Common use of Mortgagee’s Obligations with Respect to the Property Clause in Contracts

Mortgagee’s Obligations with Respect to the Property. Except as set forth in this Article 20, no Mortgagee shall have any obligations or other liabilities under this DDA unless and until it acquires title by any method to all or some portion of or interest in the Project Site (referred to as “Foreclosed Property”) and assumes Developer’s rights and obligations under this DDA in writing. A Mortgagee that acquires title to any Foreclosed Property (a “Mortgagee Acquisition”) shall take title subject to all of the terms and conditions of this DDA, to the extent applicable to the Foreclosed Property, including any claims for payment or performance of obligations that are due as a condition to enjoying the benefits under this DDA from and after the Mortgagee Acquisition. The Agency shall have no right to enforce any obligation under this DDA personally against any Mortgagee unless such Mortgagee assumes and agrees to be bound by this DDA in a form Approved by the Agency. However, the Agency shall have the right to (i) terminate this DDA with respect to the Foreclosed Property if the Mortgagee does not agree to assume the rights and obligations of Developer relating to the Foreclosed Property in writing within ninety (90) days following a Mortgagee’s acquisition of title to the Foreclosed Property, and (ii) exercise its rights under Section 16.5 with respect to Foreclosed Property (regardless of whether there has been a foreclosure) in the event that a Mortgagee does not cure a Reversionary Default within the time permitted for cure herein. If a Mortgagee or any Person who acquires title to real property in the Project Site from a Mortgagee assumes obligations to construct Improvements under this DDA, the Schedule of Performance with respect to the Foreclosed Property shall be extended as needed to permit such construction.

Mortgagee’s Obligations with Respect to the Property. Except as set forth in this Article 20Section 18, no Mortgagee shall have any obligations or other liabilities under this DDA Agreement unless and until it acquires title by any method to all or some portion of or interest in the Project or the Project Site (referred to as “Foreclosed Property”) ), and expressly assumes Developer’s rights and obligations under this DDA Agreement in writing. A Mortgagee (or its designee) that acquires title to any Foreclosed Property (a “Mortgagee Acquisition”) ), shall take title subject to all of the terms and conditions of this DDA, Agreement to the extent applicable to the Foreclosed Property, including any claims for payment or performance of obligations that are due as a condition to enjoying the benefits under this DDA Agreement from and after the Mortgagee Acquisition. Upon completion of a Mortgagee Acquisition and written assumption of Developer’s rights and obligations under this Agreement, the Agency shall recognize the Mortgagee as Developer under this Agreement. The Agency shall have no right to enforce any obligation under this DDA Agreement personally against any Mortgagee unless such Mortgagee expressly assumes and agrees to be bound by this DDA Agreement in a form Approved reasonably approved in writing by the Agency. However, the Agency shall have the right to (i) terminate this DDA Agreement with respect to the Foreclosed Property if the Mortgagee does not agree to assume the rights and obligations of Developer relating to the Foreclosed Property in writing within ninety (90) days following a Mortgagee’s acquisition of title to the Foreclosed Property, and (ii) exercise its rights under Section 16.5 with respect to Foreclosed Property (regardless of whether there has been a foreclosure) in the event that a Mortgagee does not cure a Reversionary Default within the time permitted for cure herein. If a Mortgagee or any Person who acquires title to real property in the Project Site from a Mortgagee assumes obligations to construct Improvements under this DDAAgreement, the Schedule of Performance with respect to the Foreclosed Property shall be extended as needed to permit such construction.

Mortgagee’s Obligations with Respect to the Property. Except as set forth in this Article 20Section 13, no Mortgagee shall have any obligations or other liabilities under this DDA Agreement unless and until it acquires title by any method to all or some portion of or interest in the Project Site or the Property (referred to as “Foreclosed Property”) ), and expressly assumes Vertical Developer’s rights and obligations under this DDA Agreement in writing. A Mortgagee (or its designee, successor or assign) that acquires title to any Foreclosed Property (a “Mortgagee Acquisition”) ), and expressly assumes Vertical Developer’s rights and obligations under this Agreement, shall take title subject to all of the terms and conditions of this DDA, Agreement to the extent applicable to the Foreclosed Property, including any claims for payment or performance of obligations that are due as a condition to enjoying the benefits under this DDA Agreement from and after the Mortgagee Acquisition. Upon completion of a Mortgagee Acquisition and written assumption of Vertical Developer’s rights and obligations under this Agreement, the Agency shall recognize the Mortgagee as Vertical Developer under this Agreement. The Agency shall have no right to enforce any obligation under this DDA personally Agreement against any Mortgagee unless such Mortgagee expressly assumes and agrees to be bound by this DDA Agreement in a form Approved reasonably approved in writing by the Mortgagee and the Agency, which form shall be consistent with the terms of this Agreement (for the avoidance of doubt, the foregoing shall not limit the Agency’s rights and remedies against Vertical Developer notwithstanding any interest the Mortgagee may have in Vertical Developer or any right against any successor owner of the Property for a continuing default, as set forth in and subject to the limitations of this Article 13). However, the Agency shall have the right to (i) terminate this DDA Agreement with respect to the Foreclosed Property if the Mortgagee does not agree to assume the rights and obligations of Vertical Developer relating to the Foreclosed Property in writing within ninety (90) days following a Mortgagee’s acquisition of title to the Foreclosed Property, and (ii) exercise its rights under Section 16.5 with respect to Foreclosed Property (regardless of whether there has been a foreclosure) in the event that a Mortgagee does not cure a Reversionary Default within the time permitted for cure herein. If a Mortgagee or any Person who acquires title to real property in the Project Site Property from a Mortgagee assumes obligations to construct Improvements under this DDAAgreement, the Schedule of Performance with respect to the Foreclosed Property shall be extended as needed to permit such construction.

Mortgagee’s Obligations with Respect to the Property. Except as set forth in this Article 20, no Mortgagee shall have any obligations or other liabilities under this DDA unless and until it acquires title by any method to all or some portion of or interest in the Project or the Project Site (referred to as “Foreclosed Property”) ), and expressly assumes Developer’s rights and obligations under this DDA in writing. A Mortgagee (or its designee) that acquires title to any Foreclosed Property (a “Mortgagee Acquisition”) shall take title subject to all of the terms and conditions of this DDA, to the extent applicable to the Foreclosed Property, including any claims for payment or performance of obligations that are due as a condition to enjoying the benefits under this DDA from and after the Mortgagee Acquisition. Upon completion of a Mortgagee Acquisition and written assumption of Developer’s rights and obligations under this Agreement, the Agency shall recognize the Mortgagee as Developer under this Agreement. The Agency shall have no right to enforce any obligation under this DDA personally against any Mortgagee unless such Mortgagee expressly assumes and agrees to be bound by this DDA in a form Approved by the Agency. However, the Agency shall have the right to (i) terminate this DDA with respect to the Foreclosed Property if the Mortgagee does not agree to assume the rights and obligations of Developer relating to the Foreclosed Property in writing within ninety (90) days following a Mortgagee’s acquisition of title to the Foreclosed Property, and (ii) exercise its rights under Section 16.5 with respect to Foreclosed Property (regardless of whether there has been a foreclosure) in the event that a Mortgagee does not cure a Reversionary Default within the time permitted for cure herein. If a Mortgagee or any Person who acquires title to real property in the Project Site from a Mortgagee assumes obligations to construct Improvements under this DDA, the Schedule of Performance with respect to the Foreclosed Property shall be extended as needed to permit such construction.and

Mortgagee’s Obligations with Respect to the Property. Except as set forth in this Article 20Section 13, no Mortgagee shall have any obligations or other liabilities under this DDA Agreement unless and until it acquires title by any method to all or some portion of or interest in the Project Site or the Property (referred to as “Foreclosed Property”) ), and expressly assumes Vertical Developer’s rights and obligations under this DDA Agreement in writing. A Mortgagee (or its designee) that acquires title to any Foreclosed Property (a “Mortgagee Acquisition”) ), shall take title subject to all of the terms and conditions of this DDA, Agreement to the extent applicable to the Foreclosed Property, including any claims for payment or performance of obligations that are due as a condition to enjoying the benefits under this DDA Agreement from and after the Mortgagee Acquisition. Upon completion of a Mortgagee Acquisition and written assumption of Vertical Developer’s rights and obligations under this Agreement, the Agency shall recognize the Mortgagee as Vertical Developer under this Agreement. The Agency shall have no right to enforce any obligation under this DDA Agreement personally against any Mortgagee unless such Mortgagee expressly assumes and agrees to be bound by this DDA Agreement in a form Approved reasonably approved in writing by the Agency (for the avoidance of doubt, the foregoing shall not limit the Agency’s rights and remedies against Vertical Developer notwithstanding any interest the Mortgagee may have in Vertical Developer or any right against any successor owner of the Property for a continuing default, as set forth in and subject to the limitations of this Article 13). However, the Agency shall have the right to (i) terminate this DDA Agreement with respect to the Foreclosed Property if the Mortgagee does not agree to assume the rights and obligations of Vertical Developer relating to the Foreclosed Property in writing within ninety (90) days following a Mortgagee’s acquisition of title to the Foreclosed Property, and (ii) exercise its rights under Section 16.5 with respect to Foreclosed Property (regardless of whether there has been a foreclosure) in the event that a Mortgagee does not cure a Reversionary Default within the time permitted for cure herein. If a Mortgagee or any Person who acquires title to real property in the Project Site Property from a Mortgagee assumes obligations to construct Improvements under this DDAAgreement, the Schedule of Performance with respect to the Foreclosed Property shall be extended as needed to permit such construction.

Mortgagee’s Obligations with Respect to the Property. Except as set forth in this Article 20, no Mortgagee shall have any obligations or other liabilities under this DDA unless and until it acquires title by any method to all or some portion of or interest in the Project Site (referred to as “Foreclosed Property”) and expressly assumes Developer’s rights and obligations under this DDA in writing. A Mortgagee (or its designee) that acquires title to any Foreclosed Property (a “Mortgagee Acquisition”) shall take title subject to all of the terms and conditions of this DDA, DDA to the extent applicable to the Foreclosed Property, including any claims for payment or performance of obligations that are due as a condition to enjoying the benefits under this DDA from and after the Mortgagee Acquisition. Upon completion of a Mortgagee Acquisition and written assumption of Developer’s rights and obligations under this DDA, the Authority shall recognize the Mortgagee as the Developer under this DDA. The Agency Authority shall have no right to enforce any obligation under this DDA personally against any Mortgagee unless such Mortgagee expressly assumes and agrees to be bound by this DDA in a form Approved by the AgencyAuthority. However, the Agency Authority shall have the right to (i) terminate this DDA with respect to the Foreclosed Property if the Mortgagee does not agree to assume the rights and obligations of Developer relating to the Foreclosed Property in writing within ninety (90) days following a Mortgagee’s acquisition of title to the Foreclosed Property, and (ii) exercise its rights under Section 16.5 with respect to Foreclosed Property (regardless of whether there has been a foreclosure) in the event that a Mortgagee does not cure a Reversionary Default within the time permitted for cure herein. If a Mortgagee or any Person who acquires title to real property in the Project Site from a Mortgagee assumes obligations to construct Improvements under this DDA, the Schedule of Performance with respect to the Foreclosed Property shall be extended as needed to permit such construction.and