2026-014 Ordinance - Laserfiche WebLink

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(ii) After the Commencement Date has been achieved and for each tax year during the 30 year exemption term that the exemption granted pursuant to the TIF Ordinance is in effect, all remaining amounts to the Developer. Section 5.7 Statutory Compliance. The City and Developer shall cooperate in good faith to ensure compliance with all applicable requirements of the TIF Statutes necessary to establish the TIF Ordinances contemplated under this Agreement. ARTICLE VI MORTGAGEE PROTECTIONS Section 6.1 MortRaRee Protections. The City acknowledges and agrees that this Agreement neither prevents nor limits the Developer from encumbering all or any portion of the Development Site or improvement thereon by any mortgage or other security device securing financing with respect to the Development Site. The City acknowledges that the lender(s) providing such financing may require certain Agreement interpretations and modifications and agrees upon request, from time to time, to meet with the Developer and representatives of such lenders to negotiate in good faith any such request for interpretation or modification. Notwithstanding anything herein to the contrary, all Mortgagees shall be entitled to the following rights and privileges: (a) Neither entering into this Agreement nor a breach of this Agreement shall defeat, render invalid, diminish or impair the lien of any mortgage on the Development Site or any portion thereof or any improvement thereon made in good faith and for value; (b) A Mortgagee that has submitted a request in writing to the City in the manner specified herein for giving notices is entitled to receive written notification from the City of any default by a Developer within ten (10) days of sending notice of such default to the Developer; (c) Upon a Mortgagee's receipt of notice of Developer's default from the City, such Mortgagee shall have the right, but not the obligation, to cure the default during any cure period remaining under this Agreement, but in no event less than thirty (30) days, except that as to a default requiring title or possession of all or any portion of the Development Site or improvement thereon to effectuate a cure, if the Mortgagee timely cures all defaults which do not require possession to effectuate a cure and commences foreclosure proceedings to acquire title to all or any portion of the Development Site or improvement thereon within ninety (90) days after receipt from the City of the written notice of default and thereafter diligently and continuously prosecutes such foreclosure to completion, the Mortgagee shall be entitled to cure such default after obtaining title or possession provided that such Mortgagee does so promptly and diligently after obtaining title or possession; (d) Any Mortgagee who comes into possession of all or any portion of the Development Site or improvement thereon pursuant to foreclosure of the mortgage or deed in lieu of foreclosure takes possession subject to the terms of this Agreement; and (e) Notwithstanding any other provision of this Agreement to the contrary, no Mortgagee shall have an obligation or duty under this Agreement to perform any of the Developer's obligations or other affirmative covenants of the Developer hereunder, or to guarantee such performance. -9- 19575939-4