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<br />(c) the City is not entitled under Section 10.02 to exercise any of the remedies <br />set forth therein as a result of an Event of Default; <br /> <br />(d) the City determines that the terms of the Mortgage conform to the terms of <br />Section 8.5. <br /> <br />Section 8.3. Notice of Default; COPY to Mortgagee. Whenever the City or the City <br />shall deliver any notice or demand to the Developer with respect to any breach or default by the <br />Developer in his obligations or covenants under the Agreement, the City shall at the same time <br />forward a copy of such notice or demand to each holder of any Mortgage authorized by the <br />Agreement at the last address of such holder shown in the records of the City. <br /> <br />Section 8.4. Mortgagee's Option to Cure Defaults. After any breach or default referred <br />to in Section 8.3, each such holder of a Mortgage shall (insofar as the rights of the City are <br />concerned) have the right, at its option, to cure or remedy such breach or default (or such breach <br />or default to the extent that it relates to the part of the Development Property covered by its <br />mortgage) and to add the cost thereof to the Mortgage debt and the lien of its Mortgage; <br />provided, however, that if the breach or default is with respect to construction of the Minimum <br />Improvements, nothing contained in this Section or any other Section of this Agreement shall be <br />deemed to require such holder, either before or after foreclosure or action in lieu thereof, to <br />undertake or continue the construction or completion of the Minimum Improvements, provided <br />that any such holder shall not devote the Development Property to a use inconsistent with the <br />Development Plan or this Agreement without the agreement of the City. <br /> <br />Section 8.5. City's Option to Cure Default on Mortgage. Any Mortgage authorized <br />pursuant to this Article VIII, and executed by the Developer or any subordination agreement <br />relating to such mortgage entered into by the City with respect to the Development Property or <br />any improvements thereon shall provide that, in the event that the Developer is in default under <br />such Mortgage and the holder of the Mortgage notifies the Developer of such default, the holder <br />of the Mortgage shall also notify the City in writing of: <br /> <br />(a) the fact of the default; <br /> <br />(b) the elements of the default; and <br /> <br />(c) the actions required to cure the defau It. <br /> <br />If the default is an "Event of Default" under such Mortgage, which shall entitle such holder <br />thereof to foreclose upon the Development Property, the Minimum Improvements or any portion <br />thereof, and any applicable grace periods have expired, the City shall have, and each Mortgage <br />executed by the Developer or any subordination agreement relating to such Mortgage entered <br />into by the City, with respect to the Development Property or any improvements thereon shall <br />provide that the City shall have such an opportunity to cure the "Event of Default" within such <br />reasonable time period as the holder shall deem appropriate. <br /> <br />Section 8.6. City's Option to Cure Default on Mortgage. Any Mortgage authorized <br />pursuant to this Article VIII, and executed by the Developer or any subordination agreement <br /> <br />23 <br />