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<br />value, but all of the terms and conditions contained in this Agreement are binding <br /> <br />upon and effective against any person (including any Mortgagee) who acquires title <br /> <br />to the Property, or any portion thereof, by foreclosure, trustee's sale, deed in lieu of <br /> <br />foreclosure, or otherwise. <br /> <br />(b) <br /> <br />Notwithstanding the provisions of subsection (a), no Mortgagee has <br /> <br />any obligation or duty under this Agreement to construct or complete the <br /> <br />construction of improvements, or to guarantee that construction or completion, but <br /> <br />no Mortgagee may devote the Property to any uses or construct any improvements <br /> <br />thereon other than those uses or improvements provided for or authorized by this <br /> <br />Agreement and any Approvals obtained by Flatirons. <br /> <br />(c) <br /> <br />If City receives notice from a Mortgagee requesting a copy of any notice <br /> <br /> <br />of default given Flatirons under this Agreement and specifying the address for <br /> <br />service thereof, City shall deliver to that Mortgagee, concurrently with service on <br /> <br />Flatirons, any notice given to Flatirons with respect to any claim by City that <br /> <br />Flatirons has committed an Event of Default, and if City makes a determination of <br /> <br />noncompliance under Section 20, City shall also serve notice of that noncompliance <br /> <br />on that Mortgagee concurrently with service on Flatirons. Notwithstanding <br /> <br />anything to the contrary in Sections 20 and 24, each Mortgagee has a period of 90 <br /> <br />days after the receipt of that notice from City to cure or remedy, or to commence to <br /> <br />cure or remedy, the Event of Default claimed or the areas of noncompliance set <br /> <br />forth in City's notice. If the Event of Default or the noncompliance is of a nature <br /> <br />that can only be remedied or cured by the Mortgagee upon obtaining possession, the <br /> <br />Mortgagee shall diligently seek to obtain possession through a receiver or otherwise, <br /> <br />-43- <br /> <br />DV AGR0'3.rxJC <br />August 26, 1996 <br />