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(g) Conditions Precedent to Termination. Any right of the City to terminate <br /> this Agreement following any Default by the Developer shall be conditioned upon the City <br /> having first given to each Lender of which the City has received notice and an address for <br /> service of notices, written notice of the Default and no Lender timely curing such Default, timely <br /> acquiring fee title to all of the Site or timely commencing foreclosure proceedings under its <br /> Permitted Encumbrance to acquire fee title to all of the Site. <br /> (h) Extension of Cure Ri�ht. If a Lender is prohibited from commencing or <br /> prosecuting a judicial foreclosure or exercising a power of sale under its Permitted Encumbrance <br /> to acquire possession of all of the Site, by reason of any bankruptcy stay or injunction, the time <br /> periods specified in paragraph (�(iii), above, shall be extended by the period of the bankruptcy <br /> stay or injunction (so long as such stay or injunction has not been lifted), so long as the Lender <br /> shall have cured any monetary default of the Developer under this Agreement and shall continue <br /> to pay current all monetary obligations of the Developer under this Agreement, as and when the <br /> same fall due. <br /> (i) Permitted Encumbrance Actions. If a Permitted Encumbrance is in default, <br /> at any time, the Lender shall, as provided by Law, have the right, without the City's prior <br /> consent, subject to paragraph (j), below, to: <br /> (i) Accept an assignment of the Site, subject to this Agreement, in lieu <br /> of foreclosure; or <br /> (ii) Cause a foreclosure sale of the Site, subject to this Agreement, to <br /> be held pursuant to either judicial proceedings or power of sale, pursuant to the applicable <br /> Permitted Encumbrance. <br /> (j) Holder Not Obli�ated to Construct Project. The holder of any mortgage, <br /> deed of trust or other security interest authorized by this Agreement shall in no way be obligated <br /> by the provisions of this Agreement to construct or complete the Project or to guarantee such <br /> construction or completion, nor shall any covenant or any other provision in the grant deed far <br /> the Site be construed so to obligate such holder. Nothing in this Agreement shall be deemed to <br /> construe, permit or authorize any such holder to devote the Site or any portion thereof to any <br /> uses or to construct any improvements thereon other than those uses or improvements provided <br /> for or authorized by this Agreement. <br /> (k) Release on Subsequent Transfer. Further, any Lender that has acquired <br /> the Site by exercise of its rights or remedies under its Permitted Encumbrance and assumed the <br /> Developer's obligations under this Agreement, shall be released from all obligations under this <br /> Agreement arising after such person assigns this Agreement and the Site to an assignee <br /> consented to by the City. <br /> (1) Statement of Citv Ri_hts. A Lender shall include a statement in any notice <br /> of foreclosure sale disclosing the requirements for the City's consent to an assignee or purchaser <br /> upon foreclosure. <br /> ATTY/AGR/2015.146/HAMILTON-WINSLOW DDA <br /> REV:08-18-15 VR <br /> Page 27 of 40 <br /> 82483.000 l9\9644366.l b <br />