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thereof, to undertake or continue the construction or <br />completion of the Minimum Improvements, provided that any <br />such holder shall not devote the Development Property to a <br />use inconsistent with the Development Program or this <br />Agreement without the agreement of the City. <br />Section 8.5. City's Option to Cure Default on <br />Mortgage. Any Mortgage authorized pursuant to this Article <br />VIII, and executed by the Developer or any subordination <br />agreement relating to such mortgage entered into by the City <br />with respect to the Development Property or any improvements <br />thereon shall provide that, in the event that the Developer <br />is in default under such Mortgage and the holder of the <br />Mortgage notifies the Developer of such default, the holder <br />of the Mortgage shall also notify the City in writing of: <br />(a) the fact of the default; <br />(b) the elements of the default; and <br />(c) the actions required to cure the default.. <br />If the default is an "Event of Default" under such Mortgage, <br />which shall entitle such holder thereof to foreclose upon <br />the Development Property, the Minimum Improvements or any <br />portion thereof, and any applicable grace periods have <br />expired, the City shall have, and each Mortgage executed by <br />the Developer or any subordination agreement relating to <br />such. Mortgage entered into by the City, with respect to the <br />Development Property or any improvements thereon shall <br />provide that the City shall have such an opportunity to cure <br />the "Event of Default" within such reasonable time period as <br />the holder shall deem appropriate. <br />1054867.2 <br />Section 8.6. Subordination and Modification for the <br />Benefit of Mortgagees. <br />(a) In order to facilitate the obtaining of <br />financing for the construction or purchase of the <br />Minimum Improvements by the Developer, the City agrees <br />Page 79 <br />