Common use of Notice of Default and Right to Cure Clause in Contracts

Notice of Default and Right to Cure. Whenever the City under its rights set forth in Article 8 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the construction of the Development, the City will at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer’s fee interest in the Property or any portion thereof, and the Investor, a copy of such notice or demand provided City shall have been given written notice of its address for notice by the Developer. Each such holder (insofar as the rights of the City are concerned) has the right, but not the obligation, at its option, within ninety (90) days after the delivery of the notice, to cure or remedy or commence to cure or remedy any such default or breach affecting the Property which is subject to the lien of the Security Financing Interest held by such holder and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement is deemed to permit or authorize such holder to undertake or continue the construction or completion of the Development (beyond the extent necessary to conserve or protect such Development or construction already made) without first having expressly assumed in writing the Developer’s obligations to the City relating to such Development under this Agreement under an assignment and assumption agreement prepared by the City and recordable among the Official Records (the “Security Financing Interest Assignment”). The holder in that event must agree to complete, in the manner provided in this Agreement (or as may be amended by the Security Financing Interest Assignment; provided, however, the City is under no obligation to extend the dates for performance set forth in this Agreement), the Development to which the lien or title of such holder relates. Any such holder properly completing such Development under this paragraph must assume all rights and obligations of Developer under this Agreement and will be entitled, upon completion and written request made to the City, to a Certificate of Completion from the City.

Notice of Default and Right to Cure. Whenever the City under its rights set forth in Article 8 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the construction of the Development, the City will at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer’s 's fee interest in the Property or any portion thereof, and the Investor, a copy of such notice or demand provided City shall have been given written notice of its address for notice by the Developerdemand. Each such holder (insofar as the rights of the City are concerned) has the right, but not the obligation, at its option, within ninety (90) days after the delivery receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach affecting the Property which is subject to the lien of the Security Financing Interest held by such holder and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement is deemed to permit or authorize such holder to undertake or continue the construction or completion of the Development (beyond the extent necessary to conserve or protect such Development or construction already made) without first having expressly assumed in writing the Developer’s 's obligations to the City relating to such Development under this Agreement under an assignment and assumption agreement prepared by the City and recordable among the Official Records (the “"Security Financing Interest Assignment”"). The holder in that event must agree to complete, in the manner provided in this Agreement (or as may be amended by the Security Financing Interest Assignment; provided, however, the City is under no obligation to extend the dates for performance set forth in this Agreement), the Development to which the lien or title of such holder relates. Any such holder properly completing such Development under this paragraph must assume all rights and obligations of Developer under this Agreement and will be entitled, upon completion and written request made to the City, to a Certificate of Completion from the City.

Notice of Default and Right to Cure. Whenever the City under pursuant to its rights set forth in Article 8 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the construction of the DevelopmentImprovements, the City will shall at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer’s fee 's leasehold interest in the Property or any portion thereof, and the Investor, thereof a copy of such notice or demand provided City shall have been given written notice of its address for notice by the Developerdemand. Each such holder shall (insofar as the rights of the City are concerned) has have the right, but not the obligation, at its option, within ninety (90) days after the delivery receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach affecting the Property which is subject to the lien of the Security Financing Interest held by such holder and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement is shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Development Improvements (beyond the extent necessary to conserve or protect such Development improvements or construction already made) without first having expressly assumed in writing the Developer’s 's obligations to the City relating to such Development Improvements under this Agreement under pursuant to an assignment and assumption agreement prepared by the City and recordable among the Official Records (the “Security Financing Interest Assignment”)City. The holder in that event must agree to complete, in the manner provided in this Agreement (or as may be amended by the Security Financing Interest Assignment; provided, howeverAgreement, the City is under no obligation to extend the dates for performance set forth in this Agreement), the Development Improvements to which the lien or title of such holder relates. Any such holder properly completing such Development under Improvements pursuant to this paragraph must shall assume all rights and obligations of Developer under this Agreement and will be entitled, upon completion and written request made to the City, to a Certificate of Completion from the CityAgreement.

Notice of Default and Right to Cure. Whenever the City under pursuant to its rights set forth in Article 8 7 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the construction of the DevelopmentImprovements, the City will shall at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer’s fee 's interest in the Property Dealership Development Parcel or Swap Parcel or any portion thereof, and the Investor, a copy of such notice or demand provided City shall have been given written notice of its address for notice by the Developerdemand. Each such holder shall (insofar as the rights of the City are concerned) has have the right, but not the obligation, at its option, within ninety (90) days after the delivery receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach affecting the Property Dealership Development Parcel or Swap Parcel which is subject to the lien of the Security Financing Interest held by such holder and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement is shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Development Improvements (beyond the extent necessary to conserve or protect such Development improvements or construction already made) without first having expressly assumed in writing the Developer’s 's obligations to the City relating to such Development Improvements under this Agreement under an assignment and assumption agreement prepared by the City and recordable among the Official Records (the “Security Financing Interest Assignment”)Agreement. The holder or its assignee in that event must agree to complete, in the manner provided in this Agreement (or as may be amended by the Security Financing Interest Assignment; provided, howeverAgreement, the City is under no obligation to extend the dates for performance set forth in this Agreement), the Development Improvements to which the lien or title of such holder relates. Any such holder or its assignee properly completing such Development under Improvements pursuant to this paragraph must shall assume all rights and obligations of Developer under this Agreement and will shall be entitled, upon completion and written request made to the City, to a Certificate Notice of Completion from the City, in substantially the form attached hereto as Exhibit J, incorporated herein by this reference.

Notice of Default and Right to Cure. Whenever the City under pursuant to its rights set forth in Article 8 ARTICLE 11 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the construction of the DevelopmentImprovements, the City will shall at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer’s fee 's leasehold interest in the Residential Property or any portion thereof, and the Investor, a copy of such notice or demand provided City shall have been given written notice of its address for notice by the Developerdemand. Each such holder shall (insofar as the rights of the City are concerned) has have the right, but not the obligation, at its option, within ninety (90) days after the delivery receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach affecting the Residential Property which is subject to the lien of the Security Financing Interest held by such holder and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement is shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Development Improvements (beyond the extent necessary to conserve or protect such Development Improvements or construction already made) without first having expressly assumed in writing the Developer’s 's obligations to the City relating to such Development Improvements under this Agreement under an assignment and assumption agreement prepared by the City and recordable among the Official Records (the “Security Financing Interest Assignment”)Agreement. The holder in that event must agree to complete, in the manner provided in this Agreement (or as may be amended by the Security Financing Interest Assignment; provided, howeverAgreement, the City is under no obligation to extend the dates for performance set forth in this Agreement), the Development Improvements to which the lien or title of such holder relates. Any such holder properly completing such Development under Improvements pursuant to this paragraph must shall assume all rights and obligations of Developer under this Agreement and will shall be entitled, upon completion and written request made to the City, to a Certificate certificate of Completion completion from the City, in a form acceptable by the City.

Notice of Default and Right to Cure. Whenever the City under pursuant to its rights set forth in Article 8 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the construction of the Development, the City will shall, at the same time time, deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer’s fee interest in the Property or any portion thereof, and to other entities, such as the Investorinvestor limited partner of the Partnership and other entities with significant financial interests in Developer or its members, provided such entities' current addresses have previously been provided to the City and the City Attorney office, a copy of such notice or demand provided demand; provided, however, that the City shall have been given written notice no liability to the holder of its address a Security Financing Interest, or other entity for notice any failure by the DeveloperCity to provide notice to such holder or to such other entity. Each such holder and such other entities shall (insofar as the rights of the City are concerned) has have the right, but not the obligation, at its option, within ninety one hundred twenty (90120) days after the delivery receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach affecting the Property which is subject to the lien of the Security Financing Interest held by such holder holder, or in which such entity has an interest, either directly or through appointment of a receiver for the Developer as the Owner of the Property or any portion thereof, and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement is shall be deemed to permit or authorize such holder or other entity to undertake or continue the construction or completion of the Development Improvements (beyond the extent necessary to conserve or protect such Development improvements or construction already made) without first having expressly assumed in writing the Developer’s 's obligations to the City relating to such Development improvements under this Agreement under an assignment and assumption agreement prepared by the City and recordable among the Official Records (the “Security Financing Interest Assignment”)Agreement. The holder or other entity, in that event must agree to complete, in the manner provided in this Agreement (or as may be amended by the Security Financing Interest Assignment; provided, howeverAgreement, the City is under no obligation to extend the dates for performance set forth in this Agreement), portion of the Development to which the lien or title of such holder or other entity relates. Any such holder or other entity properly completing such portion of the Development under pursuant to this paragraph must shall assume all rights and obligations of the Developer under this Agreement and will shall be entitled, upon completion and written request made to the City, to a Certificate of Completion from the City.

Notice of Default and Right to Cure. Whenever the City under pursuant to its rights set forth in Article 8 Section 11 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the in construction of the DevelopmentImprovements, the City will shall at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer’s fee interest in the Property Project Site or any portion thereof, and the Investor, thereof a copy of such notice or demand provided City shall have been given written notice of its address for notice by the Developerdemand. Each such holder shall (insofar as the rights of the City are concerned) has have the right, but not the obligation, at its each holder's option, within ninety (90) days after the delivery receipt of the notice, to cure or remedy or commence to cure or remedy (in which case such holder shall thereafter diligently and promptly pursue such cure to completion) any such default or breach affecting the Property which is subject to the lien of the Security Financing Interest held by such holder Project Site and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement is shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Development Improvements (beyond the extent necessary to conserve or protect such Development improvements or construction already made, as reasonably determined by the City) without first having expressly assumed assumed, in writing writing, the Developer’s 's obligations to the City relating to such Development under this Agreement under pursuant to an assignment and assumption agreement prepared by the City and recordable among the Official Records official records of the County (the “"Security Financing Interest Assignment”"). The Pursuant to the Security Financing Interest Assignment the holder in that event must agree to complete, complete the construction of the Improvements in the manner provided in this Agreement (or as may be amended by Agreement, and, in connection with the Security Financing Interest Assignment; providedexecution of such assignment, however, submit evidence satisfactory to the City is under no obligation that it has the qualification and financial responsibility necessary to extend the dates for performance set forth in this Agreement), the Development to which the lien or title of perform such holder relatesobligations. Any such holder properly completing such Development under the Improvements pursuant to this paragraph must Section and the Security Financing Interest Assignment shall assume all rights and obligations of Developer under this Agreement and will shall be entitled, upon completion and written request made to the City, to a Certificate of Completion from the City.. In the event there are multiple holders of Security

Notice of Default and Right to Cure. Whenever the City under County pursuant to its rights set forth in Article 8 9 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the construction of the DevelopmentImprovements, the City County will at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer’s 's fee interest in the Property or any portion thereof, and the Investor, a copy of such notice or demand provided City shall have been given written notice of its address for notice by the Developerdemand. Each such holder (insofar as the rights of the City County are concerned) has the right, but not the obligation, at its option, within ninety (90) days after the delivery receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach affecting the Property which is subject to the lien of the Security Financing Interest held by such holder and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement is deemed to permit or authorize such holder to undertake or continue the construction or completion of the Development Improvements (beyond the extent necessary to conserve or protect such Development improvements or construction already made) without first having expressly assumed in writing the Developer’s 's obligations to the City County relating to such Development Improvements under this Agreement under pursuant to an assignment and assumption agreement prepared by the City County and recordable among the Official Records (the “"Security Financing Interest Assignment”"). The holder in that event must agree to complete, in the manner provided in this Agreement (or as may be amended by the Security Financing Interest Assignment; provided, however, the City County is under no obligation to extend the dates for performance set forth in this Agreement), the Development Improvements to which the lien or title of such holder relates. Any such holder properly completing such Development under Improvements pursuant to this paragraph must assume all rights and obligations of Developer under this Agreement and will be entitled, upon completion and written request made to the CityCounty, to a Certificate of Completion from the CityCounty.

Notice of Default and Right to Cure. Whenever the City under Commission pursuant to its rights set forth in Article 8 11 of this Agreement delivers any notice or demand to the Affordable Developer with respect to the commencement, completion, or cessation of the construction of the DevelopmentAffordable Development Improvements, the City Commission will at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Affordable Developer’s 's fee interest in the Property Affordable Development Parcel or any portion thereof, and the InvestorTax Credit Investor in the case of the Affordable Development only, a copy of such notice or demand provided City shall have been given written notice of its address for notice by the Developerdemand. Each such holder (insofar as the rights of the City Commission are concerned) has the right, but not the obligation, at its option, within ninety (90) days after the delivery receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach affecting the Property Affordable Development Parcel which is subject to the lien of the Security Financing Interest held by such holder and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement is deemed to permit or authorize such holder to undertake or continue the construction or completion of the Affordable Development Improvements (beyond the extent necessary to conserve or protect such Development improvements or construction already made) without first having expressly assumed in writing the Affordable Developer’s 's obligations to the City Commission relating to such the Affordable Development Improvements under this Agreement under pursuant to an assignment and assumption agreement prepared by the City Commission and recordable among the Official Records (the “"Security Financing Interest Assignment”"). The holder in that event must agree to complete, in the manner provided in this Agreement (or as may be amended by the Security Financing Interest Assignment; provided, however, the City Commission is under no obligation to extend the dates for performance set forth in this Agreement), the Affordable Development to which the lien or title of such holder relatesImprovements. Any such holder properly completing such the Affordable Development under Improvements pursuant to this paragraph must assume all rights and obligations of the Affordable Developer under this Agreement and will be entitled, upon completion and written request made to the CityCommission, to a Certificate of Completion from the CityCommission.