Common use of Mortgagee Privileges/Rights Clause in Contracts

Mortgagee Privileges/Rights. Any Mortgagee shall be entitled to the following rights and privileges: (i) Neither entering into this Agreement nor a breach of this Agreement shall defeat, render invalid, diminish or impair the lien of any mortgage on the Property made in good faith and for value; and (ii) Any Mortgagee that has submitted a written request to the City in the manner specified herein for giving notices shall be entitled to receive written notification from the City of any default by the Owner in the performance of the Owner’s obligations under this Agreement. (iii) If the City timely receives a request from a Mortgagee requesting a copy of any notice of default given to the Owner under the terms of this Agreement, the City shall provide a copy of that notice to the Mortgagee within ten (10) days of sending the notice of default to the Owner. The Mortgagee shall have the right, but not the obligation, to cure the default during the remaining cure period allowed the Owner under this Agreement.

Mortgagee Privileges/Rights. Any Mortgagee shall be entitled to the following rights and privileges: (i) Neither entering into this Agreement nor a breach of this Agreement shall defeat, render invalid, diminish or impair the lien of any mortgage on the Property made in good faith and for value; and (ii) Any Mortgagee that has submitted a written request to the City in the manner specified herein for giving notices shall be entitled to receive written notification from the City of any default by the Owner in the performance of the Owner’s 's obligations under this Agreement. (iii) If the City timely receives a request from a Mortgagee requesting a copy of any notice of default given to the Owner under the terms of this Agreement, the City shall provide a copy of that notice to the Mortgagee within ten (10) days of sending the notice of default to the Owner. The Mortgagee shall have the right, but not the obligation, to cure the default during the remaining cure period allowed the Owner under this Agreement.