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. 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 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. If a Developer Event of Default cannot practicably be cured by an Encumbrance Holder without the need for such Encumbrance Holder to obtain possession of the Property (for example, by foreclosure of a Security Financing Interest), or if a Developer Event of Default cannot be cured by an Encumbrance Holder (for example, the insolvency of Developer), then, in each case, if at least one Encumbrance Holder has delivered to the Agency within thirty (30) days after its receipt of an Cure Notice a written undertaking wherein such Encumbrance Holder agrees (1) that it will commence foreclosure proceedings forthwith. 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 Agency pursuant to its rights set forth in Article 8 12 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, Developers (or cessation any of the construction of the Developmentthem), the City will Agency shall at the same time deliver to each holder 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, however, that the Agency shall have no liability to any Holder for any failure by the Agency to provide notice to such Holder (provided further that the Agency shall not be entitled to exercise its rights under Section 12.06 hereof until such notice has been delivered and the cure period set forth in the following sentence has expired). Each such holder Holder shall (insofar as the rights of the City Agency are concerned) has have the right, but not the obligation, at its option, within the same time period as is afforded Developers plus the greater of ninety (90) days after or such longer period as reasonably may be necessary for the receipt Holder to obtain the right of possession through foreclosure, deed-in-lieu or appointment of a receiver provided that within such ninety (90)-day period the notice, Holder commences and thereafter proceeds in good faith to obtain the right of possession and 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. If a Developer Event of Default cannot practicably be cured by an Encumbrance Holder without the need for such Encumbrance Holder to obtain possession of the Property (for example, by foreclosure of a Security Financing Interest), or if a Developer Event of Default cannot be cured by an Encumbrance Holder (for example, the insolvency of Developer), then, in each case, if at least one Encumbrance Holder has delivered to the Agency within thirty (30) days after its receipt of an Cure Notice a written undertaking wherein such Encumbrance Holder agrees (1) that it will commence foreclosure proceedings forthwithbreach. Nothing contained in this Agreement is shall be deemed to permit or authorize such holder Holder to undertake or continue the construction or completion of the Development Project (beyond the extent necessary to conserve or protect such Development the Project or construction already made) without first having expressly assumed in writing the Developer's obligations to of the City relating to such Development under this Agreement under an assignment and assumption agreement prepared by Developer responsible for the City and recordable among the Official Records (the "Security Financing Interest Assignment"). The holder in that event must agree Project 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 Phase of the dates for performance set forth in this Agreement), the Development Project to which the lien or title of such holder Holder relates. Any such holder Holder properly completing such Development under Phase of the Project pursuant to this paragraph must assume all rights and obligations of Developer under this Agreement and will shall be entitled, upon completion and written request made to the CityAgency, to a Certificate of Completion from the CityAgency. In the event of the declaration by the Agency of a Developer's Default, the Agency shall schedule a meeting with any Holder not earlier than seven (7) or later than fifteen (15) days from the date of declaration of a Developer's Default. The Agency and the Holders of interests relating to any portion of the Development Site subject to the Developer's Default shall meet and confer in good faith to plan the disposition and continued construction of the Project subject to the Developer's Default.

Notice of Default and Right to Cure. Whenever the City under pursuant to its rights set forth in Article 8 of this Agreement 10 delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the construction occurrence 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. 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 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. If a Developer Event of Default canor any other matter which may give rise to a right of termination or other claim (a "Cure Notice"), the City shall not practicably be cured by an exercise any remedy available to it unless and until each of the following have occurred: (a) a Cure Notice describing the is provided to each and every then-existing Encumbrance Holder without that has notified the need City in writing of (i) its interest in receiving such a notice, and (ii) its address for the receipt of such Encumbrance Holder to obtain possession notice; and (b) such Developer Event of Default remains uncured after the expiration of the Property (for example, by foreclosure applicable cure period set forth in Section 9.4. The Cure Notice shall be sent simultaneously with any similar notice or notices of a Security Financing Interest), or if a Developer Event of Default cannot that the City may be cured by an required to provide to Developer pursuant to Article 10. An Encumbrance Holder (for exampleshall have the right and the power to cure any Developer Event of Default specified in a Cure Notice within the cure periods set forth in Section 9.4 below, the insolvency of Developer), then, in each caseand, if at least one Encumbrance Holder has delivered to the Agency within thirty (30) days after its receipt such Developer Event of an Cure Notice a written undertaking wherein such Encumbrance Holder agrees (1) that it will commence foreclosure proceedings forthwithDefault is so cured, this Agreement shall remain in full force and effect. Nothing contained in this Agreement is shall be deemed to permit or authorize such holder any Encumbrance Holder or Foreclosure Transferee to undertake or continue the construction or completion of the Development Improvements or Public Improvements or any other work (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 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")Agreement. The holder Encumbrance 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 construction of the dates for performance set forth in this Agreement), Improvements and the Development to which the lien or title of such holder relatesPublic Improvements. Any such holder Encumbrance Holder properly completing such Development under construction of the Improvements and the Public Improvements pursuant to this paragraph must Section 9.3 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 Occupancy from the City.

Notice of Default and Right to Cure. Whenever the City under its rights set forth Except as provided in Article 8 this section, if an event of this Agreement delivers any default is curable and notice or demand to the Developer with respect to the commencement, completion, or cessation has not been previously given by Lender 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 other event of such notice or demand. 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 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. If a Developer Event of Default cannot practicably be cured by an Encumbrance Holder without the need for such Encumbrance Holder to obtain possession of the Property (for example, by foreclosure of a Security Financing Interest), or if a Developer Event of Default cannot be cured by an Encumbrance Holder (for example, the insolvency of Developer), then, in each case, if at least more than one Encumbrance Holder has delivered to the Agency within thirty (30) days after its receipt of an Cure Notice a written undertaking wherein such Encumbrance Holder agrees (1) time within the preceding 12 months, Borrower shall have 30 days following Xxxxxx’s giving of written notice of default within which to cure the default before Lender may require the immediate payment of this Note in full. If the default is curable but cannot reasonably be cured within the 30-day cure period, and if Borrower commences to cure the default during the 30-day cure period and diligently proceeds thereafter to cure such default, then the cure period shall be extended for a reasonable time not to exceed an additional 30 days (for a total of 60 days) in order to provide Borrower the opportunity to cure the default. However, Borrower shall not be entitled to notice of default or the opportunity to cure a default if Lender has previously given notice of a default more than one (1) time within the preceding 12 months or if the default occurs because of (a) a failure to pay any payment of principal or any other amount (excluding interest) as and when due under the terms of this Note or a failure to pay interest under this Note within five (5) days of the date when due except that it will commence foreclosure proceedings forthwithno grace period shall be applicable to the interest due at maturity whether by acceleration or otherwise, (b) the commencement by any Borrower of any proceeding for protection under any bankruptcy or insolvency laws, (c) a failure to maintain in continuous full force and effect any required insurance on Collateral, or (d) the occurrence of any waste or any uninsured damage or injury to any Collateral that substantially reduces the value of the Collateral, or the immediate threat of such waste or uninsured damage or injury. Nothing contained Xxxxxx’s notice of default shall be given in writing and shall be deemed given (a) three (3) business days after mailed by first class or certified mail to Borrower at an address Xxxxxx has for Borrower in Lender’s records, or (b) when actually received by Xxxxxxxx, whichever first occurs. Notice to any Borrower shall constitute notice to all Borrowers. The provisions of this section are in addition to and do not supersede or limit the application of any controlling provisions of the law of the State of North Carolina concerning notice of default, the right to cure, or the right to reinstate, and nothing in this Agreement is Note shall be deemed to permit or authorize such holder to undertake or continue the construction or completion a waiver 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 Assignmentthose provisions; provided, however, that the City is under provisions of this section and any such North Carolina law shall run concurrently. Notwithstanding any rights Borrower may have to notice of default and opportunity to cure, Lender will have 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 advance funds under this paragraph must assume all rights and obligations Note if: (a) Borrower is in default under the terms of Developer under this Agreement and will be entitledNote or any agreement that Borrower has with Lender, upon completion and written request including any agreement made in connection with the signing of this Note, (b) any instrument securing repayment of this Note is in default, (c) any guarantor seeks, claims or otherwise attempts to the Citylimit, modify or revoke such guarantor’s guarantee of this Note, or (d) Borrower has applied funds advanced pursuant to a Certificate of Completion from the Citythis Note for purposes other than those authorized by Lender.

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 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. 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 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. If a Developer Event of Default cannot practicably be cured by an Encumbrance Holder without the need for such Encumbrance Holder to obtain possession of the Property (for example, by foreclosure of a Security Financing Interest), or if a Developer Event of Default cannot be cured by an Encumbrance Holder (for example, the insolvency of Developer), then, in each case, if at least one Encumbrance Holder has delivered to the Agency within thirty (30) days after its receipt of an Cure Notice a written undertaking wherein such Encumbrance Holder agrees (1) that it will commence foreclosure proceedings forthwith. 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 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.