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miou J1UK(HN Fax:6512236645 Dec 11 '98 17:02 P.25 <br /> Development Property, the Minimum Improvements or any portion <br /> thereof, and any applicable grace periods have expired, the City <br /> shall have, and each Mortgage executed by the Developer or any <br /> subordination agreement relating to such Mortgage entered into by <br /> the City, with respect to the Development Property or any <br /> improvements thereon shall provide that the City shall have such <br /> an opportunity to cure the "Event of Default" within such <br /> reasonable time period as the holder shall deem appropriate. <br /> Section 8 .6. Subordination and Modification ,for thq <br /> Aenefit of Mortgagees. <br /> (a) In order to facilitate the obtaining of financing <br /> for the construction or purchase of the Minimum Improvements <br /> by the Developer, the City agrees to subordinate their <br /> rights under this Agreement and for the purposes described <br /> in Section 8 . 1 (a) of this Agreement, but only provided that <br /> the First Mortgage provides that if the holder of the First <br /> Mortgage• shall foreclose on the Development Property, the <br /> improvements thereon, or any portion thereof, or accept a <br /> deed to the Development Property in lieu of foreclosure, it <br /> shall consent to the Assessor's Minimum Market Value set <br /> forth in the Assessment Agreement and provided that such <br /> subordination shall not relieve the Developer of its <br /> obligation hereunder to restore the Development Property in <br /> the event of damage, destruction or condemnation of all or <br /> any part of the Development Property. <br /> (b) In order to facilitate the obtaining of financing <br /> for the construction of the Minimum Improvements, the City <br /> agrees that it shall agree to any reasonable modification of <br /> this Article VIII or Article V, intercreditor agreement or <br /> waiver of its rights hereunder to accommodate the interests <br /> of the holder of the First Mortgage, provided, however, that <br /> the City determines, in their reasonable judgment, that any <br /> such modification(s) will adequately protect the legitimate <br /> interests and security of the City with respect to the <br /> Project and the Development Program. The City also agrees <br /> to consider such modification(s) of this Article VIII with <br /> respect to other folders, and to agree to such modifications <br /> if the City deems such modification(s) necessary and <br /> reasonably, <br /> 965316,Red <br /> V2 to V1; 12/11/9g 21 <br />