Mortgagee's Options to Cure Defaults. After any default in or breach of this Agreement by LPC West where LPC West fails to cure or remedy said default or breach, then each Mortgagee may, at its option, cure or remedy such breach or default within one hundred eighty (180) days after passage of the latest date for LPC West’s cure of the default, and, if permitted by its loan documents, add the cost thereof to the Mortgage debt and the lien of its Mortgage. If the breach or default is with respect to construction of the Improvements, nothing contained in this Agreement shall be deemed to prohibit such Mortgagee either before or after foreclosure or action in lieu thereof, from undertaking or continuing the construction or completion of the Improvements, provided that the Mortgagee notifies City in writing of its intention to complete the Improvements, or portion thereof. Any Mortgagee who properly completes Improvements on a Parcel shall be entitled to issuance of a Certificate of Completion, following the procedures set forth in Section 5.6.
Mortgagee's Options to Cure Defaults. (a) After any default in or breach of this Agreement by Developer where Developer fails to cure or remedy said default or breach, then each Mortgagee may, at its option, cure or remedy such breach or default within sixty (60) days after passage of the latest date for Developer’s cure of the default, and if permitted by its loan documents, to add the cost thereof to the Mortgage debt and the lien of its Mortgage. Nothing contained in this Agreement shall be deemed to prohibit such Mortgagee, either before or after foreclosure, or action in lieu thereof, from undertaking or continuing the construction or completion of the improvements, provided that the Mortgagee (a) notifies PDC in writing of its intention to complete the Project according to the approved Final Construction Plans and Specifications, (b) expressly assumes such obligation to PDC by written agreement in form and substance satisfactory to PDC to complete such construction in accordance with this Agreement and (c) furnishes evidence satisfactory to PDC that such Mortgagee possesses the qualifications and financial capability requisite to performing such obligations. If a Mortgagee undertakes to complete the Project, it shall comply with all terms of this Agreement, including without limitation, Sections 5.1.1 through 5.1.4 of this Agreement. Any Mortgagee who properly completes the Project shall be entitled to issuance of a Certificate of Completion, upon written request made to PDC following the procedures set forth in Section 3.9 above.
Mortgagee's Options to Cure Defaults. After Developer’s breach of this Agreement and if Developer fails to cure or remedy said breach within the required time period, then each Mortgagee shall have thirty (30) days after passage of the latest date for Developer’s cure or remedy of the breach, to cure or remedy the breach itself, if cure or remedy thereof is permitted by this Agreement. If a Mortgagee does cure or remedy the breach within said thirty (30) day period, the Mortgagee may add the cost thereof to the Mortgage debt and the lien of its Mortgage, if permitted by its loan documents. If the breach is with respect to construction of the improvements, nothing contained in this Agreement shall be deemed to prohibit such Mortgagee, either before or after foreclosure or action in lieu thereof, from undertaking or continuing the construction or completion of the improvements, provided that the Mortgagee notifies PDC in writing of its intention to complete the Project according to the approved Final Construction Plans and Specifications. Any Mortgagee who properly completes the Project shall be entitled to issuance of a Certificate of Completion, upon written request made to PDC following the procedures set forth in Section 3.8 above.
Mortgagee's Options to Cure Defaults. After Developer’s default of this Agreement and if Developer fails to cure or remedy said default within the required time period, then each Mortgagee shall have thirty (30) days after passage of the latest date for Developer’s cure or remedy of the default, to cure or remedy the default itself, if cure or remedy thereof is permitted by this Agreement. If a Mortgagee does cure or remedy the default within such thirty (30) day period, the Mortgagee may add the cost thereof to the Mortgage debt and the lien of its Mortgage, if permitted by its loan documents. If the default is with respect to construction of the Project, nothing contained in this Agreement shall be deemed to prohibit such Mortgagee, either before or after foreclosure or action in lieu thereof, from undertaking or continuing the construction or completion of the improvements, provided that the Mortgagee notifies PHB in writing of its intention to complete the Project according to the approved Drawings. Any Mortgagee who properly completes the Project shall be entitled to issuance of a Certificate of Completion, upon written request made to PHB following the procedures set forth in Section 7.9 above.
Mortgagee's Options to Cure Defaults. After any default or breach of this Agreement by DOSO where DOSO fails to cure or remedy said default or breach, then each Mortgagee may, at its option, cure or remedy such breach or default within sixty (60) days after passage of the latest date for DOSO's cure of the default, and if permitted by its loan documents, add the cost thereof to the Mortgage debt and the lien of its Mortgage. If the breach or default is with respect to construction of the Project improvements, nothing contained in this Agreement shall be deemed to prohibit such Mortgagee either before or after foreclosure or action in lieu thereof, from undertaking or continuing the construction or completion of the Project improvements, provided that the Mortgagee notifies Owner in writing of its intention to complete the Project improvements according to the approved Final Construction Plans and Specifications and expressly assumes DOSO's obligations to Owner by written agreement reasonably satisfactory to Owner. Any Mortgagee who properly completes the Project shall be entitled to issuance of a Certificate of Completion, upon written request made to Owner following the procedures set forth in Section 3.13.
