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

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. If the Redeveloper has received a Notice of Default from the Town for an alleged Default by the Redeveloper of its obligations After any breach or covenants under this Agreement and such Default is not cured by the Redeveloper before the expiration of the period provided therefordefault referred to in Section 603 hereof, each such holder of (and any mortgage permitted by this Agreement Mezzanine Lender) shall (insofar as the rights of the Town Board are concerned) have the right, at its option, to cure or remedy such Default breach or default (or such Default breach or default to the extent that it relates to the portion part of the property 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 breach or default is with respect to construction of the ProjectImprovements, nothing contained in this Section or any other Section of this Agreement shall be deemed to permit or authorize such a holderholder (or Mezzanine Lender), either before or after foreclosure or action in lieu thereof, to undertake or continue the construction or completion of the Project Improvements (beyond the extent necessary to conserve or protect the Project Improvements or construction already made) without first having expressly assumed the obligation to the TownBoard, by written agreement satisfactory to the Town Board and any other party having a right to enforce this Agreement in the event of Defaultdefault, to complete, in the manner provided in this Agreement, the Improvements on the Property or the part thereof to which the lien or title of such holder relates. Any such holder (or Mezzanine Lender) which shall properly complete the Redeveloper Improvements. In Improvements relating to the event that Property or applicable part thereof shall be entitled, upon written request made to the Board, to a certification or certifications by the Board to such effect in the manner provided in Section 307 of this Agreement, and any such certification shall, if so requested by such holder elects (or Mezzanine Lender), mean and provide that any remedies or rights with respect to undertake recapture of or continue reversion or revesting of title to the Property that the Board shall have or be entitled to because of failure of the Redeveloper or any successor in interest to the Property, or any part thereof, to cure or remedy any default with respect to the construction or completion as above provided on the mortgaged premises, the rights and remedies set forth in Section 13 of the Improvements on other parts or parcels of the Property, or because of any other default in or breach of this Agreement by the Redeveloper or such successor, shall not be exercisable until apply to the part or parcel of the Property to which such holder is afforded a reasonable period of time in which to complete such constructioncertification relates.

Mortgagee’s Option to Cure Defaults. If the Redeveloper has received a Notice After any default in or breach of Default from the Town for an alleged Default this Agreement by the Redeveloper of or its obligations or covenants under this Agreement and such Default is not cured by the Redeveloper before the expiration of the period provided thereforsuccessor in interest, each holder of any mortgage permitted by under this Agreement shall (insofar as the rights of the Town Agency are concerned) have the rightright after the failure of the Redeveloper to cure or remedy said default or breach, at its option, to cure or remedy such Default breach or default (or such Default breach or default to the extent that it relates to the portion part of the property Building and Garage Sites covered by its mortgage) upon giving written notice of its intention to do so to the Town within forty-five sixty (4560) days after such holder receives notice from the Town that the Redeveloper has so failed to cure such Default and if permitted by its loan documents to add the cost thereof to the mortgage debt and the lien of its mortgage; provided, however, that if . If the Default breach of default is with respect to construction of the Projectimprovements, nothing First Amended and Restated DDA – One Waterfront Place v8 January 4, 2008 contained in this Section or any other Section of this Agreement shall be deemed to permit or authorize prohibit such a holder, either before or after foreclosure or action in lieu thereof, to undertake from undertaking or continue continuing the construction or completion of the Project (beyond improvements, provided that the extent necessary holder notifies Agency in writing of its intention to conserve complete, in the manner provided in this Agreement, the improvements on the Building and Garage Sites. Any such holder who shall properly complete the improvements relating to the Building and Garage Sites shall be entitled, upon written request made to the Agency, to the Certificate of Completion by the Agency to such effect in the manner provided in Section 3.8 of this Agreement, and any such Certificate of Completion shall, if so requested by such holder, mean and provide that any remedies or protect rights with respect to recapture of or reversion or revesting of title to the Building and Garage Sites that the Agency shall have or be entitled to because of failure of Redeveloper to complete 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 default 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 breach of the Agreement by the Redeveloper shall not be exercisable until apply to the Building and Garage Sites after such holder is afforded a reasonable period Certificate of time in which to complete such constructionCompletion has been issued.