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Section 8.2. Approval of Mortgage. The City shall <br />approve a Mortgage if: <br />(a) the City first receives a copy of all mortgage <br />documents; <br />(b) the mortgage loan, together with other funds <br />available to the Developer, will, in the reasonable <br />judgment of the City, be sufficient to construct the <br />Minimum Improvements; <br />(c) the City is not entitled under Section 10.02 <br />to exercise any of the remedies set forth therein as a <br />result of an Event of Default; <br />(d) the City determines that the terms of the <br />Mortgage conform to the terms of Section 8.5. <br />Section 8.3. Notice of Default; Copy to Mortgagee. <br />Whenever the City shall deliver any notice or demand to the <br />Developer with respect to any breach or default by the <br />Developer in his obligations or covenants under the <br />Agreement, the City shall at the same time forward a copy of <br />such notice or demand to each holder of any Mortgage <br />authorized by the Agreement at the last address of such <br />holder shown in the records of the City. <br />Section 8.4. Mortgagee's Option to Cure Defaults. <br />After any breach or default referred to in Section 8.3, each <br />such holder of a Mortgage shall (insofar as the rights of <br />the City are concerned) have the right, at its option, to <br />cure or remedy such breach or default (or such breach or <br />default to the extent that it relates to the part of the <br />Development Property covered by its mortgage) and to add the <br />cost thereof to the Mortgage debt and the lien of its <br />Mortgage; provided, however, that if the breach or default <br />is with respect to construction of the Minimum Improvements, <br />nothing contained in this Section or any other Section of <br />this Agreement shall be deemed to require such holder, <br />either before or after foreclosure or action in lieu <br />1054867.2 <br />Page 78 <br />