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

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 rights under any outstanding security, exercise remedies otherwise available under this Agreement or suspend the performance of the obligations of the HRA or the Developer under this Agreement as otherwise allowed. The HRA agrees to reasonably cooperate with any foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale in pursuing the Project in accordance with this Agreement. Unless acting other than passively holding title as described above in this Section, a lender or an independent third party that purchases at a foreclosure sale will have no liability for breach under this Agreement.

Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default by DeveloperDefault, the mortgagee under any Mortgage will have the right at its option option, to cure or remedy such Event of Default within the applicable cure periods set forth hereinplus 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 Parcel portion of the Development Property Minimum Improvements through the foreclosure of a mortgage or deed in lieu of foreclosure on such Parcel portion of the Development Mall Property remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the DeveloperRedeveloper, or any successor in interest to the DeveloperRedeveloper, 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 obligations under this Agreement 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 the as: (a) The party acquiring title through foreclosure or deed in lieu of foreclosure observes all of the restrictions set forth in the Agreement. ; (b) The party who acquired title through foreclosure or deed in lieu of foreclosure does not undertake or permit any other party to undertake any Minimum Improvements on the portion of the Mall Property it owns; (c) The City has no obligation to approve any plans for a Phase on Minimum Improvements or a portion of the Development Property Minimum Improvements the foreclosing mortgagee (or mortgagee obtaining a deed in lieu of foreclosure) owns or to issue any related building permits, provided any prior approval or permit issued shall not be withdrawn or rendered ineffective by such transfer of title. The purpose of this Section section is to permit a foreclosing lender (or mortgagee or purchaser obtaining a deed in lieu of foreclosure or a subsequent transfereeforeclosure) to hold title to the Parcel portion of the Development Mall 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 Redeveloper under the terms of this Agreement and proceed with the construction of the applicable Phase Minimum Improvements pursuant to the terms of this Agreement. If, rather than passively holding title to the Parcel portion of the Development Mall 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 transfereeforeclosure) or other purchaser at a foreclosure sale desires to sell a Parcel portions of the Development Mall Property for construction of the ProjectMinimum Improvements, the purchaser at the foreclosure sale (or mortgagee obtaining a deed in lieu of foreclosure) must assume and perform each of the obligations of the DeveloperRedeveloper, or the applicable successor to the interest of the DeveloperRedeveloper, under this Agreement as to the Parcel subject to the foreclosureAgreement. This Section section does not restrict the authority of the HRA Authority to pursue its rights under any outstanding security, exercise remedies otherwise available under this Agreement or suspend the performance of the obligations of the HRA Authority or the Developer Redeveloper under this Agreement as otherwise allowed. The HRA Authority agrees to reasonably cooperate with any foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale in pursuing the Project Minimum Improvements in accordance with this Agreement. Unless acting other than passively holding title , including evaluation of such person as described above a successor to the rights of the Redeveloper hereunder and taking appropriate actions to allow the benefits and rights hereunder to be realized by such person, should the Authority approve such person as a successor in this Section, a lender or an independent third party that purchases at a foreclosure sale will have no liability for breach under accordance with this Agreement.

Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default by DeveloperDefault, the mortgagee under any Mortgage will have the right at its option 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 Parcel portion of the Development Property Minimum Improvements through the foreclosure of a mortgage or deed in lieu of foreclosure on such Parcel portion of the Development Property Project Area remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the DeveloperMaster Redeveloper, or any successor in interest to the DeveloperMaster 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 obligation obligations under this Agreement so long as the as: (a) The party acquiring title through foreclosure or deed in lieu of foreclosure observes all of the restrictions set forth in the Agreement. ; (b) The party who acquired title through foreclosure or deed in lieu of foreclosure does not undertake or permit any other party to undertake any Minimum Improvements on the portion of the Project Area it owns; (c) The City has no obligation to approve any plans for a Phase on Minimum Improvements of a portion of the Development Property Minimum Improvements 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 portion of the Development Property Project Area 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 Master Redeveloper under the terms of this Agreement and proceed with the construction of the applicable Phase Minimum Improvements pursuant to the terms of this Agreement. If, rather than passively holding title to the Parcel portion of the Development Property Project Area 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 portions of the Development Property Project Area for construction of the ProjectMinimum Improvements, the purchaser at the foreclosure sale must assume and perform each of the obligations of the DeveloperMaster Redeveloper, or the applicable successor to the interest of the DeveloperMaster Redeveloper, under this Agreement as to the Parcel portion of the Project subject to the foreclosure. This Section does not restrict the authority of the HRA Authority to pursue its rights under any outstanding security, exercise remedies otherwise available under this Agreement or suspend the performance of the obligations of the HRA Authority or the Developer Master Redeveloper under this Agreement as otherwise allowed. The HRA Authority agrees to reasonably cooperate with any foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale in pursuing the Project Minimum Improvements in accordance with this Agreement, including evaluation of such person as a Secondary Redeveloper pursuant to Section 12.2. Unless acting other than passively holding title as described above in this Section, a lender or an independent third party that purchases at a foreclosure sale will have no liability for breach under this Agreement.

Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default by DeveloperDefault, the mortgagee under any Mortgage will have the right at its option 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 Project 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 obligations under this Agreement so long as the as: (a) The party acquiring title through foreclosure or deed in lieu of foreclosure observes all of the restrictions set forth in the Agreement. ; (b) The party who acquired title through foreclosure or deed in lieu of foreclosure does not undertake or permit any other party to undertake any redevelopment on the Property; (c) The City has no obligation to approve any plans for a Phase on a portion of the Development Property Project for 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 transfereeforeclosure) 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 Project pursuant to the terms of this Agreement. If, rather than passively holding title to the Parcel portion 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 transfereeforeclosure) 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 (or mortgagee obtaining a deed in lieu of foreclosure) 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 foreclosureAgreement. This Section does not restrict the authority of the HRA Authority to pursue its rights under any outstanding security, exercise remedies otherwise available under this Agreement or suspend the performance of the obligations of the HRA Authority or the Developer under this Agreement as otherwise allowed. The HRA Authority agrees to reasonably cooperate with any foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale in pursuing the Project in accordance with this Agreement. Unless acting other than passively holding title , including evaluation of such person as described above a successor to the rights of the Developer hereunder and taking appropriate actions to allow the benefits and rights hereunder to be realized by such person, should the Authority approve such person as a successor in this Section, a lender or an independent third party that purchases at a foreclosure sale will have no liability for breach under accordance with this Agreement.