Common use of Rights of Mortgagees; Not Obligated to Construct; Right to Cure Default Clause in Contracts

Rights of Mortgagees; Not Obligated to Construct; Right to Cure Default. 9.2.1. Notwithstanding anything to the contrary contained in this Agreement (including without limitation those provisions that are or are intended to be covenants running with the land), the rights and obligations of a mortgagee, including any mortgagee who obtains title to the Project Site or any portion thereof as a result of foreclosure proceedings or conveyance or other action in lieu thereof, or other remedial action (“Mortgagee”) shall be identical to the rights and obligations provided to such Mortgagee under the terms and conditions of the DDA. A breach of any obligation secured by any mortgage or other lien against the mortgaged interest or a foreclosure under any mortgage or other lien shall not by itself defeat, diminish, render invalid or unenforceable, or otherwise impair the obligations or rights of the Developer under this Agreement. Any person, including a Mortgagee, who acquires title to all or any portion of the mortgaged property by foreclosure, trustee’s sale, deed in lieu of foreclosure, or otherwise shall succeed to all of the rights and obligations of the Developer under this Agreement and shall take title subject to all of the terms and conditions of this Agreement. Nothing in this Agreement shall be deemed or construed to permit or authorize any such holder to devote any portion of the Project Site to any uses, or to construct any improvements, other than the uses and improvements provided for or authorized by the Development Requirements.

Rights of Mortgagees; Not Obligated to Construct; Right to Cure Default. 9.2.1. Notwithstanding anything to the contrary contained in this Agreement (including without limitation those provisions that are or are intended to be covenants running with the land), the rights and obligations of a mortgagee, including any mortgagee who obtains title to the Project Site or any portion thereof as a result of foreclosure proceedings or conveyance or other action in lieu thereof, or other remedial action (“Mortgagee”) shall be identical to the rights and obligations provided to such Mortgagee under the terms and conditions of the DDA. A breach of any obligation secured by any mortgage or other lien against the mortgaged interest or a foreclosure under any mortgage or other lien shall not by itself defeat, diminish, render invalid or unenforceable, or otherwise impair the obligations or rights of the Developer under this Agreement. Any person, including a Mortgagee, who acquires title to all or any portion of the mortgaged property by foreclosure, trustee’s sale, deed in lieu of foreclosure, or otherwise shall succeed to all of the rights and obligations of the Developer under this Agreement and shall take title subject to all of the terms and conditions of this Agreement. Nothing in this Agreement shall be deemed or construed to permit or authorize any such holder to devote any portion of the Project Site to any uses, or to construct any improvements, other than the uses and improvements provided for or authorized by the Development RequirementsRedevelopment Documents, Project Approvals, Subsequent Project Approvals, Transaction Documents and this Agreement.