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treat the Development Agreement as being subordinate to the lien of the Mortgage such that the <br />foreclosure of the Mortgage and the failure of any owner to redeem the Real Estate from such <br />foreclosure will extinguish and terminate the Development Agreement, and the TIF Note (but not <br />the Assessment Agreement) will automatically terminate. The City further agrees that if Bank <br />elects to treat the Development Agreement as having priority over the Mortgage, the City will, <br />upon completion of the foreclosure without redemption by Borrower or any junior creditor, <br />amend the Development Agreement to extend the time for the completion of Minimum <br />Improvements (as defined in the Development Agreement) to a date that is twelve (12) months <br />after the expiration of all applicable redemption periods. <br />32. Rights of City. Bank hereby acknowledges and agrees that the City is only a <br />party to this Agreement with respect to Section 31 hereof. Nothing in this Agreement shall <br />impair the City's right to cancel and terminate the TIF Note upon the occurrence of any default <br />or event of default under the Development Agreement or Creditor Documents. <br />1616593v10 (4982- 95337) <br />[Signatures on following page] <br />13 <br />