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

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: (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 Before or after receiving any notice of failure to cure referred to in Section 10.318.4, each Mortgagee shall have the rightright (but not the obligation), at its option, to commence within the same period as the Developer to remedy cure or cause to be remedied cured any event Event of defaultDefault, plus an additional period of: of (a) thirty (30) days to cure a monetary event Event of default; Default and (b) sixty (60) days to cure a non-monetary event Event of default which Default that is susceptible of cure by the Mortgagee without obtaining title to the applicable propertyproperty subject to the applicable Mortgage. If an event Event of default Default is not cured within the applicable cure periodperiod (or cannot be cured by the Mortgagee without obtaining title to the applicable property), the City Agency nonetheless shall refrain from exercising any of its remedies with respect to for the event Event of default Default and shall permit the cure by Mortgagee of such Event of Default if, within the Mortgagee's ’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 City Agency in writing that it the Mortgagee 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 Events of defaultDefault: (A) which are required to be cured by the Mortgagee and that are susceptible of cure by the Mortgagee, ; and (B) of which the Mortgagee has been given written notice by the CityAgency under Section 18.4 or thereafter. Any 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 Mortgagee or Transferee 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 who shall is obligated to do so, any Mortgagee that directly or indirectly obtains title and that properly complete Completes Construction of the improvements Infrastructure relating to the applicable portion of the Project Site or applicable part thereof 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. After Before or after receiving any notice of failure to cure referred to in Section 10.320.4, each Mortgagee that has received interest in real property shall have the rightright (but not the obligation), at its option, to commence within the same period as the Developer to remedy cure or cause to be remedied cured any event Event of defaultDefault, plus an additional period of: of (a) thirty (30) days to cure a monetary event Event of default; Default and (b) sixty (60) days to cure a non-monetary event Event of default which Default that is susceptible of cure by the Mortgagee without obtaining title to the applicable real property. If an event Event of default Default is not cured within the applicable cure periodperiod (or cannot be cured by the Mortgagee without obtaining title to the applicable real property), the City Authority nonetheless shall refrain from exercising any of its remedies with respect to for the event Event of default Default and shall permit the cure by Mortgagee of such Event of Default if, within the Mortgagee's ’s applicable cure period: : (i) the Mortgagee has a recorded security interest in the applicable real property and notifies the City Authority in writing that it the Mortgagee intends to proceed with due diligence to foreclose the Mortgage or otherwise obtain title to the subject real 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 Events of defaultDefault: (A) which are required to be cured by the Mortgagee and that are susceptible of cure by the Mortgagee, ; and (B) of which the Mortgagee has been given written notice by the CityAuthority under Section 20.4 or thereafter. Any 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 Mortgagee or Transferee 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 who shall is obligated to do so, any Mortgagee that directly or indirectly obtains title and that properly complete Completes the improvements Infrastructure or Improvements relating to the applicable portion of Project Site or applicable part thereof in accordance with this DDA shall be entitled, upon written request made to the AgencyAuthority, to a Certificate of Completion.

Mortgagee’s Option to Cure Defaults. After Before or 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: (ai) thirty ninety (3090) days to cure a monetary event of default; and (bii) sixty one hundred eighty (60180) days to commence to cure a non-monetary event of default which that is susceptible of cure by the Mortgagee without obtaining title to the applicable propertyproperty provided that it thereafter diligently pursues such cure to completion. If an event of a 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 such default if, within the Mortgagee's ’s applicable cure period: : (ia) 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 (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 of default: (Adefault(y) which 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 notice by the CityCity prior to such foreclosure. Notwithstanding the foregoing, no Mortgagee shall be required to cure any default that is personal to Developer (for example, failure to submit required information in its possession), and the completion of a foreclosure and acquisition of title to the applicable property by Mortgagee shall be deemed to cure such default. Any such Mortgagee or Transferee transferee of a Mortgagee who shall properly complete completes the improvements relating to the Project or the Project Site 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. 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 defaultDefault, plus an additional period of: (a) thirty (30) days to cure a monetary event of defaultDefault; and (b) sixty (60) days to cure a non-monetary event of default Default which is susceptible of cure by the Mortgagee without obtaining title to the applicable property. If an event of default a 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 Default if, within the Mortgagee's ’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 defaultDefaults: (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 AgencyCity, to a Certificate certificate of Completioncompletion.

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 SFCM to remedy or cause to be remedied any event of defaultDefault, plus an additional period of: (a) thirty (30) days to cure a monetary event of defaultDefault; and (b) sixty (60) days to cure a non-monetary event of default Default which is susceptible of cure by the Mortgagee without obtaining title to the applicable property. If an event of default 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 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 defaultDefault: (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 certificate of Completioncompletion.

Mortgagee’s Option to Cure Defaults. After Before or after receiving any notice of failure to cure referred to in Section 10.313.4, each Mortgagee shall have the rightright (but not the obligation), at its option, to commence within the same period as the Vertical Developer to remedy cure or cause to be remedied cured any event of defaultVertical Developer Default, plus an additional period of: of (a) thirty (30) days to cure a monetary event of default; Vertical Developer Default and (b) sixty (60) days to cure a non-non- monetary event of default which Vertical Developer Default that is susceptible of cure by 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 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. If an event of default is not cured within the applicable cure period), the City Agency nonetheless shall refrain from exercising any of its remedies with respect to for the event Vertical Developer Default and shall permit the cure by a Mortgagee of default such Vertical Developer Default if, within the a Mortgagee's ’s applicable cure period: : (i) such Mortgagee has a recorded security interest in the Mortgagee applicable real property (and, if applicable, a perfected security interest in other applicable property) and notifies the City Agency in writing that it such Mortgagee intends to proceed with due diligence to foreclose the Mortgage or otherwise obtain title to the subject property; and (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 thereafter diligently pursues such foreclosure proceedings 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.and

Mortgagee’s Option to Cure Defaults. After Before or after receiving any notice of failure to cure referred to in Section 10.320.4, each Mortgagee shall have the right, at its option, to commence within the same period as the Developer to remedy cure or cause to be remedied cured any event Event of defaultDefault, plus an additional period of: of (a) thirty (30) days to cure a monetary event Event of default; Default and (b) sixty (60) days to cure a non-monetary event Event of default which Default that is susceptible of cure by the Mortgagee without obtaining title to the applicable real property. If an event Event of default Default is not cured within the applicable cure period, the City Agency nonetheless shall refrain from exercising any of its remedies with respect to for the event Event of default Default if, within the Mortgagee's ’s applicable cure period: : (i) the Mortgagee has a recorded security interest in the applicable real property and notifies the City Agency in writing that it the Mortgagee intends to proceed with due diligence to foreclose the Mortgage or otherwise obtain title to the subject real property; and (ii) the such 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 Events of defaultDefault: (A) which are required to be cured by the Mortgagee and that are susceptible of cure by the Mortgagee, ; and (B) of which the Mortgagee has been given notice by the CityAgency under Section 20.4 or thereafter. Any such Although no Mortgagee is obligated to do so, any Mortgagee that directly or Transferee of a Mortgagee who shall indirectly obtains title and that properly complete Completes the improvements Infrastructure or other Improvements relating to the applicable portion of Project Site or applicable part thereof in accordance with this DDA shall be entitled, upon written request made to the Agency, to a Certificate of Completion.