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If City invokes the power of sale, City shall cause a copy of a notice of sale to be served upon any <br />person in possession of the Property. City shall publish a notice of sale, and the Property shall be sold at <br />public auction in the manner prescribed by law. City or its designee may purchase the Property at any <br />sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, <br />including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Mortgage; and (c) <br />any excess to the person or persons legally entitled to it. <br />16. RELEASE OF MORTGAGE. Upon payment of all sums secured by this Mortgage, City <br />shall discharge this Mortgage without charge to Developer. Developer shall pay any recordation costs. <br />17. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN DEVELOPER. <br />If Developer sells or conveys all or any part of the Property or any interest in the Property (or if a <br />beneficial interest in Developer is sold or transferred and Developer is not a national person) without <br />City's prior written consent, City may, at its option, require immediate payment in full of all sums secured <br />by this Mortgage as set forth in the Note. <br />18. ADDITIONAL COVENANTS. Developer covenants: (a) to warrant title to the Property, <br />(b) to pay all other mortgages, liens, charges or encumbrances against the Property as and when they <br />become due, (c) to pay the indebtedness of the Note as herein provided, (d) to pay all real estate taxes on <br />the Property (e) that the Property shall be kept in repair and no waste shall be committed as provided in <br />Section 5, (f) to continuously maintain insurance in accordance with the provisions of the Development <br />Assistance Agreement for so long as this Mortgage is in effect; and (g) that the whole of the principal sum <br />shall become due after an Event of Default related to the payment of any installment of principal or <br />interest, or of any tax, or in the performance of any other covenant, at the option of City; provided, <br />however, that if City declares an Event of Default and requires payment in full of all sums secured by this <br />Mortgage, then Developer may, in its sole discretion, elect to convey title to the Property to City and, in <br />that event, City shall forgive the unpaid balance of all sums secured by this Mortgage and release <br />Developer from its obligations under this Mortgage, the Note and the Development Assistance Agreement <br />without further liability. <br />A-5 <br />EL185\77\951254.v6 <br />Page 348 of 372 <br />