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that if the Borrower or the City, as applicable, is in default under the Loan, such rental shall be used to make payments of principal and interest or otherwise cure such defaults. 17. Interest Charges. In the event that the Borrower or the City, as applicable, fails to make timely payment of any money provided for in this Agreement, then such payment obligation shall be increased to include interest at the rate of the lesser of ten percent (10 %) simple interest per annum or the maximum rate permitted at law. 18. Action by the Agency. Except as may be otherwise specifically provided herein, whenever any approval, notice direction, consent, request or other action by the Agency is required or permitted under this Agreement such approval, notice direction, consent, request or other action shall be in writing. 19. Amendments. This Agreement shall not be altered or amended except by a writing executed by the parties hereto. 20. Severabilitv. If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. 21. Binding on Successors. This Agreement shall bind, and the benefits thereof shall inure to, the respective parties hereto, their legal representatives, executors, administrators, successors and assigns; provided, however, that neither the Borrower nor the City may assign this Agreement or any of its obligations hereunder, voluntarily or by operation of law, without the prior written approval of the Agency. In the event the Borrower or the City transfers title, possession or control of the Development to a third party, the Borrower and the City covenant to require as a condition of transfer that such third party agrees to be bound by and to operate the Development in accordance with this Agreement. The Agency is deemed to be the beneficiary of such conditions and agreements with the right to enforce them against any such third party. 22. Recordation. This Agreement shall be acknowledged by each of the parties and recorded in the official records of the county in which the Development is located. 23. Election of Remedies; Events of Default. The remedies of the Agency hereunder and under the Note, the Deed of Trust or any other instrument providing for or evidencing or securing the Loan are cumulative, and the exercise of one or more of such remedies shall not be deemed an election of remedies and shall not preclude the exercise by the Agency of any one or more of its other remedies. CHFA 53SLP.RIDGE.VIEW 12/14/89 Q02189 -16-