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performance upon its exercise of the Option, and that an award of damages shall not be adequate to compensate the City for Owner's <br />failure to perform according to the terms of this Agreement. <br />27. Rights of Institutional Mortgagees. For purposes of this Agreement, an "institutional" Mortgagee is a first <br />Mortgagee that is: (i) a federally or state chartered or licensed bank or savings and loan association; (ii) a mortgage company or <br />other entity chartered or licensed under Applicable Laws whose principal business is lending money on the security of real property or <br />investing in such loans; (iii) an insurance company; (iv) a federal or State agency or instrumentality including, without limitation, the <br />Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; or (v) an insurer or governmental <br />guarantor of a first Mortgage including the Federal Housing Administration and the Veterans Administration. A "first Mortgage" or "first <br />Mortgagee" is one having a priority as to all other Mortgages encumbering the same Condominium or other portions of the <br />Development. <br />Notwithstanding any other provision hereof, the provisions of this Agreement shall be subordinate to the lien of an <br />Institutional Mortgagee's deed of trust and shall not impair the rights of the Institutional Mortgagee, or such Institutional Mortgagee's <br />assignee or successor in interest, to exercise its remedies under the Institutional Mortgagee deed of trust in the event of default under <br />the Institutional Mortgagee deed of trust by the Owner. Such remedies under the Institutional Mortgagee deed of trust include the <br />right of foreclosure Qudicial or nonjudicial) or acceptance of a deed or assignment in lieu of foreclosure. The exercise of these <br />remedies does not in any manner trigger the City's Option Rights and the City is not entitled to any proceeds from any sale or transfer <br />of the Property. After such foreclosure or acceptance of a deed in lieu of foreclosure this Agreement shall be forever terminated and <br />shall have no further effect as to the Property or any transferee thereafter. <br />SIGNATURES ON NEXT PAGE <br />783016-1 8 <br />