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after obtaining possession of the Site and, then, diligently prosecute the cure of such Non- <br /> Monetary Defaults to completion, within a reasonable time; and <br /> (d) Perform all of the Developer's covenants of this Agreement <br /> that can be performed by such Lender, until such time as the applicable Permitted Encumbrance <br /> shall be released or reconveyed or the fee title to all of the Site shall be transferred by judicial <br /> foreclosure, exercise of power of sale or assignment in lieu of foreclosure, pursuant to the <br /> Permitted Encumbrance. <br /> 6.5.7 Conditions Precedent to Ternunation. Any right of the City to <br /> terminate this Agreement following any Default by the Developer shall be conditioned upon the <br /> ' City 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, <br /> timely acquiring fee title to all of the Site or timely commencing foreclosure proceedings under <br /> its Permitted Encumbrance to acquire fee title to all of the Site. <br /> 6.5.8 Extension of Cure Ri�ht. If a Lender is prohibited from commencing <br /> or prosecuting a judicial foreclosure or exercising a power of sale under its Permitted <br /> Encumbrance to acquire possession of all of the Site, by reason of any bankruptcy stay or <br /> : injunction, the time periods specif'ied in Section 6.5.6{c) shall be extended by the period of the <br /> bankruptcy stay or injunction (so long as such stay or injunction has not been lifted), so long as <br /> the Lender shall have cured any Monetary Default of the Developer under this Agreement and <br /> shall continue to pay current all monetary obligations of the Developer under this Agreement, as <br /> and when the same fall due. <br /> 6.5.9 Permitted Encumbrance Actions. If a Permitted Encumbrance is in <br /> default,at any time,the Lender shall,as provided by Law,have the right, without the City's prior <br /> consent, subject to Section 6.5.10,to: <br /> (a) Accept an assignment of the Site, subject to this Agreement, in <br /> lieu of foreclosure; or <br /> ' (b) Cause a foreclosure sale of the Site, subject to this Agreement, <br /> to be held pursuant to either judicial proceedings or power of sale, pursuant to the applicable <br /> Permitted Encumbrance. <br /> 6.5.10 Holder Not Obligated to Construct Project. The holder of any <br /> ' mortgage, deed of trust or other security interest authorized by this Agreement shall in no way be <br /> obligated by the provisions of this Agreement to construct or complete the Project or to <br /> guarantee such construction or completion, nor shall any covenant or any other provision in the <br /> grant deed for the Site be construed so to obligate such holder. Nothing in this Agreement shall <br /> be deemed to construe, permit or authorize any such holder to devote the Site or any portion <br /> ' thereof to any uses or to construct any improvements thereon other than those uses or <br /> improvements provided for or authorized by this Agreement. <br /> . 6.5.11 Release on Subsequent Transfer. Further, any Lender that has <br /> acquired the Site by exercise of its rights or remedies under its Permitted Encumbrance and <br /> 45 <br /> , 2013.118/BLOCK 2 HUNTER STORM <br /> REV:07-26-13 PT <br />