Common use of Mortgage Protection Clause in Contracts

Mortgage Protection. No breach of this Declaration shall affect, impair, defeat or render invalid the lien of any Mortgage now or hereafter executed in good faith and for value upon any part of the Center. However, if any portion of the Center is sold under a foreclosure of any Mortgage or is conveyed to the party so secured in lieu of foreclosure, any purchaser at such sale, and his successors and assigns, shall hold any and all property so acquired subject to all of the restrictions and other provisions of this Declaration. Such a purchaser shall not be obligated to cure any preexisting breach of this Declaration which is non-curable by payment of money (subject to the provisions of Section 3.11 subordinating the lien of delinquent assessments to the lien of a first priority Mortgage) or of a type which is not practical or feasible to cure. Any loan to facilitate the resale of any portion of the Property after a foreclosure sale or deed in lieu of foreclosure is a loan made in good faith and for value. If a Mortgagee delivers written notice of its Mortgage to the Board together with a request for notices of default with respect to the Parcel or Parcels encumbered by the Mortgage, the Association shall deliver copies of all such notices of default to such Mortgagee (a "Requesting Mortgagee") concurrently with delivery to the Owner or Owners. A Requesting Mortgagee shall also be entitled to timely written notice of any destruction, taking or threatened taking that affects a material portion of the Common Area (including without limitation any Common Parking Area) benefiting a Parcel securing the Mortgage, and any lapse, cancellation or material modification of any insurance policy maintained by the Association. Mortgagees are hereby authorized to furnish information to the Board concerning the status of any Mortgage. Nothing contained in this Declaration or the other Project Documents shall give the Association, any Owner, or any other party priority over the rights of a first Mortgagee with respect to distributions of insurance proceeds or condemnation awards for losses to or a taking of a Parcel, or any portion thereof, encumbered by a Mortgage held by such Mortgagee.

Mortgage Protection. No breach of this Declaration shall affect, impair, defeat or render invalid the lien of any Mortgage now or hereafter executed in good faith and for value upon any part of the Center. However, if any portion of the Center is sold under a foreclosure of any Mortgage or is conveyed to the party so secured in lieu of foreclosure, any purchaser at such sale, and his successors and assigns, shall hold any and all property so acquired subject to all of the restrictions and other provisions of this Declaration. Such a purchaser Landlord shall not be obligated to cure any preexisting breach in default under the terms of this Declaration which is non-curable Lease, or by payment law, unless Landlord fails to perform the obligations required of money Landlord within a reasonable time, but in no event later than thirty (subject 30) days after written notice by Tenant to Landlord and to the provisions holder of Section 3.11 subordinating any first mortgage or deed of trust covering the lien Premises whose name and address shall have theretofore been furnished to Tenant in writing specifying wherein Landlord has failed to perform such obligation. If, however, the nature of delinquent assessments Landlord's obligation is such that more than thirty (30) days are required for performance, Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and diligently prosecutes the same to completion. Should Landlord be deemed to be in material default of this Lease, then Landlord shall be liable to Tenant for all damages sustained by Tenant as a direct result of Landlord's breach. If any such default materially interferes with Tenant's business operation in the lien Premises, Tenant may give Landlord and the holder of any first mortgage or deed of trust covering the Premises a first priority Mortgage) or second written notice specifying exactly the nature of a type which the Landlord's failure and its impact on Tenant's business operation in the Premises and the further remedial action deemed necessary by Tenant. If such remedial action is not practical or feasible to cure. Any loan to facilitate the resale undertaken within thirty (30) days of any portion of the Property after a foreclosure sale or deed in lieu of foreclosure is a loan made in good faith and for value. If a Mortgagee delivers such second written notice of its Mortgage to the Board together with a request for notices of default with respect to the Parcel or Parcels encumbered by the Mortgagenotice, the Association Tenant shall deliver copies of all such notices of default to such Mortgagee (a "Requesting Mortgagee") concurrently with delivery to the Owner or Owners. A Requesting Mortgagee shall also be entitled to timely written terminate this Lease, but in no event earlier than thirty (30) days after the second notice to Landlord and the holder of any destructionfirst mortgage or deed of trust covering the Premises. Notwithstanding the foregoing, taking or threatened taking Tenant shall not be entitled to terminate this Lease as a result of Landlord's default if Landlord is making diligent efforts to perform the obligations required of Landlord under this Lease. Nothing herein contained shall be interpreted to mean that affects Tenant is excused from paying any rent due hereunder as a material portion of the Common Area (including without limitation any Common Parking Area) benefiting a Parcel securing the Mortgage, and any lapse, cancellation or material modification result of any insurance policy maintained default by the Association. Mortgagees are hereby authorized to furnish information to the Board concerning the status of any Mortgage. Nothing contained in this Declaration or the other Project Documents shall give the Association, any Owner, or any other party priority over the rights of a first Mortgagee with respect to distributions of insurance proceeds or condemnation awards for losses to or a taking of a Parcel, or any portion thereof, encumbered by a Mortgage held by such MortgageeLandlord.

Mortgage Protection. No breach of this Declaration shall affect, impair, defeat or render invalid the lien of any Mortgage now or hereafter executed in good faith and for value upon any part of the Center. However, if any portion of the Center is sold under a foreclosure of any Mortgage or is conveyed to the party so secured in lieu of foreclosure, any purchaser at such sale, and his successors and assigns, shall hold any and all property so acquired subject to all of the restrictions and other provisions of this Declaration. Such a purchaser Landlord shall not be obligated to cure any preexisting breach in default under the terms of this Declaration which is non-curable Lease, or by payment law, unless Landlord fails to perform the obligations required of money Landlord within a reasonable time, but in no event later than ten (subject 10) days after written notice by Tenant to Landlord and to the provisions holder of Section 3.11 subordinating any first mortgage or deed of trust covering the lien Premises whose name and address shall have theretofore been furnished to Tenant in writing specifying wherein Landlord has failed to perform such obligation. If, however, the nature of delinquent assessments Landlord’s obligation is such that more than ten (10) days are required for performance, Landlord shall not be in default exist if Landlord commences performance within such ten (10) day period and diligently prosecutes the same to completion. Should Landlord be deemed to be in material default of this Lease, and If any such default materially interferes with Tenant’s business operation in the lien Premises, Tenant may give Landlord and the holder of any first mortgage or deed of trust covering the Premises a first priority Mortgage) or second written notice specifying exactly the nature of a type which the Landlord’s failure and its impact on Tenant’s business operation in the Premises and the further remedial action deemed necessary by Tenant. If such remedial action is not practical or feasible to cure. Any loan to facilitate the resale undertaken within thirty (30) days of any portion of the Property after a foreclosure sale or deed in lieu of foreclosure is a loan made in good faith and for value. If a Mortgagee delivers such second written notice of its Mortgage to the Board together with a request for notices of default with respect to the Parcel or Parcels encumbered by the Mortgagenotice, the Association Tenant shall deliver copies of all such notices of default to such Mortgagee (a "Requesting Mortgagee") concurrently with delivery to the Owner or Owners. A Requesting Mortgagee shall also be entitled to timely written terminate this Lease, but in no event earlier than thirty (30) days after the second notice to Landlord and the holder of any destructionfirst mortgage or deed of trust covering the Premises. Notwithstanding the foregoing, taking or threatened taking Tenant shall not be entitled to terminate this Lease as a result of Landlord’s default if Landlord is making diligent and reasonable efforts to perform the obligations required of Landlord under this Lease. Nothing herein contained shall be interpreted to mean that affects Tenant is excused from paying any rent due hereunder as a material portion of the Common Area (including without limitation any Common Parking Area) benefiting a Parcel securing the Mortgage, and any lapse, cancellation or material modification result of any insurance policy maintained default by the Association. Mortgagees are hereby authorized to furnish information to the Board concerning the status of any Mortgage. Nothing contained in this Declaration or the other Project Documents shall give the Association, any Owner, or any other party priority over the rights of a first Mortgagee with respect to distributions of insurance proceeds or condemnation awards for losses to or a taking of a Parcel, or any portion thereof, encumbered by a Mortgage held by such MortgageeLandlord.

Mortgage Protection. No A. Entering into or a breach of this Declaration Agreement shall affectnot defeat, impairrender invalid, defeat diminish, or render invalid impair the lien of any Mortgage now or hereafter executed in good faith and for value upon any part of the Center. However, if any portion of the Center is sold under Mortgagees having a foreclosure of any Mortgage or is conveyed to the party so secured in lieu of foreclosure, any purchaser at such sale, and his successors and assigns, shall hold any and all property so acquired subject to all of the restrictions and other provisions of this Declaration. Such a purchaser shall not be obligated to cure any preexisting breach of this Declaration which is non-curable by payment of money (subject to the provisions of Section 3.11 subordinating the lien of delinquent assessments to the lien of a first priority Mortgage) or of a type which is not practical or feasible to cure. Any loan to facilitate the resale of mortgage on any portion of the Property after a foreclosure sale or deed in lieu of foreclosure is a loan made in good faith and for value, unless otherwise required by law or as set forth in this Section 4.07. No Mortgagee shall have an obligation or duty under this Agreement to perform Developer's obligations, or to guarantee such performance, prior to any foreclosure or deed in lieu thereof. B. If the City receives timely notice from a Mortgagee delivers written requesting a copy of any notice of its Mortgage a default given to Developer under the terms of this Agreement, City shall provide a copy of that notice to the Board together with a request for notices Mortgagee within ten (10) days of default with respect to sending the Parcel or Parcels encumbered by the Mortgage, the Association shall deliver copies of all such notices notice of default to Developer. The Mortgagee shall have the right, but not the obligation, for a period up to sixty (60) days after the receipt of such notice from City to cure or remedy, or to commence to cure or remedy the default unless a further extension of time to cure is granted in writing by City. If the default is of a nature which can only be remedied or cured by such Mortgagee upon obtaining possession, such Mortgagee shall seek to obtain possession with diligence through foreclosure, a receiver or otherwise, and shall thereafter remedy or cure the default or non-compliance within thirty (a "Requesting Mortgagee"30) concurrently days after obtaining possession. If any such default or non-compliance cannot, with delivery diligence, be remedied or cured within such thirty- (30-) day period, then such Mortgagee shall have such additional time as may be reasonably necessary to remedy or cure such default or non-compliance if such Mortgagee commences to cure during such thirty- (30-) day period, and thereafter diligently pursues and completes such cure. C. Notwithstanding the foregoing provisions of Section 4.06 of this Agreement, if any Mortgagee is prohibited from commencing or prosecuting foreclosure or other appropriate proceedings in the nature thereof by any process or injunction issued by any court or by reason of any action by any court having jurisdiction of any bankruptcy or insolvency proceeding, the times specified in this Section for commencing or prosecuting foreclosure or other proceedings shall be extended for the period of the prohibition. D. Notwithstanding any provision of this Section 4.07, the burdens of this Agreement shall be binding upon, and the benefits of the Agreement shall inure to, all successors-in-interest to the Owner or Owners. A Requesting Mortgagee shall also be entitled parties to timely written notice of any destruction, taking or threatened taking that affects a material portion of the Common Area (including without limitation any Common Parking Area) benefiting a Parcel securing the Mortgagethis Agreement, and any lapse, cancellation or material modification of any insurance policy maintained by the Association. Mortgagees are hereby authorized to furnish information nothing herein shall be construed to the Board concerning the status of any Mortgage. Nothing contained in this Declaration or the other Project Documents shall give the Association, any Owner, or any other party priority over the rights of a first Mortgagee with respect to distributions of insurance proceeds or condemnation awards for losses to or a taking of a Parcel, or any portion thereof, encumbered by a Mortgage held by such Mortgageecontrary.

Mortgage Protection. No breach of this Declaration shall affect, impair, defeat or render invalid the lien of any Mortgage now or hereafter executed in good faith and for value upon any part of the Center. However, if any portion of the Center is sold under a foreclosure of any Mortgage or is conveyed to the party so secured in lieu of foreclosure, any purchaser at such sale, and his successors and assigns, shall hold any and all property so acquired subject to all of the restrictions and other provisions of this Declaration. Such a purchaser Landlord shall not be obligated to cure any preexisting breach in default under the terms of this Declaration which is non-curable Lease, or by payment law, unless Landlord fails to perform the obligations required of money Landlord within a reasonable time, but in no event later than ten (subject 10) days after written notice by Tenant to Landlord and to the provisions holder of Section 3.11 subordinating any first mortgage or deed of trust covering the lien Premises whose name and address shall have theretofore been furnished to Tenant in writing specifying wherein Landlord has failed to perform such obligation. If, however, the nature of delinquent assessments Landlord's obligation is such that more than ten (10) days are required for performance, Landlord shall not be in default exist if Landlord commences performance within such ten (10) day period and diligently prosecutes the same to completion. Should Landlord be deemed to be in material default of this Lease, and If any such default materially interferes with Tenant's business operation in the lien Premises, Tenant may give Landlord and the holder of any first mortgage or deed of trust covering the Premises a first priority Mortgage) or second written notice specifying exactly the nature of a type which the Landlord's failure and its impact on Tenant's business operation in the Premises and the further remedial action deemed necessary by Tenant. If such remedial action is not practical or feasible to cure. Any loan to facilitate the resale undertaken within thirty (30) days of any portion of the Property after a foreclosure sale or deed in lieu of foreclosure is a loan made in good faith and for value. If a Mortgagee delivers such second written notice of its Mortgage to the Board together with a request for notices of default with respect to the Parcel or Parcels encumbered by the Mortgagenotice, the Association Tenant shall deliver copies of all such notices of default to such Mortgagee (a "Requesting Mortgagee") concurrently with delivery to the Owner or Owners. A Requesting Mortgagee shall also be entitled to timely written terminate this Lease, but in no event earlier than thirty (30) days after the second notice to Landlord and the holder of any destructionfirst mortgage or deed of trust covering the Premises. Notwithstanding the foregoing, taking or threatened taking Tenant shall not be entitled to terminate this Lease as a result of Landlord's default if Landlord is making diligent and reasonable efforts to perform the obligations required of Landlord under this Lease. Nothing herein contained shall be interpreted to mean that affects Tenant is excused from paying any rent due hereunder as a material portion of the Common Area (including without limitation any Common Parking Area) benefiting a Parcel securing the Mortgage, and any lapse, cancellation or material modification result of any insurance policy maintained default by the Association. Mortgagees are hereby authorized to furnish information to the Board concerning the status of any Mortgage. Nothing contained in this Declaration or the other Project Documents shall give the Association, any Owner, or any other party priority over the rights of a first Mortgagee with respect to distributions of insurance proceeds or condemnation awards for losses to or a taking of a Parcel, or any portion thereof, encumbered by a Mortgage held by such MortgageeLandlord.