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RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.
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RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.
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9. Severability. The unenforceability or invalidity of any provision hereof shall not <br />render any other provision or provisions herein contained unenforceable or invalid. <br />10. Notice. Any notices and other communications permitted or required by the <br />provisions of this Agreement shall be in writing and shall be deemed to have been properly given or <br />served by depositing the same with the United States Postal Service, or any official successor <br />thereto, designated as registered or certified mail, return receipt requested, bearing adequate <br />postage, or delivery by reputable private carrier and addresses as set forth above. <br />11. Transfer of Title to Lender. The Authority agrees that in the event the Lender, a <br />transferee of Lender, or a purchaser at foreclosure sale, acquires title to the Property pursuant to a <br />foreclosure, or a deed in lieu thereof, the Lender, transferee, or purchaser shall not be bound by the <br />terms and conditions of the Contract except as expressly herein provided. Further the Authority <br />agrees that in the event the Lender, a transferee of Lender, or a purchaser at foreclosure sale <br />acquires title to the Property pursuant to a foreclosure sale or a deed in lieu thereof, then the Lender, <br />transferee, or purchaser shall be entitled to all rights conferred upon the Redeveloper under the <br />Contract, provided that no condition of default exists and remains uncured beyond applicable cure <br />periods in the obligations of the Redeveloper under the Contract. <br />12. Amendments. The Authority hereby represents and warrants to Lender for the <br />purpose of inducing Lender to make advances to Redeveloper under the Loan Documents that <br />Authority will not agree to any amendment or modification to the or any TIF Note issued under the <br />Contract that materially affects the collection of Available Tax Increment (as defined in the <br />Contract) in any way affects the Property without the Lender's written consent. <br />C-3 <br />623340v3SA730-2 <br />
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