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

Notice of Default and Right to Cure. Whenever the Agency pursuant to its rights set forth in Article 12 of this Agreement delivers any notice or demand to the Developers (or any of them), the Agency shall at the same time deliver to each Holder of record 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 shall (insofar as the rights of the Agency are concerned) 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 or such longer period as reasonably may be necessary for the 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 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. Nothing contained in this Agreement shall be deemed to permit or authorize such Holder to undertake or continue the construction or completion of the Project (beyond the extent necessary to conserve or protect the Project or construction already made) without first having expressly assumed in writing the obligations of the Developer responsible for the Project to complete, in the manner provided in this Agreement, the Phase of the Project to which the lien or title of such Holder relates. Any such Holder properly completing such Phase of the Project pursuant to this paragraph shall be entitled, upon written request made to the Agency, to a Certificate of Completion from the Agency. 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 Agency pursuant to City under its rights set forth in Article 12 8 of this Agreement delivers any notice or demand to the Developers (Developer with respect to the commencement, completion, or any cessation of them)the construction of the Development, the Agency shall City will 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 shall holder (insofar as the rights of the Agency City are concerned) have has 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 or such longer period as reasonably may be necessary for after the Holder to obtain receipt of the right of possession through foreclosurenotice, deed-in-lieu or appointment of a receiver provided that within such ninety (90)-day period the 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 breachbreach 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 shall be is deemed to permit or authorize such Holder holder to undertake or continue the construction or completion of the Project Development (beyond the extent necessary to conserve or protect the Project such Development or construction already made) without first having expressly assumed in writing the Developer's obligations of to the Developer responsible for City relating to such Development under this Agreement under an assignment and assumption agreement prepared by the Project 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 AgreementAgreement (or as may be amended by the Security Financing Interest Assignment; provided, however, the Phase of City is under no obligation to extend the Project dates for performance set forth in this Agreement), the Development to which the lien or title of such Holder holder relates. Any such Holder holder properly completing such Phase of the Project pursuant to Development under this paragraph shall must assume all rights and obligations of Developer under this Agreement and will be entitled, upon completion and written request made to the AgencyCity, to a Certificate of Completion from the Agency. 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 DefaultCity.

Notice of Default and Right to Cure. Whenever the Agency pursuant to its rights set forth in Article 12 of this Agreement delivers any notice or demand to the Developers (or any of them)default hereunder, the Agency shall at the same time concurrently deliver to each Holder of record a copy of such notice to each holder of record of any mortgage, deed of trust or demand; provided, however, other security instrument secured by the Property provided that Agency has been provided with the address for delivery of such notice. Agency shall have no liability to any Holder such holder for any failure by the Agency to provide such 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)holder. Each such Holder holder shall (insofar as the rights of the Agency are concerned) have the right, but not the obligation, at its option, within the same time period as is afforded Developers plus the greater of ninety sixty (9060) days or such longer period as reasonably may be necessary for after the Holder to obtain receipt of the right of possession through foreclosurenotice, deed-in-lieu or appointment of a receiver provided that within such ninety (90)-day period the 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. In the event that possession of the Property (or any portion thereof) is required to effectuate such cure or remedy, the holder shall be deemed to have timely cured or remedied the default if it commences the proceedings necessary to obtain possession of the Property within sixty (60) days after receipt of the Agency’s notice, diligently pursues such proceedings to completion, and after obtaining possession, diligently completes such cure or remedy within sixty (60) days, or longer if commercially necessary, after taking possession. A holder who chooses to exercise its right to cure or remedy a default or breach shall first notify Agency of its intent to exercise such right prior to commencing to cure or remedy such default or breach. Nothing contained in this Agreement shall be deemed to permit or authorize such Holder holder to undertake or continue the construction or completion of the Project (beyond the extent necessary to conserve or protect the Project or construction already madesame) without first having expressly assumed in writing the Developer’s obligations of the Developer responsible for the Project to Agency under this Agreement. The holder in that event must agree to complete, in the manner provided in this Agreement, the Phase of Project and the Project Improvements and submit evidence reasonably satisfactory to which Agency that it has the lien development capability on staff or title of retainer and the financial capacity necessary to perform such Holder relatesobligations. Any such Holder holder properly completing such Phase of the Project pursuant to this paragraph Section shall assume all rights and obligations of Developer under this Agreement and shall be entitled, upon written request made to the Agency, entitled to a Certificate of Completion from upon compliance with the Agency. In the event requirements 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 Defaultthis Agreement.

Notice of Default and Right to Cure. Whenever Sublessor shall provide Sublessee with copies of any written notice to or from Overlandlord specifying an Event of Default by Sublessor under the Agency pursuant terms of the Master Lease within forty-eight (48) hours of Sublessor's receipt from or delivery of the notice to its Overlandlord. Upon demand from Sublessee, Sublessor shall take all action reasonably necessary to avoid termination of the Master Lease or disturbance of Sublessee's use and occupancy of the Subleased Premises as a result of such Event of Default, including, if necessary or appropriate, the initiation, at Sublessor's sole cost and expense, of legal action in a court of competent jurisdiction seeking a judicial determination as to whether an Event of Default has occurred and/or a stay of Overlandlord's rights set forth in Article 12 under the Master Lease to terminate the Master Lease or to reenter and repossess the Subleased Premises, or any part thereof, or otherwise to disturb Sublessee's use and occupancy of the Subleased Premises, or any part thereof, under the terms of this Agreement delivers Sublease. Sublessor shall keep Sublessee fully advised as to Sublessor's efforts to cure or resolve any notice allegation of an Event of Default and shall provide Sublessee, at Sublessor's expense, with copies of all correspondence, and documentation, including but not limited to, any pleadings filed by or demand on behalf of Sublessor or Overlandlord in the course of any litigation which involves an alleged Event of Default, relating thereto. If Sublessor fails to timely cure an Event of Default or contest the Developers (same by appropriate legal proceedings or, having initiated such contest fails to secure a stay of Overlandlord's rights under the Master Lease as referenced above and, as a result thereof, Overlandlord has threatened to disturb Sublessee's use or occupancy of the Subleased Premises or any of them)part thereof, the Agency Sublessee shall at the same time deliver to each Holder of record 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 shall (insofar as the rights of the Agency are concerned) have the right, but not the obligationduty, at its option, within the same time period as to take whatever action is afforded Developers plus the greater of ninety (90) days or such longer period as reasonably may be necessary for the 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 Holder commences and thereafter proceeds in good faith to obtain the right of possession and to cure the Event of Default. All costs, expenses and fees (including reasonable attorneys' fees) incurred by Sublessee in the course of curing an Event of Default shall be fully recoverable from all payments (including Fixed Rent and additional rent) that come due to Sublessor under this Sublease. Sublessor shall indemnify, protect, save and hold Sublessee harmless from all causes of action, claims, demands, damages, liability, costs, expenses and fees (including reasonable attorneys' fees) incurred by Sublessee arising directly or remedy as a consequence of an Event of Default for which Sublessor is responsible or commence relating to Sublessee's efforts to cure or remedy any such default or breach. Nothing contained in this Agreement shall be deemed to permit or authorize such Holder to undertake or continue the construction or completion an Event of the Project (beyond the extent necessary to conserve or protect the Project or construction already made) without first having expressly assumed in writing the obligations of the Developer responsible for the Project to complete, in the manner provided in this Agreement, the Phase of the Project to which the lien or title of such Holder relates. Any such Holder properly completing such Phase of the Project pursuant to this paragraph shall be entitled, upon written request made to the Agency, to a Certificate of Completion from the Agency. 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 Except as provided in this section, if an event of default is curable and notice has not been previously given by Lender of the Agency pursuant same or any other event of default more than one (1) time within the preceding 12 months, Borrower shall have 30 days following Xxxxxx’s giving of written notice of default within which to its rights set forth in Article 12 cure the default before Lender may require the immediate payment of this Agreement delivers 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 notice payment of principal or demand 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 no grace period shall be applicable to the Developers 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 them)the Collateral, or the immediate threat of such waste or uninsured damage or injury. 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 Agency right to cure, or the right to reinstate, and nothing in this Note shall at the same time deliver to each Holder be deemed a waiver of record a copy of such notice or demandthose provisions; provided, however, that the Agency 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 liability obligation to advance funds under this Note if: (a) Borrower is in default under the terms of this Note or any Holder for agreement that Borrower has with Lender, including any failure by agreement made in connection with the Agency signing of this Note, (b) any instrument securing repayment of this Note is in default, (c) any guarantor seeks, claims or otherwise attempts to provide notice to limit, modify or revoke such Holder guarantor’s guarantee of this Note, or (provided further that the Agency shall not be entitled to exercise its rights under Section 12.06 hereof until such notice d) Borrower has been delivered and the cure period set forth in the following sentence has expired). Each such Holder shall (insofar as the rights of the Agency are concerned) 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 or such longer period as reasonably may be necessary for the 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 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. Nothing contained in this Agreement shall be deemed to permit or authorize such Holder to undertake or continue the construction or completion of the Project (beyond the extent necessary to conserve or protect the Project or construction already made) without first having expressly assumed in writing the obligations of the Developer responsible for the Project to complete, in the manner provided in this Agreement, the Phase of the Project to which the lien or title of such Holder relates. Any such Holder properly completing such Phase of the Project applied funds advanced pursuant to this paragraph shall be entitled, upon written request made to the Agency, to a Certificate of Completion from the Agency. In the event of the declaration Note for purposes other than those authorized 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 DefaultLender.

Notice of Default and Right to Cure. Whenever (a) The Developer shall upon receiving from the Agency pursuant to its rights set forth in Article 12 City any notice of: (i) default under this Agreement; or (ii) a termination of this Agreement delivers any notice or demand to the Developers (or any of them)Agreement, the Agency shall at the same time deliver to each Holder of record promptly provide 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 every Mortgagee. From and after such notice has been delivered given to a Mortgagee, such Mortgagee shall have the same period (which period shall run simultaneously with the Developer’s cure period), after the giving of such notice to it, for remedying any default or acts or omissions that are the subject matter of such notice or causing the same to be remedied, as is given the Developer hereunder after the giving of such notice to the Developer, to remedy, commence remedying or cause to be remedied the defaults or acts or omissions that are the subject matter of such notice specified in any such notice. The City shall accept any performance by or at the instigation of such Mortgagee as if the same had been done by the Developer. The Developer authorizes each Mortgagee to take any such action at such Mortgagee’s option and does hereby authorize entry upon the Project Area by the Mortgagee for such purpose. (b) Notwithstanding anything to the contrary contained herein, if any Developer Default shall occur that entitles the City to terminate this Agreement or to exercise any Right of Re-Entry, the City shall have no right to terminate this Agreement or exercise such Right of Re-Entry unless, following the expiration of any cure period set forth in Section 12.1 in which the Developer may cure such default or the act or omission that gave rise to such default (or if there is no cure period set forth in Section 12.1, following sentence has expiredsuch default or act or omission). Each such Holder , the City shall (insofar as the rights notify every Mortgagee of the Agency are concerned) have the right, but not the obligation, City’s right to terminate this Agreement or to exercise any Right of Re-Entry at its option, within the same time period as is afforded Developers plus the greater of least ninety (90) days in advance of the proposed effective date of such termination or such longer period as reasonably may be necessary for the Holder to obtain the right exercise of possession through foreclosureRight of Re-Entry. The provisions of this Section 14.1(b) shall apply if, deed-in-lieu or appointment of a receiver provided that within during such ninety (90)-day period 90) day period, any Mortgagee shall: (i) notify the Holder commences City of such Mortgagee’s desire to nullify such notice; (ii) pay or cause to be paid any payments then due and thereafter proceeds in arrears as specified in the termination notice or Right of Re-Entry notice to such Mortgagee and that may become due during such ninety (90) day period; and (iii) comply or, if such non- monetary defaults are incapable of being cured within the remainder of such ninety (90) day period, 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. Nothing contained in comply, with all non-monetary requirements of this Agreement then in default and reasonably susceptible of being complied with by such Mortgagee. (c) If the City shall elect to terminate this Agreement or to exercise any Right of Re- Entry by reason of any Developer Default, and a Mortgagee shall have proceeded in the manner provided for by this Section 14.1(c), the specified date for the termination of this Agreement or for the exercise of the City’s Right of Re-Entry as fixed by the City in its termination or Right of Re-Entry notice, as applicable, shall be deemed extended for a period of six (6) months, provided such Mortgagee shall, during such six (6)-month period: (i) pay or cause to permit or authorize such Holder to undertake or continue be paid the construction or completion of the Project (beyond the extent necessary to conserve or protect the Project or construction already made) without first having expressly assumed in writing the monetary obligations of the Developer responsible under this Agreement as the same become due, and continue its good faith efforts to perform all of the Developer’s other obligations under this Agreement and (ii) if not enjoined or stayed, diligently take steps to acquire or sell the Developer’s interest in this Agreement by foreclosure of the Mortgage or other appropriate means and prosecute the same to completion with due diligence. (d) If at the end of such six (6) month period such Mortgagee is complying with Section 14.1(c), this Agreement shall not then terminate and the City shall not exercise its Right of Re- Entry, and the time for completion by such Mortgagee of its proceedings shall continue so long as such Mortgagee is enjoined or stayed or for so long as such Mortgagee proceeds to complete steps to acquire or sell the Project Developer’s interest in this Agreement by foreclosure of the Mortgage or by other appropriate means with reasonable diligence and continuity. Nothing in this Section 14.1(d), however, shall be construed to completerequire a Mortgagee to continue such foreclosure proceedings after the default has been cured. If the default shall be cured and the Mortgagee shall discontinue such foreclosure proceedings, this Agreement shall continue in full force and effect as if the Developer had not defaulted under this Agreement. (e) If a Mortgagee is complying with this Section 14.1, upon the acquisition of the Developer’s interest in the manner provided real property encumbered by the Mortgagee’s Mortgage by such Mortgagee or its designee or any other purchaser at a foreclosure sale or otherwise, this Agreement shall continue in full force and effect as if the Developer had not defaulted under this Agreement, the Phase of the Project to which the lien or title of such Holder relates. Any such Holder properly completing such Phase of the Project pursuant to this paragraph shall be entitled, upon written request made to the Agency, to a Certificate of Completion from the Agency. 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 deadlines for construction of the Project subject Improvements to be constructed hereunder by the Developer's DefaultDeveloper automatically shall be extended by the period of time which was necessary for the Mortgagee to conclude the proceedings described in this Section 14.1 (including the period of any injunction or stay applicable to same).