Mortgagee’s Option to Cure Defaults. Before or after receiving any notice of failure to cure referred to in Section 18.4, each Mortgagee shall have the right (but not the obligation), at its option, to commence within the same period as Developer to cure or cause to be cured any Event of Default, plus an additional period of (a) thirty (30) days to cure a monetary Event of Default and (b) sixty (60) days to cure a non-monetary Event of Default that is susceptible of cure by the Mortgagee without obtaining title to the applicable property subject to the applicable Mortgage. If an Event of Default is not cured within the applicable cure period (or cannot be cured by the Mortgagee without obtaining title to the applicable property), the Agency nonetheless shall refrain from exercising any of its remedies for the Event of Default and shall permit the cure by Mortgagee of such Event of Default if, within the Mortgagee’s applicable cure period: (i) the Mortgagee has a recorded security interest in the applicable real property or perfected security interest in other applicable property and notifies the Agency in writing that the Mortgagee intends to proceed with due diligence to foreclose the Mortgage or otherwise obtain title to the subject property; (ii) the Mortgagee commences foreclosure proceedings within sixty (60) days after giving such notice, and diligently pursues such foreclosure to completion; and (iii) after obtaining title, the Mortgagee diligently proceeds to cure those Events of Default: (A) that are susceptible of cure by the Mortgagee; and (B) of which the Mortgagee has been given written notice by the Agency under Section 18.4 or thereafter. Notwithstanding the foregoing, no Mortgagee shall be required to cure any Event of Default that is personal to the Mortgagor (by way of example and not limitation, such Mortgagor’s bankruptcy, failure to submit required information in the possession of such Mortgagor), and the completion of a foreclosure and acquisition of title to the applicable property by the Mortgagor shall be deemed to be a cure of such Events of Default. Although no Mortgagee is obligated to do so, any Mortgagee that directly or indirectly obtains title and that properly Completes Construction of the Infrastructure relating to the applicable portion of the Project Site in accordance with this Agreement shall be entitled, upon written request made to the Agency, to a Certificate of Completion.
Mortgagee’s Option to Cure Defaults. If the Redeveloper has received a Notice of Default from the Town for an alleged Default by the Redeveloper of its obligations or covenants under this Agreement and such Default is not cured by the Redeveloper before the expiration of the period provided therefor, each holder of any mortgage permitted by this Agreement shall (insofar as the rights of the Town are concerned) have the right, at its option, to cure or remedy such Default (or such Default to the extent that it relates to the portion of the property covered by its mortgage) upon giving written notice of its intention to do so to the Town within forty-five (45) days after such holder receives notice from the Town that the Redeveloper has so failed to cure such Default and to add the cost thereof to the mortgage debt and the lien of its mortgage; provided, however, that if the Default is with respect to construction of the Project, nothing contained in this Agreement shall be deemed to permit or authorize such a holder, either before or after foreclosure or action in lieu thereof, to undertake or continue the construction or completion of the Project (beyond the extent necessary to conserve or protect the Project or construction already made) without first having expressly assumed the obligation to the Town, by written agreement satisfactory to the Town and any other party having a right to enforce this Agreement in the event of Default, to complete the Redeveloper Improvements. In the event that such holder elects to undertake or continue the construction or completion as above provided on the mortgaged premises, the rights and remedies set forth in Section 13 of the Agreement shall not be exercisable until such holder is afforded a reasonable period of time in which to complete such construction.
Mortgagee’s Option to Cure Defaults. After receiving any notice of failure to cure referred to in Section 10.3, each Mortgagee shall have the right, at its option, to commence within the same period as the Developer to remedy or cause to be remedied any event of default, plus an additional period of: (a) thirty (30) days to cure a monetary event of default; and (b) sixty (60) days to cure a non-monetary event of default which is susceptible of cure by the Mortgagee without obtaining title to the applicable property. If an event of default is not cured within the applicable cure period, the City nonetheless shall refrain from exercising any of its remedies with respect to the event of default if, within the Mortgagee's applicable cure period:
Mortgagee’s Option to Cure Defaults. After receiving any notice of failure to cure referred to in Section 10.3, each Mortgagee shall have the right, at its option, to commence within the same period as the SFCM to remedy or cause to be remedied any Default, plus an additional period of: (a) thirty (30) days to cure a monetary Default; and (b) sixty (60) days to cure a non-monetary event of Default which is susceptible of cure by the Mortgagee without obtaining title to the applicable property. If an event of Default is not cured within the applicable cure period, the City nonetheless shall refrain from exercising any of its remedies with respect to the event of Default if, within the Mortgagee's applicable cure period: (i) the Mortgagee notifies the City that it intends to proceed with due diligence to foreclose the Mortgage or otherwise obtain title to the subject property; and (ii) the Mortgagee commences foreclosure proceedings within sixty (60) days after giving such notice, and thereafter diligently pursues such foreclosure to completion; and (iii) after obtaining title, the Mortgagee diligently proceeds to cure those events of Default: (A) which are required to be cured by the Mortgagee and are susceptible of cure by the Mortgagee, and (B) of which the Mortgagee has been given notice by the City. Any such Mortgagee or Transferee of a Mortgagee who shall properly complete the improvements relating to the Project Site or applicable part thereof shall be entitled, upon written request made to the Agency, to a certificate of completion.
Mortgagee’s Option to Cure Defaults. After any Default, and after any grace period for the cure of such Default by the Redeveloper has expired, any holder shall (insofar as the rights of the Authority are concerned) have the right, at its option, to cure or remedy such Default (or such Default to the extent that it relates to the part of the Project covered by its mortgage) within sixty (60) days and to add the cost thereof to the mortgage debt and the lien of its mortgage; but if the Default involves construction of the Improvements, the holder may not construct or complete construction of the Improvements without first having agreed as follows: not later than sixty (60) days after expiration of the time given the Redeveloper by this Agreement to cure said Default, the holder shall give written notice to the Authority of its intention to undertake, continue or complete the construction of the Improvements in accordance with this Agreement and shall undertake such construction within sixty (60) days after obtaining possession of the Project through foreclosure proceedings or through a deed in lieu of foreclosure. Any holder who properly completes the Improvements relating to the Project or applicable part thereof shall be entitled, upon written request, to a Certificate of Completion in accordance with section
Mortgagee’s Option to Cure Defaults. After any default under this Agreement by Developer, a Mortgagee shall (insofar as City is concerned) have the right, at its option, to cure or remedy such default within thirty (30) days after Developer’s failure to cure the default breach before expiration of the applicable cure period. If the default is with respect to construction of the Improvements, nothing contained in this Agreement shall be deemed to prohibit the Mortgagee, either before or after foreclosure or action in lieu thereof, from undertaking or continuing the construction or completion of the Improvements, provided that the Mortgagee notifies City in writing of the Mortgagee’s intention to complete the Project according to the approved final Construction Documents. Any Mortgagee who properly completes the Project shall be entitled, upon written request made to City, to issuance of a Certificate of Performance in accordance with Section 9 above.
Mortgagee’s Option to Cure Defaults. Before or after receiving any notice of failure to cure referred to in Section 20.4, each Mortgagee shall have the right, at its option, to commence within the same period as Developer to cure or cause to be cured any Event of Default, plus an additional period of (a) thirty (30) days to cure a monetary Event of Default and
Mortgagee’s Option to Cure Defaults. If thirty (30) days after notice or demand with respect to any breach of default as referred to in Section 403, such breach or default remains uncured, each such holder shall (and every mortgage instrument made prior to issuance by the City of the Redeveloper’s Certificate of Completion for the applicable ownership shall so provide) have the right, at its option, to cure or remedy such breach or default within sixty (60) days after the notice or demand as referred to in Section 403, and to add the cost thereof to the mortgage debt and the lien of its mortgage. If the mortgage holder commences efforts to cure the default within such period and the default cannot, in the exercise of due diligence, be cured within such period, the holder shall have the right to diligently continue to cure the default.
Mortgagee’s Option to Cure Defaults. An Approved Mortgagee shall, within thirty (30) days from the date of mailing by the Land Bank of a notice of an Event of Default, have the right to exercise the following options:
