ORIENT CORPORATION OF AMERICA, INC. (2)

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certify in writing that, to the knowledge of the certifying party, (i) this Development Agreement is in full force and effect and a binding obligation of the parties, (ii) this Development Agreement has not been amended or modified, and if so amended, identifying the amendments, and (iii) the requesting party is not in default in the performance of its obligations under this Development Agree- ment, or if in default, to describe therein the nature and amount of any such defaults. The party receiving a request hereunder shall execute and return such certificate w"thin ten days following the receipt thereof. The City acknowledges that a certificate hereunder may be relied upon by transferees and mortgagees of Developer. 22. Recordation of Agreement. This Development Agreement 'and any amendment and cancellation hereof shall be recorded in the Official Records of the County of Orange by the Clerk of the City within the period required by Section 54868.5 of the Government Code. 23. Severability. If any term, provision, condition, or covenant of this Development Agreement, or the application thereof to any party or circumstances, shall to any extent be held invalid or unenforce- able, the remainder of the instrument, or -the application of such term, provision, condition or covenant to persons or circumstances other than those as to whom or which it is held invalid or unenforceable, shall not be affected thereby and each term and provision of this Development Agreement shall be valid and enforceable to the fullest extent permitted by law. 24. Notice of Default to Mortgage, Deed of Trust or other Security Interest Holders Right to Cure. Whenever the City shall deliver any notice or demand to the Developer with respect to any breach or default. by the Developer, the City shall at the same time deliver to each holder of record of any mortgage, deed of trust or other security interest and the lessor under a lease -back or grantee under any other conveyance affecting the Property (individually each of the foregoing are referred to as a "Financer" )' a copy of such notice or demand, providing that the Financer has given prior written notice of its name and address to the City. Each Financer shall (insofar as the rights, of the City are concerned) have the right at its option within ninety (90) days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such default and to add the cost thereof to the security interest debt and the lien of its security interest or to the obligations of. the lessee under any lease -back or of the grantor under any other conveyance for financing. If such default cannot be cured within such sixty (60) day period, the Financer shall have such additional period as may be reasonably required within which to cure same, provided that the 26