Second Mortgage. Developer shall provide the City with a second mortgage interest for each mortgaged parcel subject to this Agreement. To the extent of a foreclosure on any mortgaged parcels subject to this Agreement, ▇▇▇▇▇▇▇▇▇ agrees to indemnify and reimburse the City for any and all costs and fees, including, but not limited to purchase price, transaction costs, and attorney fees, associated with the City’s redemption of its second mortgage interest from the senior line holder.
Appears in 2 contracts
Sources: Development Agreement, Development Agreement