Liability for Past Defaults or Obligations. Subject to the foregoing, any Mortgagee, including the successful bidder at a foreclosure sale, who comes into possession of the Project or the Property or any part thereof pursuant to foreclosure, eviction or otherwise, shall take such property subject to the rights and obligations of this Development Agreement, and in no event shall any such property be released from any obligations associated with its use and development under the provisions of this Development Agreement. Nothing in this Section 9 shall prevent City from exercising any remedy it may have for a default under this Development Agreement provided, however, that in no event shall such Mortgagee personally be liable for any defaults or monetary obligations of Developers arising prior to acquisition or possession of such property by such Mortgagee.
Liability for Past Defaults or Obligations. Any Mortgagee, including the successful bidder at a foreclosure sale, who takes title and possession of the Project Site, or any portion thereof, pursuant to such foreclosure, shall take the Project Site, or portion thereof, subject to the provisions of this Agreement; provided, however, in no event shall such Mortgagee be liable for any defaults or monetary obligations of Developer arising prior to acquisition of title to the Project Site by such Mortgagee. Notwithstanding the preceding sentence, in no event shall any such Mortgagee or its successors or assigns be entitled to a building permit, final inspection, or occupancy certificate until all fees and other monetary obligations due under this Agreement have been paid to City and any other existing defaults under this Agreement that are reasonably subject to cure are cured.
Liability for Past Defaults or Obligations. Subject to the foregoing, any Mortgagee, including the successful bidder at a foreclosure sale, who comes into possession of the Project or the Property or any part thereof pursuant to foreclosure, eviction or otherwise, shall take such Property subject to the terms of this Agreement and in no event shall any such Property be released from any obligations associated with its use and development under the provisions of this Agreement. Nothing in this Section shall prevent City from exercising any remedy it may have for a default under this Agreement; provided, however, that in no event shall such Mortgagee be liable for any defaults or monetary obligations of Developer arising prior to acquisition of possession of such Property by such Mortgagee. Binding Effect» . All of the provisions, agreements, rights, powers, standards, terms, covenants and obligations contained in this Agreement shall be binding upon the Parties and their respective heirs, successors (by merger, reorganization, consolidation or otherwise) and assigns, devisees, administrators, representatives, ground lessees, and all other persons acquiring the Property, or any portion thereof, or any interest therein, whether by operation of law or in any manner whatsoever, and shall inure to the benefit of the Parties and their respective heirs, successors and assigns. All of the provisions of this Agreement shall constitute covenants running with the land. Effect of Litigation; Indemnification» .
Liability for Past Defaults or Obligations. Subject to the foregoing, any Mortgagee, including the successful bidder at a foreclosure sale, who comes into possession of the Property or any portion thereof pursuant to foreclosure, deed-in-lieu of foreclosure, shall take such property subject to the terms of this Agreement and in no event shall any such property be released from any obligations associated with its use and development under the provisions of this Agreement, including, without limitation, the payment of any sums due before or after any such actions. Nothing in this Section shall prevent the City from exercising any remedy it may have for a default under this Agreement, provided, however, that in no event shall such Mortgagee or purchaser at a foreclosure sale be personally liable for any defaults or monetary obligations of Developer arising prior to acquisition of possession of such property by such Mortgagee, but any such defaulted obligations shall continue to run with the land.
