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City Draft <br /> 6/28/13 <br /> 6.5.2 No Grants Durin�Default. Any grant af a security interest in the Site <br /> during the period af any Default by the Developer shalt be null and void, unless all Defaults of <br /> the Developer are cured concurrent with the grant of such security interest. <br /> 6.5.3 No Volunt Amendment or Termination without Consent. No <br /> amendment or tenmination of tl�is Agreement by joizit action of the City and the Developer sha11 <br /> be binding on a Lender,unless done with the prior written consent of the Lender. <br /> 6.5.4 Notices of Default. If the City gives any Notice of Default to the <br /> Developer, the City will promptly send a copy of such Notice to each Permitted Encumbrance of <br /> which the City has received Notice and an address for service of Notices. No Notice by the City <br /> sha11 be effective against a Lender,unless and until the City has sent a copy of such Notice to the <br /> Lender; provided that the City is only required to sena Natices to Lenders of which the City has <br /> received Notice and an address for service of no�ices. <br /> 6.5.5 Cure Rights. A Lender shall have the right, but not the obligation, at <br /> any time prior to ternunation of this Agreement, to perform any obligation and cure any Default <br /> of the Developer under this Agreement. <br /> 6.5.6 Limitadon on Termination Ri t. Tf any Defa�lt of the Developer <br /> shall occur that entitles the City to terminate this Agreernent, the City shall not be entitled to <br /> terminate this Agreement, if a Lender shall do a11 of the following: <br /> {a) In the case of any Monetary Default, cure the Monetary <br /> Default, within fifteen(15)business days after expiration af the time period for the Developer to <br /> cure the Monetary Default; <br /> (b} In tbe case of any Non-Monetary Default that a Lender can <br /> reasonably cure without possession of the Site, provided that the Lender has cured all Monetary <br /> Defaults, the Lender commences the cure of such Non-Monetary Default, within thirty(30) days <br /> following expiration of the time period far the Developer to cure the Non-Monetary Default and, <br /> then, diligently prosecutes the cure of such Non-Monetary Default to completion, within a <br /> reasonable time; <br /> (c) Tn the case of any Non-Monetary Default that a Lender cannot <br /> reasonably cure without possession of the Site, provided that the Lender has cured all Monetary <br /> Defaults, the Lender cammences proceedings to foreclose on its Permitted Encumbrance, witivn <br /> sixty (60) days after expiration of the time period for the Developer to cure the Non-Monetary <br /> Default and, then, c3iligently pursues such foreclosure proceedings to completion, within a <br /> reasonable time. After obtaining possession of the Site, if at all, the Lende�r sha11 coxnmence the <br /> cure of all Non-Monetary Defaults that a Lender can reasonably cure, within thirty (30) days <br /> ai�er obtaining possession of the Site and, then, diligently prosecute the cure of such Non- <br /> Monetary Defaults to cornpletion, within a reasonable tima; 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 ��� af the Site shall be transferred by judicial <br /> 82483.00D0917571312.10 44 <br />