OPA: Grimshaw House - City of Anaheim

written approval, which shall not be unreasonably withheld or conditioned and
shall be given to Developer within ten (10) days. Developer shall notify Agency
in advance of any mortgage, deed of trust or sale and lease-back financing, if
Developer proposes to enter into the same before issuance of the Release of
Construction Covenants. The words "mortgage" and "trust deed" as used
hereinafter shall include sale and lease-back and all other means of financing
which involve the granting of a security interest.
408.3 Holder Not Obligated to Construct Developer Improvements. The
holder of any mortgage or deed of trust authorized by this Agreement shall not be
obligated by the provisions of this Agreement to construct or complete the
Developer Improvements or any portion thereof, or to guarantee such construction
or completion; nor shall any covenant or any other provision in this Agreement be
construed so to obligate such holder. Nothing in this Agreement shall be deemed
to construe, permit or authorize any such holder to devote the Site to any uses or
to construct any improvements thereon, other than those uses or improvements
provided for or authorized by this Agreement.
408.4 Notice of Default to Mortgagee or Deed of Trust Holders; Right to
Cure. With respect to any mortgage or deed of trust granted by Developer as
provided herein, whenever Agency may deliver any notice or demand to
Developer with respect to any material breach or default by Developer in
completion of construction of the Developer Improvements, Agency shall at the
same time deliver to each holder of record of any mortgage or deed of trust
authorized by its Agreement a copy of such notice or demand. Each such holder
shall (insofar as the rights granted by Agency are concerned) have the right, at its
option, within sixty (60) days after the expiration of all cure periods available to
Developer but in no event longer than one hundred eighty (180) days after receipt
of notice hereunder, to cure or remedy or commence to cure or remedy and
thereafter to pursue with due diligence the cure or remedy of any such default and
to add the cost thereof to the mortgage debt and the lien of its mortgage. If such
default shall be a default which can only be remedied or cured by such holder
upon obtaining possession of the Site or any portion thereof and such holder
promptly commences and diligently prosecutes efforts to obtain possession with
diligence through a receiver or otherwise, such holder shall have until sixty (60)
days after obtaining possession to cure such default but in no event longer that
three hundred sixty-five (365) days after receipt of notice hereunder.
Notwithstanding anything to the contrary contained herein, in the case of a default
which cannot with diligence be remedied or cured within sixty (60) days, such
holder shall have such additional time as reasonably necessary to remedy or cure
such default with diligence but in no event longer that three hundred sixty-five
(365) days after receipt of notice hereunder; provided, further, such holder shall
not be required to remedy or cure any non-curable default of Developer (such as
an unauthorized attempted assignment or the failure to meet a deadline). Nothing
contained in this Agreement shall be deemed to permit or authorize such holder to
undertake or continue the construction or completion of the Developer
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