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8.1 Right to Owner /Notice /Multiple Mortgagees. Owner shall have the <br />absolute right to encumber Owner's right, title and interest in, to and <br />under this Development Agreement and the Property pursuant to one or <br />more Mortgages. Because certain portions of the Project may be <br />developed by one or more assignees, the Parties acknowledge and <br />agree that different Mortgages may encumber the Property and that <br />there may be a separate Mortgage in effect with respect to separate <br />parcels within the Property. It is the intention of the Parties that the rights <br />and protections granted in this Section 8 to each Mortgagee shall only <br />apply to the parcels upon which such Mortgagee's Mortgage is a lien <br />(each a "Mortgage Parcel "), and to the rights, privileges and obligations <br />under this Development Agreement relating to such Mortgage Parcel, <br />8.2 Notice of Breach to Mortgagee or Deed of Trust Holders; Right to <br />Cure. With respect to any mortgage or deed of trust granted by Owner as <br />provided herein, whenever the City delivers any Notice or demand to <br />Owner with respect to any Breach by Owner under this Development <br />Agreement, and if Owner fails to cure the Breach within the time set forth <br />herein, the City shall deliver to each Mortgagee a copy of such notice or <br />demand accompanied by a writing to the effect that Owner has failed to <br />cure a Breach ( "Mortgagee Notice "); provided that Owner or Mortgagee has <br />provided City with addresses for such purpose. Each such Mortgagee shall <br />(insofar as the rights granted by the City are concerned) have the right, at <br />Its option, within thirty (30) days after the receipt of the Mortgagee Notice, <br />to cure or remedy or commence to cure or remedy and thereafter to pursue <br />with due diligence the cure or remedy of any such Breach and to add the cost <br />thereof to the mortgage debt and the lien of its mortgage; provided, <br />however if the Mortgagee is legally prevented from curing such Breach <br />because of a bankruptcy by the Owner then the thirty (30) day period shall <br />be tolled until such bankruptcy is confirmed or rejected. Nothing contained <br />in this Development Agreement shall be deemed to permit or authorize <br />such Mortgagee to take advantage of Owner's rights hereunder, or any <br />portion thereof, without first having expressly assumed Owner's <br />obligations to the City by written agreement reasonably satisfactory to the <br />City. It is understood that a Mortgagee shall be deemed to have satisfied <br />the thirty (30) day time limit set forth above for commencing to cure or <br />remedy Owner default which requires title and /or possession of the <br />Property (or portion thereof) if and to the extent any such Mortgagee has <br />within such thirty (30) day period commenced proceedings to obtain title <br />and /or possession and thereafter the Mortgagee diligently pursues such <br />proceedings to completion and cures or remedies the Breach, provided <br />that, in such event, all noncurable Defaults shall be waived. <br />8.3 Mortgagee Not Obligated tinder this Development Agreement. <br />Unless a Mortgagee expressly assumes Owner's Obligations to the City in <br />accordance with Section 8.2, no Mortgagee shall in any way be obligated <br />by the provisions of this Development Agreement, nor shall any covenant <br />75 A "82 <br />