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• r V I 2?13803 IIIIII VIII IIIIII IIIIII III IIIIII IIIIII I I VIII IIII IIII 08/16/2005 03:47P Boulder County Clerk, CO COVENANT R 76.00__D 0.00 • promptly following any such event pursuant to a Waiver and release in form and substance reasonably acceptable to the City. In that event, this Covenant shall not bind and shall not be enforceable with respect to such foreclosure or deed in lieu of foreclosure or assignment;or against such mortgagee thereunder, which mortgagee shall be the only party entitled to take the Unit free of this Covenant. 7.4 Senior to Other Liens. This Covenant shall be senior to, and shall not be subordinated to, any other liens or encumbrances other than a First Deed of Trust, as set forth in this Article VII, and shall survive and not be extinguished by the foreclosure of or deed-in-lieu of foreclosure regarding any such other liens or encumbrances. This includes, but is not limited to, assessment liens, tax liens, mechanic liens and second priority deeds of trust or liens securing loans from any non-Institutional Lender. VIII. MISCELLANEOUS 8.1 No Third Party Beneficiaries. There are no intended third party beneficiaries of this Covenant, and no party other than the City shall have standing to bring an action for breach of, or to enforce, the provisions of this Covenant. 8.2 Notices. Notices to the City shall be given in writing and delivered in person or mailed, by certified or registered mail, return receipt requested, to the City' representative set forth above (as may be changed by notice from time to time) at the address set forth below, (as • may be changed by notice from time to time). Such notice shall be deemed given when delivered in person or deposited in the United States mail to: City of Louisville 749 Main Street Louisville, Colorado 80027 Attn: City Manager Notices to a Unit Owner may be given in like manner addressed to the applicable Unit. Such notice shall be deemed given when hand delivered or when deposited, postage prepaid, in the United States mail. 8.3 Severability. If any provision of this Covenant shall be held by a court of proper jurisdiction to be invalid or unenforceable; the remaining provisions shall survive and their validity, legality and enforceability shall not in any way be affected or impaired thereby; and the court may, but shall not be required to, fashion a substitute for the provision held to be invalid or unenforceable. Pursuant to C.R.S. § 15-11-1102(1)(a) and (b), if the right of first refusal conveyed to the City under Section 5.4 of this Covenant does not vest within 90 years after the date of execution hereof, said interest shall automatically be severed from the remainder of the provisions hereof and shall automatically terminate. 8.4 Headings. The headings of the Sections in this Covenant are for convenience • only and shall not be used to interpret the meaning of any provision hereof. • 8 •