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SOUTH COAST PLAZA (2)
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Last modified
1/14/2026 10:21:45 AM
Creation date
12/9/2025 9:01:13 AM
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Contracts
Company Name
SOUTH COAST PLAZA
Contract #
A-2025-192
Agency
Planning & Building
Council Approval Date
10/7/2025
Expiration Date
11/6/2045
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8.5. Survival. The provisions of Sections 8.1 and 8.2 shall survive the termination of this <br />Agreement. <br />9. MORTGAGEE PROTECTION. <br />9.1. The parties hereto agree that this Agreement shall not prevent or limit Owner, in any <br />manner, at Owner's sole discretion, from encumbering the Property or any portion thereof or any <br />improvement thereon by any mortgage, deed of trust or other security device securing financing <br />with respect to the Property. City acknowledges that the lenders providing such financing may <br />require certain Agreement interpretations and modifications and agrees upon request, from time <br />to time, to meet with Owner and representatives of such lenders to negotiate in good faith any <br />such request for interpretation or modification. City will not unreasonably withhold its consent to <br />any such requested interpretation or modification provided such interpretation or modification is <br />consistent with the intent and purposes of this Agreement. In furtherance of the foregoing, and <br />notwithstanding anything stated to the contrary in this Agreement, any Mortgagee of the Property <br />shall be entitled to the following rights and privileges: <br />9.1.1. Default under Agreement Does Not Impair Lien of any Mortgage. Neither <br />entering into this Agreement nor a breach of this Agreement shall defeat, render invalid, <br />diminish or impair the lien of any mortgage on the Property made in good faith and for value, <br />unless otherwise required by law. <br />9.1.2. Request for Notices of Default by Mortgagee. The Mortgagee of any mortgage <br />or deed of trust encumbering the Property or any part thereof, which Mortgagee, has submitted a <br />request in writing to the City in the manner specified herein for giving notices, shall be entitled <br />to receive written notification from City of any default by the applicable Owner in the <br />performance of such Owner's obligations under this Agreement. <br />9.1.3. If City timely receives a request from a Mortgagee requesting a copy of any <br />notice of default given to Owner under the terms of this Agreement, City shall provide a copy of <br />that notice to the Mortgagee within ten (10) days of sending the notice of default to Owner. The <br />Mortgagee shall have the right, but not the obligation, to cure the default during the remaining <br />cure period allowed such party under this Agreement. <br />9.1.4. Lender Protection Provisions. <br />(a) Notices to Mort a ees, Mortgagee's Rigbt to Cure. <br />(i) Notices to Mort-gagees. City shall send to each Mortgagee which <br />has provided City written notice of its name and address, in the manner provided by Section 9.1 <br />above, a true, correct and complete copy of any written notice sent to Owner of a default by Owner <br />under this Agreement at the same time as and whenever any such notice of default shall be given <br />by City to Owner, addressed to such Mortgagee at the address last furnished to City by such <br />Mortgagee. Owner irrevocably directs that City accept, and City agrees to accept, performance <br />and compliance by any such Mortgagee of and with any term, covenant, agreement, provision, <br />condition or limitation on Owner's, part to be kept, observed or performed hereunder with the same <br />force and effect as though kept, observed or performed by Owner provided that such performance <br />and/or compliance is made in accordance with the provisions of Section 10.1.4 below. <br />
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