Mortgagee’s Option to Cure Events of Default. Upon the occurrence of a Default, the mortgagee under any Mortgage will have the right at its option, to cure or remedy such Event of Default within the cure periods set forth herein.
Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default, the mortgagee under any Mortgage will have the right at its option, to cure or remedy such Event of Default within the cure periods set forth herein. An individual or entity who acquires title to all or a portion of the Minimum Improvements through the foreclosure of a mortgage or deed in lieu of foreclosure on such portion of the Project Area remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the Master Redeveloper, or any successor in interest to the Master Redeveloper, under the terms of this Agreement, but the purchaser at a foreclosure sale or grantee under a deed in lieu of foreclosure nor any subsequent transferee from a mortgagee shall have no personal liability for a breach of such obligations under this Agreement so long as:
Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default, the mortgagee under any Mortgage will have the right at its option, to cure or remedy such Event of Default within the applicable cure periods plus an additional thirty (30) days, or as to any default having no period for cure, within ten (10) days of receipt of notice from the City or Authority. An individual or entity who acquires title to all or a portion of the Minimum Improvements through the foreclosure of a mortgage or deed in lieu of foreclosure on such portion of the Mall Property remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the Redeveloper, or any successor in interest to the Redeveloper, under the terms of this Agreement, but the purchaser at a foreclosure sale or grantee under a deed in lieu of foreclosure shall have no personal liability for a breach of such obligations under this Agreement, and such transfer shall not be an Event of Default hereunder, and neither the City nor the Authority shall be entitled to approve such transfer by the transferee, so long as:
Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default by Developer, the mortgagee under any Mortgage will have the right at its option to cure or remedy such Event of Default within the cure periods set forth herein. An individual or entity who acquires title to a Parcel of the Development Property through the foreclosure of a mortgage or deed in lieu of foreclosure on such Parcel of the Development Property remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the Developer, or any successor in interest to the Developer, under the terms of this Agreement, but the purchaser at a foreclosure sale or grantee under a deed in lieu of foreclosure nor any subsequent transferee from a mortgagee shall have no personal liability for a breach of such obligation under this Agreement so long as the party acquiring title through foreclosure or deed in lieu of foreclosure observes all of the restrictions set forth in the Agreement. The City has no obligation to approve any plans for a Phase on a portion of the Development Property the foreclosing mortgagee (or mortgagee obtaining a deed in lieu of foreclosure) owns or to issue any related building permits. The purpose of this Section is to permit a foreclosing lender (or mortgagee or purchaser obtaining a deed in lieu of foreclosure or a subsequent transferee) to hold title to the Parcel of the Development Property it acquires through foreclosure or deed in lieu of foreclosure, subject to, but without personal liability for the obligations under this Agreement, until it can sell the portion it holds to a third party who will assume the obligations of the Developer under the terms of this Agreement and proceed with the construction of the applicable Phase pursuant to the terms of this Agreement. If, rather than passively holding title to the Parcel of the Development Property it acquires through foreclosure or deed in lieu of foreclosure, the foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure or subsequent transferee) or other purchaser at a foreclosure sale desires to sell a Parcel of the Development Property for construction of the Project, the purchaser at the foreclosure sale must assume and perform each of the obligations of the Developer, or the applicable successor to the interest of the Developer, under this Agreement as to the Parcel subject to the foreclosure. This Section does not restrict the authority of the HRA to pursue its right...
Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default, the mortgagee under any Mortgage will have the right at its option, to cure or remedy such Event of Default within the cure periods set forth herein. An individual or entity who acquires title to the Project through the foreclosure of a mortgage or deed in lieu of foreclosure on the Property remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the Developer, or any successor in interest to the Developer, under the terms of this Agreement, but the purchaser at a foreclosure sale or grantee under a deed in lieu of foreclosure shall have no personal liability for a breach of such obligations under this Agreement so long as:
