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[DRAFT] <br /> <br />(b) <br /> <br />The Party who acquired tire through foreclosure or deed in lieu of foreclosure <br />does not undertake or permit an5, other party to undertake any Development on <br />the portion of the Subject Property it owns; <br /> <br />(c) <br /> <br />The City has no obligation to approve Final Plans for a Phase created out of the <br />portion of the Subject Property the foreclosing mortgagee (or mortgagee obtaining <br />a deed in lieu of foreclosure) owns or to issue any related building permits. <br /> <br />The purpose of this Section 14.3 is to permit a foreclosing lender (or mortgagee obtaining a deed <br />in lieu of foreclosure) to hold title to the portion of the Subject Property it acquires through <br />fbreclosure or deed in lieu of foreclosure, without liability, until it can sell the property it holds <br />to a third party who will assume the obligations of the Developer under the terms of this Master <br />A.~eement and proceed with the Development of the Subject Property pursuant to the terms of <br />this Master Agreement. If, rather than passively holding title to the portion of the Subject <br />Property it acquires through foreclosure or deed in lieu of foreclosure, the foreclosing lender (or <br />mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale desires <br />to sell Phases to Secondary Developers for Development, the purchaser at the foreclosure sale <br />(or mortgagee obtaining a deed in lieu of foreclosure) must assume and perform each of the <br />obligations of the Developer under this Master A~eement. This Section 14.3 does not restrict <br />the authority of the City to pursue its rights under any outstanding security, exercise remedies <br />otherwise available under this Master A~eement or suspend the performance of its obligations <br />under this Master A~eement as othem, ise allowed. <br /> <br /> 14.4 . ESTOPPEL CERTIFICATES. Within twenty (20) days after the Cit?sreceipt of <br />Formal Notice requesting an estoppel certificate, the City will cause an appropriate <br />representative of the City to execute, ac ~knowledge and dehver to the Developer an estoppel <br />certificate certifying: <br /> <br />Either (i) that this Master Ageement is unmodified and in full force and effect; <br />that this Master A~'eement is in full force and effect as modified, and stating the <br />modifications: or (ii) that this Master A~eement has tenmnated; and <br /> <br />(b) <br /> <br />Either that, to the best of City's actual knowledge, (i) neither the City nor the <br />Developer is in default under this Master A~eement or (ii) stating that neither the <br />City nor the Developer is in default under this Master A~eement except as stated <br />in the Estoppel Certificate and setting forth, and specifying, the nature and extent <br />of the default. <br /> <br /> 14.5 CERTIFICATE OF COMPLETION. Upon the Developer's completion of all of <br />the Developer Public Ilr~provements or a discrete portion of the Developer Public Improvements, <br />the City will, upon the Developer's request, furmsh the Developer with a recordable Certificate <br />of Completion substantially in the form attached as Exhibit L. or will provide the Developer with <br />a written statement indicating, in reasonable detail, in what respects the Developer has failed to <br />complete the relevant Developer Public Improvement and the meas~4res or acts that are required, <br />in the opinion of the City, for the Developer to complete the Developer Public Improvement in <br />question. The City will provide the Certificate of Completion or written statement described in <br />this Section 14.5 within thirty (30) days after receipt of the Developer's request. <br /> <br />1555730.red <br />V8 tp V6; <br />8/29/03 <br /> <br />39 <br /> <br /> <br />