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(b) the Redevelopment Agreement and the TIF Note are in full force and effect, subject <br />to no defenses, setoffs or counterclaims; and there exists no event, condition or occurrence that <br />would cause the Redevelopment Agreement or the TIF Note to be subject to any defenses, setoffs <br />or counterclaims; <br />(c) the City has performed all of its obligations under the Redevelopment Agreement <br />and the TIF Note and to the City's knowledge, with no independent investigation, there exists no <br />event, condition or occurrence which constitutes, or which with notice and/or the passage of time <br />would constitute, a breach of or default under any terms or conditions of the Redevelopment <br />Agreement or the TIF Note; and <br />(d) the City has not delivered any notice to Borrower of the City's intention to prepay <br />all or any portion of the TIF Note in advance of the regularly scheduled payments thereunder. <br />(2) The City Covenants Regarding Collateral Assignment of Tax Increment Note <br />And Redevelopment Agreement. <br />The City hereby covenants and agrees: <br />(a) to faithfully observe and perform all of the obligations and agreements of the TIF <br />Note and Redevelopment Agreement, if any; <br />(b) to simultaneously deliver to Lender a copy of each notice delivered by the City to <br />Borrower pursuant to the Redevelopment Agreement and the TIF Note, including any notice <br />relating to any default, alleged default, or potential default of Borrower, under and pursuant to the <br />Redevelopment Agreement and the TIF Note; and <br />(c) not permit or consent to the amendment, modification, cancellation or surrender of <br />the Redevelopment Agreement or the TIF Note without the prior written consent of Lender. <br />The City acknowledges and agrees that (i) the City is executing this Consent to induce <br />Lender to make (A) the Mortgage Loan and (B) approve of the Redevelopment Agreement and <br />TIF Note as additional security for the Mortgage Loan, and (ii) Lender will rely on the <br />representations and agreements made by the City herein in connection with Lender's agreement to <br />make the Mortgage Loan and the City agrees that Lender may so rely on such representations and <br />agreements. <br />Consent to Collateral Assignment of Tax <br />Increment Note and Redevelopment <br />Agreement Form 6418 <br />Fannie Mae 05-24 <br />Page 2 <br />© 2024 Fannie Mae <br />172179231v1 <br />