications do not alter City’s substantive rights and obligations under this Agreement. <br />8.7 Estoppel Certificates. Any Party shall, at any time, and from time to time, within <br />thirty (30) days after receipt of written request from the other Party, execute and deliver to such <br />Party a written statement certifying that, to the knowledge of the 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, or 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 IX. <br /> <br />ENVIRONMENTAL MATTERS <br />9.1 No City Liability; Developer’s Covenants. City shall not be responsible for the <br />cost of any soil, groundwater or other environmental remediation or other response activities for <br />any Hazardous Materials, if any, existing or occurring on the Property or any portion thereof, and <br />Developer shall be solely responsible for all actions and costs associated with any such activities <br />required by any regulatory agency with jurisdiction over the Property and/or required for the <br />development of the Project, the Property, or any portion thereof. Upon receipt of any notice <br />regarding the presence, release or discharge of Hazardous Materials in, on or under the Property, <br />or any portion thereof, Developer (as long as Developer owns the property which is the subject <br />144\259\1892880.4 <br />25