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7C Page 236 The holder of an.y z1�;ortgage, deed of trust or other sect�rity instrument secured by the Property or part thereof shall not be obligated to construct or comple�e aa�y innprovements on the Property or ta guarantee such construction or completion. Notl�ing in this Agreement sha11 be deemed to permit or authorize any such holder to devote the Property or ai�y portion thereof to any uses, or to construct any Lnprovements thereon, other than those uses and improvements provided for or authorized by this Agreement. A lender who comes into passession of the Property or portion thereof pursuant to foreclosure or a deed in lieu of foreclosure, shail have the right in such Ieizder's sole diseretion,to adopt this Agreemet�t in which event such lender sha1.1. receive entitlexnents for development of the Property for the Project subject to tlae tenms and canditions hereof. 6.2 No Impa.irment. Neither this Agreement nor any default hereunder shall defeat, render invalid, dinlinish or vnpair the iien of any mortgage,deed or trust or other instrument securcd by t11e Property. This Agreement shall not prevent or in any manner limit Developer's ability to encmnber the Property or any portion thereof or any iinpz'ovement thereon by any mortgage, deed of trust or other security instrurnent. 6.3 Nolice of Default and Right to Cure. Whenever the City pursuant to its rights set forth in this Agreement delivers any notice or demand to the Developer with respect to the commenceme�lt, completion, or cessation in the constnzction of the Improvements, tl�e City sl�all at the same time deliver to each holder of record of any mortgage, deed of trust or other security interest secured by the Property or part thereof, copy of such notice or demand. Each such holder shall(insofar as the rights of the City are coneerned)have the right, but not the obligation, at its aption,within ninety{90) days after the receipt of the notice,to cure or rcinedy or commence to cure or remedy any such default or breach. Nofihing contained in this Agreemei�t shall be deemed to pez7nit or authorize sueh holder to undertake or continue the construction or completion of the improvernents (beyond the extent necessary to coi�serve or protect such improvements or construction already made)without f�rst having expressly assumed in writing the Devetoper's obligations to the City relating specifically to such irnprovements under this Agreernent. The holder in that event must agree to complete, in the manner provided in t4�is Ageement, the im�rovements and snbmit evidence reasonably satisfactory to ti�e City tlzat it has the developmental capability on staff or retainer and fmancial capacity necessary to perform such obligations. Any such halder properly completing such iniprovements pursuant to this paragraph shall assume all rights and obtigations of Developer under tl�is Agreement. ARTICLE 7: AMENDMENT OF AGREEli�IENT; ANNUAL REVIEW 7.1. Madif cations to Agreement. (a) Modification Due to Reqnest bv Lender. The City shall not unreasonably witl�hold its conse��t ta zuodifications of this Agreement rec�uested by Developer's lender or lenders provided l 025843-6 15 DRAFT 12I12/07 3:00 PM