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assumed the Developer's obligations under this Agreement, shall be released from all obligations <br /> under this Agreement arising after such Person assigns this Agreement and the Site to an <br /> assignee consented to by the City. <br /> 6.5.12 Statement of Citv Rig�. A Lender shall include a statement in any <br /> notice of foreclosure sale disclosing the requirements for the City's consent to an assignee or <br /> purchaser upon foreclosure. <br /> 6.5.13 Restrictions on Transfer. No Lender shall assign its Permitted <br /> Encumbrance, in whole or in part, to any Person that is not a Lender, without the City's prior <br /> written consent, in each instance, which consent shall be granted or denied within thirty (30) <br /> days after the City's receipt of a written request for consent and all documents reasonably <br /> required by the City to process the request for consent. <br /> 6.5.14 Negotiation of Modifications to this Agreement. The City agrees to <br /> negotiate in good faith with Developer and/or a Lender providing the initial construction Loan <br /> and any potential Lender that is providing financing that refmances the initial construction Loan <br /> ' until completion of construction of the Project, to amend this Agreement to provide such terms <br /> as the Lender may reasonably require to protect its prospective Mortgage against the Site; <br /> provided that such Mortgage shall qualify as a Permitted Encumbrance and any such amended <br /> terms do not materially adversely affect the City's rights or materially increase the City's <br /> obligations or materially decrease the Developer's obligatioz�s under this Agreement. The City <br /> will not be liable to the Developer, any Lender or any other Person for any loss, damage, or <br /> injury of any kind arising from the City's refusal to amend this Agreement in a manner that <br /> would result in any such modifications. Any modifications to this Agreement relating to a <br /> prospective financing between the Developer and a Lender shall be expressly subject to a <br /> condition precedent that the fmancing transaction closes. <br /> 6.5.15 Termination of Permitted Encumbrance Ri ts. If a Lender is entitled <br /> to exercise any rights pursuant to this Section 6.5, then such entitlement shall not terminate, <br /> unless and until such time, if any, as either: (1) its Permitted Encumbrance shall have been <br /> satisfied; (2) such Lender has consented in writing to termination of its rights under this Section <br /> 6.55; or (3) after the City has complied with all requirements of this Section 6.55, the City has <br /> validly terminated this Agreement. Upon any such termination and the City's exercise of its <br /> option under Section 7.9, all obligations formerly secured by Permitted Encumbrance(s) shall no <br /> longer be secured by the Site. <br /> 6.6 No Approval Required After Certificate of Completion Issued. Upon the <br /> issuance of a Certif'icate of Completion, City's right with respect to approval of Loans, <br /> construction financing, loan documents, lender assignments and Transfers shall be of no further <br /> force or effect without the necessity of notice or further agreement. Upon the written request of <br /> Developer following the expiration of the obligations set forth in this Article 6, City agrees to <br /> confirm in writing the expiry of such special covenant and execute and deliver to Developer such <br /> documents or agreements, includiang quitclaim deeds, as aze necessary to remove such expired <br /> special covenant from any recorded document. <br /> � <br /> 2013.118/BLOCK 2 HUNTER STORM <br /> REV:07-2&13 PT <br />