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C. There are no Development Impact Fees or other amounts due and owing to <br />the City at this time under the Development Agreement. <br />3. The City shall give Lender thirty (30) days prior written notice of any termination <br />or cancellation of the Development Agreement. During such thirty (30) day period, Lender may, <br />at its option, and without relieving Developer of any of its obligations under the Development <br />Agreement, take any actions necessary in order to cure any default resulting in such notice. <br />4. No act or agreement between or on the part of the City or Developer, and/or any <br />affiliate of Developer, to amend or modify the Development Agreement shall be binding upon or <br />effective as against the Lender without its prior written consent. <br />5. The City recognizes that, in addition to serving as an estoppel, that Certificate shall <br />be notice of lien on the Property, the City's recognition of Lender's rights thereunder, and <br />agreement that if the City shall give any written notice of default under the Development <br />Agreement (hereafter, collectively, "Notices") to Developer, and/or any affiliate of Developer, the <br />City shall concurrently give a copy of each such Notice to Lender at the following addresses: <br />Powerscourt Investments 60, LP <br />c/o Waterfall Asset Management <br />1251 Avenue of the Americas, 50a' Floor <br />New York, NY 10020 <br />Attn: General Counsel <br />Email: CRELoans@waterfallam.com and <br />Notices@waterfallam.com <br />With a copy to: Mayer Brown LLP <br />300 Tyron Street, Suite 1800 <br />Charlotte, North Carolina 28202 <br />Attn: Ross Kelley, Esq. <br />Email: rosskelleva,mayerbrown.com <br />6. Nothing herein shall be deemed to prohibit Lender, at its option, from recording a <br />memorandum or affidavit of this Certificate in the real property records of the county where all or <br />any part of the Property is located. <br />7. The person(s) executing this Certificate on behalf of the City are duly authorized <br />and fully qualified to execute this Certificate and the same is binding upon the City. <br />8. The City acknowledges that Lender is relying upon the statements in this Certificate <br />and hereby warrants and affirms to and for the benefit of Lender and its successors and assigns <br />that each of the foregoing statements are true, correct and complete as of the date hereof. <br />9. This Certificate shall be governed by and construed in accordance with the laws of <br />the State of California. <br />ESTOPPEL CERTIFICATE —Page 2 <br />