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BRIGGS&MORGRN Fax:6512236645 Dec 11 '98 16:53 P.04 Section 8 .3 . Notice of Default; Copy to Mortgagee . 3-S 19 Section 8 .4 . Mortgagee' s Option to Cure Defaults . . i-t Section 8 .5 . City' s Option to Cure Default on Mortgage tt 19 Section 8 .6. Subordination and Modification for the Benefit of Mortgagees . . . . . . . . . 3 20 ARTICLE IX - PROHIBITIONS AGAINST ASSIGNMENT AND TRANSFER; INDEMNIFICATION 2e 21 Section 9 .1 . Transfer of Substantially All Assets 2 21 Section 9 .2 . Prohibition Against Transfer of Property and Assignment of Agreement 20 2.1 Section 9 .3 . Release and Indemnification Covenants 2* 22 Section 9 .4 . Approvals 22 23 ARTICLE X - DEVELOPER EVENTS OF DEFAULT 23" 24 Section 10 . 1. Events of Default Defined �} Section 10 .2 . Remedies on Default 2* 25 Section 10 .3 . No Remedy Exclusive *4- 25 Section 10 .4 . No Implied Waiver 25 25 Section 10 . 5. Agreement to Pay Attorney's Fees and Expenses . . . . . . . . . . . . . . 26 ARTICLE XI - ADDITIONAL PROVISIONS 26 27 Section 11. 1. Restrictions on Use , .2S- 27 Section 11 . 2 . Conflicts of Interest 0 2* 27 Section 11.3 . Titles of Articles and Sections . . . 2.6- 27 Section 11 .4 . Notices and Demands 26 27 Section 11.5 . Counterparts . . 27 28 Section 11. 6 . Modification 2-7- 28• Section 11.7 . Law Governing 2-7 28 Section 11.8 . Legal Opinions 27 28 Section 11.9 . Jobs Act 21' 28 Section 11. 10 . Reports 2e a Section 11 . 11. City Approvals *e 29 Section 11. 12 . Rule of Construction 2g 29 EXHIBITS: EXHIBIT A - ASSESSMENT AGREEMENT EXHIBIT B - LEGAL DESCRIPTION OF DEVELOPMENT PROPERTY EXHIBIT C - MINIMUM IMPROVEMENTS EXHIBIT D - FORM OF LEGAL OPINION OF DEVELOPER'S COUNSEL EXHIBIT E - LEGAL DESCRIPTION OF ADJACENT DEVELOPMENT PROPERTY EXHIBIT F - LEGAL DESCRIPTION OF REGIONAL HOLDING POND LAND 96533.6.Red V2 to Vl; 12/11/98