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5 or the Phase I Owner under the Development Agreement. 7.The Authority and the City hereby approve the financing for the Phase I Project as contemplated by the Loan Documents to the extent such approval is required under the Development Agreement. Such approval does not in any way constitute an opinion on the part of the Authority or City that such financing is sufficient for any purpose. 8.The Authority and the City agree that all of their respective rights under the Development Agreement, including but not limited to the receipt and application of any proceeds of insurance shall, in all respects, be subject and subordinate to the rights of the Lender under the Mortgage. The term “Mortgage” shall include the Mortgage and any amendments, supplements, modifications, renewals, extensions or replacements thereto. In addition, the Authority and the City acknowledge that the terms of the Mortgage, not the Development Agreement, shall control the use and disbursement of insurance proceeds and condemnation awards. 9.The Authority and the City agree that the Phase I Redeveloper and/or the Phase I Owner have completed its obligations to construct the Minimum Improvements, and Section 7.2 of the Development Agreement shall be of no further force and effect with respect to the Phase I Project and the Authority shall have no right to receive notice of or to cure any defaults of the Phase I Owner under the Mortgage or any other of the Loan Documents. 10.The Authority and the City agree that, contemporaneously with any notice of default given under the Development Agreement to the Phase I Redeveloper or the Phase I Owner, the Authority and the City shall also provide the Lender with a copy of such notice of default, and the Lender shall have the right, but not the obligation, to cure any such default on behalf of the Phase I Redeveloper or the Phase I Owner within any applicable cure period provided for in the Development Agreement. 11.The parties hereto agree that no change or amendment shall be made to the terms of the Development Agreement without the prior written consent of the Lender, such consent not to be unreasonably withheld, condition or delayed. This Agreement can be waived, modified, amended, terminated, or discharged only explicitly in a writing signed by all parties hereto. A waiver by the Lender shall be effective only in a specific instance and for the specific purpose given. Mere delay or failure to act shall not preclude the exercise or enforcement of any of the Lender’s rights or remedies hereunder. All rights and remedies of the parties hereunder shall be cumulative and shall be exercised singularly or concurrently, at such party’s option, and any exercise or enforcement of any one such right or remedy shall neither be a condition to nor bar the exercise or enforcement of any other. 12.Except as provided herein, this Agreement shall not be deemed or construed to alter, amend or modify, in any way, the rights and obligations of the Authority and the City with respect to the Phase I Redeveloper and the Phase I Owner, as applicable, with respect to the Development Agreement. Nothing herein shall be construed to limit the Authority’s or the City’s remedies under Section 9.2 of the Development Agreement upon the occurrence and during the continuance of an Event of Default under the Development Agreement. 13.Any notice, request, demand or other communication hereunder shall be deemed 83