Common use of Mortgagee’s Option to Cure Defaults Clause in Contracts

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. Before or after receiving any notice of failure to cure referred to in Section 18.420.4, each Mortgagee shall have the right (but not the obligation)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 (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 Mortgagereal property. 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)period, 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 real property; (ii) the such 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 20.4 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 or other Improvements relating to the applicable portion of the Project Site in accordance with this Agreement DDA shall be entitled, upon written request made to the Agency, to a Certificate of Completion.

Mortgagee’s Option to Cure Defaults. Before or after receiving any notice of failure to cure referred to in Section 18.420.4, 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 20.4 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 or other Improvements relating to the applicable portion of the Project Site in accordance with this Agreement DDA shall be entitled, upon written request made to the Agency, to a Certificate of Completion.

Mortgagee’s Option to Cure Defaults. Before or after receiving any notice of failure to cure referred to in Section 18.410.3, each Mortgagee shall have the right (but not the obligation)right, at its option, to commence within the same period as the Developer to cure remedy or cause to be cured remedied any Event of Defaultdefault, plus an additional period of of: (ai) thirty ninety (3090) days to cure a monetary Event of Default default; and (bii) sixty one hundred eighty (60180) days to commence to cure a non-monetary Event of Default default that is susceptible of cure by the Mortgagee without obtaining title to the applicable property subject provided that it thereafter diligently pursues such cure to the applicable Mortgagecompletion. If an Event of Default a default is not cured within the applicable cure period (or cannot be cured by the Mortgagee without obtaining title to the applicable property)period, the Agency City nonetheless shall refrain from exercising any of its remedies for the Event of Default and shall permit the cure by Mortgagee of with respect to such Event of Default default if, within the Mortgagee’s applicable cure period: (ia) 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 City that the Mortgagee it intends to proceed with due diligence to foreclose the Mortgage or otherwise obtain title to the subject property; (iib) the Mortgagee commences foreclosure proceedings within sixty (60) days after giving such notice, and thereafter diligently pursues such foreclosure to completion; and (iiic) after obtaining title, the Mortgagee diligently proceeds to cure those Events events of Default: (Adefault(y) that are required to be cured by the Mortgagee and are susceptible of cure by the Mortgagee; , and (Bz) of which the Mortgagee has been given written notice by the Agency under Section 18.4 or thereafterCity prior to such foreclosure. Notwithstanding the foregoing, no Mortgagee shall be required to cure any Event of Default default that is personal to the Mortgagor Developer (by way of example and not limitation, such Mortgagor’s bankruptcyfor example, failure to submit required information in the possession of such Mortgagorits possession), and the completion of a foreclosure and acquisition of title to the applicable property by the Mortgagor Mortgagee shall be deemed to be cure such default. Any such Mortgagee or transferee of 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 who properly Completes Construction of completes the Infrastructure improvements relating to the applicable portion of Project or the Project Site in accordance with this Agreement or applicable part thereof shall be entitled, upon written request made to the AgencyCity, to a Certificate of Completion.confirmation by the City in writing that such improvements have been Completed in accordance herewith.‌

Mortgagee’s Option to Cure Defaults. Before or after receiving any notice of failure to cure referred to in Section 18.420.4, each Mortgagee that has received interest in real property 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 Mortgagereal property. 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 real property), the Agency Authority 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 Authority in writing that the Mortgagee intends to proceed with due diligence to foreclose the Mortgage or otherwise obtain title to the subject real 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 Authority under Section 18.4 20.4 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 real 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 or Improvements relating to the applicable portion of the Project Site in accordance with this Agreement DDA shall be entitled, upon written request made to the AgencyAuthority, to a Certificate of Completion.

Mortgagee’s Option to Cure Defaults. Before After any breach or after receiving any notice of failure to cure default referred to in Section 18.412.1 above, each such Mortgagee shall (insofar as the rights of the Agency are concerned) have the right (but not the obligation)right, at its option, to commence within cure or remedy such breach or default and to add the same cost thereof to the mortgage debt and the lien of its mortgage. Any rights and remedies of the Agency resulting from any such breach or default shall be suspended for such period of time as Developer shall be reasonably necessary after notice to allow a Mortgagee to cure or cause remedy such breach or default (including any time reasonably necessary to be cured any Event obtain possession of Default, plus an additional period of (a) thirty (30) days the Building Site if possession is necessary to enable a Mortgagee to cure a monetary Event of Default and (b) sixty (60) days or remedy such breach or default), provided that the Mortgagee proceeds with all due diligence 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 Mortgageor remedy such breach or default and/or obtain possession. If an Event of Default such breach or default is so cured or remedied the Agency shall not cured within the applicable cure period (have any rights or remedies with regard thereto, and if such breach or default, by its nature, cannot be cured or remedied by the Mortgagee without obtaining title to the applicable property)Mortgagee, the Agency nonetheless then such breach or default 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 be waived by the Agency under Section 18.4 or thereafter. Notwithstanding the foregoing, no if Mortgagee shall promptly, after notice, take steps necessary to obtain possession as aforesaid, provided, that no material breach or default consisting of departure from Building Construction Plans approved by the Agency for the Private Improvements shall be required to cure any Event considered incurable or irremediable for purposes 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)this Section, and provided, further, that if the completion breach or default is with respect to construction of a foreclosure and acquisition Private Improvements, nothing contained in this Section 13.4 or any other provision of title to the applicable property by the Mortgagor this Agreement shall be deemed to be a cure permit or authorize such Mortgagee, either before or after foreclosure or action in lieu thereof, to undertake or continue the construction or completion of such Events of Default. Although no Mortgagee is obligated Private Improvements (beyond the extent necessary to do so, any Mortgagee that directly conserve or indirectly obtains title and that properly Completes Construction of protect improvements or construction already made) without first having expressly assumed the Infrastructure relating obligation to the applicable portion of Agency, by written agreement satisfactory to the Project Agency, to complete, in the manner provided in the Agreement, the Private Improvements on the Building Site. Any such Mortgagee who shall properly complete the Private Improvements on the Building Site in accordance with this Agreement shall be entitled, upon written request made to the Agency, to a Certificate of CompletionCompletion for the Building Site, to such effect in the manner provided in Article VI of this Agreement, and any such certification shall, if so requested by such Mortgagee, mean and provide that any remedies or rights with respect to recapture of or reversion or revesting of title of the Building Site that the Agency shall have or be entitled to because of failure of the Developer or any successor in interest to the Building Site or any part thereof, to cure or remedy any default with respect to the construction of the Private Improvements on other parts of the Building Site, or because of any other default in or breach of the Agreement by the Developer or such successor, shall not apply to the Building Site.

Mortgagee’s Option to Cure Defaults. Before After any breach or after receiving any notice of failure to cure default referred to in Section 18.44.2 hereof, each Mortgagee holder of any authorized mortgage shall (insofar as the rights of the Authority are concerned) have the right (but not the obligation)right, at its option, to commence within the same period as Developer to cure or cause remedy such breach or default and 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 add the Mortgagee without obtaining title cost thereof to the applicable property subject to mortgage debt and 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 lien of its remedies for mortgage; provided that if the Event breach or default is with respect to construction of Default and shall permit the cure by Mortgagee Project, nothing contained in this Section or any other Section 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 Agreement shall be deemed to be a cure permit or authorize such 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 Authority, by written agreement satisfactory to the Authority, to complete, in the manner provided in the Agreement, the Project on the Cricket Lot or the part thereof to which the lien or title of such Events holder relates. The Mortgagee may substitute a developer to complete the Project, but such substituted developer must be satisfactory to the Authority and the Township in their reasonable discretion and must expressly assume the obligations to the Authority and the Township to complete, in the manner provided in the Agreement, the Project on the Cricket Lot. In the event that the holder of Default. Although no Mortgagee is obligated an authorized mortgage assumes the obligation to do sothe Authority to complete the Project on the Cricket Lot, any Mortgagee that directly or indirectly obtains title the Authority will work cooperatively and that properly Completes Construction reasonably with such holder to adjust, if needed, the time frame of the Infrastructure Project and such other provisions of this Agreement as such holder may reasonably request. Any such holder who shall properly complete the Project relating to the Cricket Lot or applicable portion of the Project Site in accordance with this Agreement part thereof shall be entitled, upon written request made to the AgencyAuthority, to a Completion Certificate from the Authority to such effect and in the same manner as provided in this Agreement. In the alternative, such holder shall have the right, at its option, to cure or remedy an Event of CompletionDefault with respect to construction of the Project by restoring the Cricket Lot to its condition and operation as of the date of this Agreement as a surface public parking lot with meters (or other mechanism for collecting parking fees) and with the number of parking spaces existing on the Cricket Lot as of the date hereof, to be operated by and for the sole use of the Township.

Mortgagee’s Option to Cure Defaults. Before Notwithstanding the provisions of Section 9.5 above, after any breach or after receiving any notice of failure to cure referred to in Section 18.4default under this Agreement, each Mortgagee shall have the right (right, but not the obligation), at its option, to commence cure or remedy any breach or default under this Agreement (or such breach or default to the extent that it relates to the particular Parcel covered by the Mortgage) within the same period as of time to cure which is provided to the Developer hereunder following receipt of notice by such Mortgagee, except that in the event that any such Mortgagee must take any judicial or nonjudicial foreclosure action or other proceeding in order to effect any such cure or remedy, then such Mortgagee shall have such additional period of time to cure or cause remedy a default as may be necessary in order to be cured permit Mortgagee to complete such foreclosure or other legal proceeding, including, without limitation, resuming or recommencing the construction of any Event Improvements permitted under this Agreement in order to complete said Improvements and to add the cost thereof to the Mortgage debt and the lien of Defaultits Mortgage. In the event that any Mortgagee cures any default or breach hereunder, 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 the City shall accept such performance by Mortgagee as if the same had been made by the Developer and shall thereupon rescind the notice of default. Any Mortgagee without obtaining title who shall properly complete any Improvements within the Property pursuant to the applicable property subject to the applicable Mortgage. If an Event terms 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 AgencyCity, to a Certificate of CompletionCompletion issued by the City. Any such Certificate of Completion shall have the same effect as if it had been delivered to Developer and shall mean and provide that any rights or remedies which the City has with respect to the Property covered by the Certificate of Completion due to a default by Developer or a successor-in-interest to Developer, or that the City shall have or have been entitled to due to the failure of the Developer or any successor-in-interest to cure or remedy any default, shall not apply to the Parcel as to which such Certificate of Completion relates. In the event that Developer or any Mortgagee disputes whether a default has occurred, such dispute shall be subject to mediation as provided for in Section 10.3 of this Agreement.

Mortgagee’s Option to Cure Defaults. Before or after receiving any notice of failure to cure referred to in Section 18.413.4, each Mortgagee shall have the right (but not the obligation), at its option, to commence within the same period as Vertical Developer to cure or cause to be cured any Event of Vertical Developer Default, plus an additional period of (a) thirty (30) days to cure a monetary Event of Vertical Developer Default and (b) sixty (60) days to cure a non-non- monetary Event of Vertical Developer Default that is susceptible of cure by the such Mortgagee without obtaining title to the applicable property subject to the applicable Mortgage, subject in each case to extension as provided in Section 13.4. If an Event of a Vertical Developer Default is not cured within the applicable cure period (or cannot be cured by the Mortgagee without obtaining title to the applicable real property), the Agency nonetheless shall refrain from exercising any of its remedies for the Event of Vertical Developer Default and shall permit the cure by a Mortgagee of such Event of Vertical Developer Default if, within the a Mortgagee’s applicable cure period: (i) the such Mortgagee has a recorded security interest in the applicable real property or (and, if applicable, a perfected security interest in other applicable property property) and notifies the Agency in writing that the such Mortgagee intends to proceed with due diligence to foreclose the Mortgage or otherwise obtain title to the subject property; (ii) the such Mortgagee commences foreclosure proceedings whether by non-judicial foreclosure, judicial foreclosure, or by appointment of a receiver, within sixty (60) days after giving such notice, and diligently pursues such foreclosure proceedings 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.and

Mortgagee’s Option to Cure Defaults. Before or after receiving any notice of failure to cure referred to in Section 18.413.4, each Mortgagee shall have the right (but not the obligation), at its option, to commence within the same period as Vertical Developer to cure or cause to be cured any Event of Vertical Developer Default, plus an additional period of (a) thirty (30) days to cure a monetary Event of Vertical Developer Default and (b) sixty (60) days to cure a non-non- monetary Event of Vertical Developer Default that is susceptible of cure by the Mortgagee without obtaining title to the applicable property subject to the applicable Mortgage, subject in each case to extension as provided in Section 13.4. If an Event of a Vertical Developer Default is not cured within the applicable cure period (or cannot be cured by the Mortgagee without obtaining title to the applicable real property), the Agency nonetheless shall refrain from exercising any of its remedies for the Event of Vertical Developer Default and shall permit the cure by the Mortgagee of such Event of Vertical Developer Default if, within the Mortgagee’s applicable cure period: (i) the Mortgagee has a recorded security interest in the applicable real property or (and, if applicable, a perfected security interest in other applicable property 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 DefaultVertical Developer Defaults: (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 13.4 or thereafter. Notwithstanding the foregoing, no Mortgagee shall be required to cure any Event of Vertical Developer Default that is specific or personal to the Mortgagor (by way of example and not limitation, such Mortgagor’s a Mortgagor bankruptcy, or the 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 DefaultVertical Developer Defaults; provided the foregoing shall not excuse a Mortgagee’s failure to cure any continuing default that is curable by Mortgagee. Although no Mortgagee is obligated to do so, any Mortgagee that directly or indirectly obtains title to and that properly Completes Construction of the Infrastructure Improvements relating to the applicable portion of the Project Site Property in accordance with this Agreement shall be entitled, upon written request made to the Agency, to a Certificate of Completion.