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dated <br />LENDER ACKNOWLEDGEMENT AND AGREEMENT <br />The undersigned, being the lender (the "Lender") under the loan to <br />(the "Loan") and beneficiary under the Deed of Trust dated as of the same <br />date (the "Deed of Trust"), hereby agrees that i <br />in Seel o ' 6.7.2 ^4pursuant to the Property Disposition Agreement, as amended (the me' <br />Lender- and Lender's assigns"PDA"), and notwithstanding any other provision of the PDA. <br />the City's option rights set forth in Section 16.7.3 are prior to any mortgage or deed of trust on <br />the City Property (including the Deed of Trust) and hereby agrees that in the event the City <br />timely exercises its option pursuant to the terms and conditions of Section 16.7.3, Lender and <br />Lender's assigns a successors in interest shall cause the Deed of Trust and any interest the <br />lead ,-FLender may have to e at that time to all or any portion of the City Property to be <br />released and reconveyed upon the payment by the City of the purchase price set forth in Section <br />6.7.2 and her-eb• 16.7.3. Lender further acknowledges and agrees that Lenders need of T -F st is <br />City'sand shall be subjeet and suber-dina4e to the <br />however - <br />notwithstanding the p i i rtained in Seetien17.1.,�za d -A 'ate the e..+ray, <br />Right, ll not w sa.. Jvv..a.a.. <br />Lender's header's <br />Rights,subordinate to stiek , <br />or- any time ther-eafter in the event the Git�, pfevides ON4 with a City Option Notiee as pr-evided <br />i Seel e ' 6.7.2.in the event that during the period (and no other period) that the City has the <br />option to acquire the City Property pursuant to Section 16.7.3 OM <br />a) abandons or substantially suspends all material work on the Development for a period <br />of twelve (12) consecutive months after written notice of such abandonment or suspension from <br />the City (subject to any extension allowed under Section 20.2): or <br />b) assigns, transfers or suffers any involuntary transfer of the City Property_ or any_ part <br />thereof or any rights under this Agreement in violation of this Agreement. then <br />then Lender shall, in connection with the City's exercise of its rights under Section 17.1 of the <br />PDA, release its Deed of Trust upon the City's payment of an amount equal to the fair market <br />value of the City Property as described in Section 17.1. <br />06107-0063/LEGAL1 42404 -" 4221353.1 <br />06107 0063r EG A r i 42208 7o i <br />