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City Dr�ft <br /> G/28113 <br /> foreclosure, exercise of power of sale or assignrnent in lieu of foreclosure, pursuant to the <br /> Permitted Encumbrance. <br /> 6.5.7 Conditions Precedent to Termination. Any right of the City to <br /> terminate this Agreement following any Defauit by the Developer sha11 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 Right. If a Lender is prohii�ited fi�om comrnencing <br /> or prosecuting a judicial foreclosure or exercising a power of sale un�.er its Per�xiitted <br /> Encumbrance to acquire possessian of ail of the Site, by reason of any bankruptcy stay or <br /> injunction, the time periods specified in Section 6.5.${c) shall be extended by the perioc� of t.he <br /> bankruptcy stay or injunction (so long as such stay or injunctian has not been lifted), so long as <br /> the Lender shall have cured any Monetary Default of the Developer under this Agreement and <br /> sha11 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 Per�nitted 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 pr�or <br /> consent, subject to Section 6.S.I0,to: <br /> (a} Accept an assignment af the SitE, subject to this Agreement, in <br /> lieu of foreclasure; or <br /> (b) Cause a fareclasure sale of the Site, subject to this Agreement, <br /> to be held pursuant to either judicial proceedings or power af sale, pursuant to the applicable <br /> Permitted Encumbrance. <br /> 6.5.10 Holder Not Obli ated to Construct Pro'ect. The holder of any <br /> mortgage, deed of trust or other security interest authorized by this Agreement sha11 in no way be <br /> obligated by the provisians of this Agreernent to construct ox cornplete the Project or to <br /> guarantee such construction or completion, nor shall any covenant or any other pxovision in the <br /> grant deed for the Site be construed so to obligate such halder. 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 /> G.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 /> assumed the De�eioper's obligations under this Agreement, shalI be released from all obligations <br /> under this Agreement arising after such Person assigns this Agreernent and the Site to an <br /> assignee consented to by t�e City. <br /> 6.5.12 Statement of Ci Ri hts. 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 /> 82483.000091757I312.10 45 <br />