11-25-1996 EDA - Laserfiche WebLink

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Authority further ngrees that any written notiee of the occurrence of an Lvent of d�efault unc�er the Deveiopment Agreement sha11 simultaneously be given by tl�e Aittl�ority both to the Cc�mpany attd the I.ender. Prior to the full assumption of the Development Agreement by the Len�er �ursu�nt to paragraph 6 hereof, t}�e Authority sh�rl! recognize a cure of �ny Event of Default effectuated by the Lender as having been t�i<<de by tl�e Company, except that during the pendency of any such Event of Default the references to 30 days in Section 5,2 of the Development Agreement shall be deemed to be 60 days; and provided further that if th� I,ender can demonstrat� to the re�►sonable �atisfact�on of the Autliority that the Lender is proceeding diligently to eure the Event of Default (whic:h may include ste�s by the I.ender to gain contz�ol of the premises in order to do so), then the Authority abrecs not to terminate tlie Development Agreement for a reasonable period, not to exceed twelve months absent agreement between the Lender and thc Autl�ority dt che tune that a l�nger period is appropriate, 5. Auth�rit 's Li 'ted C nsent o Mort 1a e. Bascd upon the representation znade in paragraph 1(� above, the �uthority hereby acicnowledges and agrees that the making of the Lc�an, the execution and delivery of the Note and t1�e Mortgabe, and the executiort and delivery of this Agreement do not give rase to an Event of Default under Section 4.1 or any other provision of the Development Agreement. 6. L.ender's A.ssumption of DeveloJ�ment Agr�ement and Re re ri,tration of EDA Note. Upon written notice frorn the Lender to the Autl�ority, and upon satisfaction of the condit�ons provided in Section 4.1(b) of th$ Devel�pment �reement, which shall include subsequent �greement in writing between the Authority anci the I,ender, the parties to thts Agreeanent agree that ihe Lender is entitled to and shall become the Devcloper under the Development Agreement and shall afso be entitled to become the Regist�red Owner of the EDA l�iote; pravided that at the time immediately prior thereto the Company is the Registered Owr�er thereof; and provided further that the Lender shall not be entiticd ta become Developer under tk�e Development Agreemcnt pursuant to tt�is paragr�ph unless it shall at the same time be �r become Registered Owner under the EDA Note, The Company specifically agrees to execute any and al! documents as may be reasonably necessary to effectuate or consent to said transfers, but the Con�pany also here6y grants to the Lender an irrevocable power of attorney, coupJed with an interest, to execute any and alI documents, agree,nents, certificates, affidavits, or the like, tl�at may be required to cause said tr�ns£ers to occur pursuant to the terms o�'this Agreement; provided that absei,t express writte�n authorization from the Company at the time, the Lendea- sha11 i�'demnify the .Authority �nd hold it harmless from any liability or expense, including attor�ney fees� which may resu�t from any clairn by the Company (or by any ather party claiming a prior interest in t1�e Devclopment Agreement or the EDA Not�) against tl�e Authority respccting its recn�nition of the Idender as Developer under the Develo�ment Agrcement ai�d as 12eglstered Owner of the EI�A Note. The Lender°s right to assutne the Development Agreesnent pursuant to this paragraph ahall be eonting�nt upon the Le�ader establishing to th� re�sonable s��tisfaction of the Authority that the Lender has (ar will have) effectfve control of the Premises pursuant t� foteclosure proceedings, deed ta the Premises in lieu thereof, or other contractual rights which establi9h the Lender's reasonable aUility to �perate 334785.t 4 9 3�t�d �SS��'ON �b;�� 96�°��'11 (I��} WO�� �