11-25-1996 EDA - Laserfiche WebLink

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and maintain the Premises (which may �nclude the eppointi�ent of a recelvec thc�efor� and to disch�rge its other obligations to be assumed with respect thereto vnder and pursuanx to the Development Agreement. The Lender shall have no right under this Agreement to assume or bccome Developer under thB Devetopment Agreement, to receive payments under the EDA Note, or to exercise any rights, benefits or privileges under the same unless the Company shzll be in default under the terms of any of tho documents evidencing or securing the L,oan, and such defeult sha]I not have been cured within any.applicable grace ar cure period. The Authority shall be entitled to rece�ve and rely on notice given by the Lender of its right to exercise its privileges under this Agreement, artd the Authority shall have no obligation to inquire as to the validity of the Lender's assertion of said rights hereunder. In the absence of the Lender's assumption of the Devclop�nent Agreement under this paragraph b, nothing in this Agreement and no action or farbearance t�ken or riblit exercised by the Lender heteunder is lntended or s}�all to construed to give rise to any oblig�tion on the part of the Lender to perform any obligation of the Develnper under the Development Agreemenea The Lender's assumption of the Development Agreement pursu�nt to �his paragraph shall not extinguish any right� or remedies against the Compat�y which the Authority or the I.end�r may have pursuant 4o any event or oceurrence prior thereto. 7e 1�Tatices. Any �otice wh�ch may be given hercunder shal� be dcemed giveti {a) when personally delivered with receipt therefor or sent by telecopy with the acknowledgement af the sending thereof or (b) if by mail, upon the earlier to occur of (x) three business days after deposit in the United States mail dia certified or registered mail, return receipt requested� or (y) actual receipt thereof, properly addressed to the party to receive svch notice at the address of sueh pazty set fojth below, To L.enc�e�; First Union National B�nk of North Carolina Ona First Union Center, DC6 Challotte, Narth Carolina 28288-d166 Attention; Capital Markets Group with a copy by regular mail to: Orrick, Herrington & Sutcliffc LLP bG6 Fifth �venue New York, New I�ork 10103-0001 Telep�onea (212) 5p6-5000 Attention: Jeffrey A. I,enobel 33678So2 L 7JU9 ��C1��4 �UN �� F 796 �GS� � 1� 1 I97� � M'IU9]