Common use of Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure Clause in Contracts

Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure. The Developer shall notify the City in advance of any mortgage, deed of trust, conveyance and lease back, or other form of conveyance for financing as such financing is described in Article III, Section 9(d) of the original OPA, if the Developer proposes to enter into the same before the recordation of the Releasea release of Construction Covenantsconstruction covenants. Whenever the City shall deliver any notice or demand to the Developer with respect to any breach or default by the Developer in completion of construction of the improvements, the City shall at the same time deliver to each holder of record of any mortgage, deed of trust or other security interest authorized by this OPA, a copy of such notice or demand. Each such holder shall (insofar as the rights of the City are concerned) have the right 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 and to add the cost thereof to the security interest debt and the lien of its security interest. If such default shall be a default which can only be remedied or cured by such holder upon obtaining possession, such holder shall seek to obtain possession with diligence and continuity through a receiver or otherwise, and shall remedy or cure such default within ninety (90) days after obtaining possession; provided that in the case of a default which cannot with diligence be remedied or cured, or the remedy or cure of which cannot be commenced within such ninety (90) day period, such holder shall have such additional time as reasonably necessary to remedy or cure such default with diligence; provided, that Developersuch holder diligently and continuously pursues such cure to completion but in no event longer that one hundred eighty (180) days after receipt of notice hereunder; provided, further, that such holder shall not be required to remedy or cure any non-curable default of Developer (such as an unauthorized attempted assignment). Nothing contained in this OPA shall be deemed to obligate, permit or authorize such holder to undertake or continue the construction or completion of the improvements (beyond the extent necessary to conserve or protect the improvements or construction already made) without first having expressly assumed the Developer’s obligations to the City under this OPA and all Exhibits by written agreement reasonably satisfactory to the City. The holder in that event must agree to complete, in the manner provided in this OPA, the improvements to which the lien or title of such holder related, and submit evidence reasonably satisfactory to the City that it has the qualifications and/or financial responsibility necessary to perform such obligations. Any such holder who has properly completed such improvements shall be entitled, upon written request made to the City, to a Releaserelease of Construction Covenantsconstruction covenants from the City.

Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure. The Developer shall notify the City in advance of any mortgage, deed of trust, conveyance and lease back, or other form of conveyance for financing as such financing is described in Article III, Section 9(d) of the original OPA, if the Developer proposes to enter into the same before the recordation of the Releasea release of Construction Covenantsconstruction covenants. Whenever the City shall deliver any notice or demand to the Developer with respect to regarding any breach or default by the Developer in completion of construction of the improvementsImprovements on a Phase included in a Holder’s collateral, the or any other alleged default under this Agreement, City shall at the same time deliver to each holder such Holder of record of any mortgage, deed of trust or other security interest authorized by this OPA, Agreement a copy of such notice or demand. Notwithstanding anything to the contrary herein, in no event shall a Holder be obligated to cure a default under this Agreement that does not relate to the collateral it holds in order to preserve the rights under this Agreement with respect to such collateral; however, the foregoing shall not affect the City’s right to terminate this Agreement under Section 9.3 with respect to any Phase not yet sold by the City. Each such holder Holder shall (insofar as the rights of the City are concerned) have the right at its option option, within ninety (90) days after the receipt expiration of the noticeany and all cure periods available to Developer, to cure or remedy, or commence to cure or remedy, any remedy such default and to add the cost thereof to the security interest debt and to the lien of on its security interestinterest or the obligations of Developer under any sale lease-back or of the grantor under any other conveyance for financing. If such default shall be a default which can only be remedied or cured by such holder Holder upon obtaining possession, possession of the portion of the encumbered Property and such holder shall seek Holder seeks to obtain possession with diligence and continuity through a receiver or otherwise, and such Holder shall remedy or cure such default within have until ninety (90) days after obtaining possession; provided that possession to cure such default. Notwithstanding anything to the contrary contained herein, in the case of a default which cannot with diligence be remedied or cured, or the remedy or cure of which cannot be commenced commenced, within such ninety (90) day perioddays, such holder Holder (or an entity to whom a Holder assigns its lien or transfers the Property, provided City has approved in writing such person or entity as having the qualifications, experience and financial capacity that would typically be required by City for the development, construction, and sale of the applicable Improvements, and such assignees and transferees shall be included in the definition of the word "Holder" as hereafter used in this Agreement) shall have such additional time as reasonably necessary to remedy or cure such default with diligence; provided, that Developersuch holder diligently and continuously pursues such cure to completion but in no event longer that one hundred eighty (180) days after receipt of notice hereunder; provided, further, that such holder shall not be required to remedy or cure any non-curable default of Developer (that by its nature is not curable by such as an unauthorized attempted assignment)Holder. Nothing contained in this OPA Agreement shall be deemed to obligate, permit or authorize such holder Holder to undertake or continue the construction or completion of the improvements Improvements (beyond the extent necessary to conserve or protect the improvements Improvements or construction already made, including, without limitation, the ability to continue the construction or completion of Improvements already begun) without first having expressly assumed the Developer’s obligations to of Developer for the City under this OPA and all Exhibits portion of the Property in which the Holder has an interest, by written agreement reasonably satisfactory to the City. The holder Holder in that event shall only be liable or bound by Developer’s obligations hereunder for such period as the Holder was in possession of the portion of the Property in which the Holder has an interest and, notwithstanding anything to the contrary contained in this Agreement, shall only be liable to the extent of its interest in the portion of the Property and the improvements owned by it thereon. The Holder in that event must agree to complete, in the manner provided in this OPAAgreement, the improvements to which the lien or title of such holder related, and submit evidence reasonably satisfactory to the City that it has the qualifications and/or financial responsibility necessary to perform such obligationsHolder relates. Any such holder who has Holder properly completed completing such improvements shall be entitled, upon written request made to the City, to a Releaserelease Certificate of Construction Covenantsconstruction covenants Completion from City for such improvements issued by City in its proprietary capacity under this Restated DDA (not in its governmental capacity). Breach of any of the covenants, conditions, restrictions, or reservations contained in this Agreement shall not defeat or render invalid the lien of any deed of trust made in good faith and for value as to the Property or any portion of the Property or interest therein, whether or not the deed of trust is subordinated to this Agreement. In addition, the exercise of City’s right to repurchase the Property or any portion or Phase thereof shall be subject to and be limited by and shall not defeat or render invalid or limit any deed of trust made in good faith and for value in favor of a Holder as to the Property or any portion of the Property or interest therein, whether or not the deed of trust of such holder is subordinate to this Agreement or to any rights provided in this Agreement for the protection of the Holder. Unless otherwise herein provided, the terms, conditions, covenants, restrictions and reservations of this Agreement shall be binding and effective against the Holder and any owner of the Property, or any portion of the Property, whose title thereto is acquired by foreclosure, trustee’s sale, or otherwise. No purported rule, regulation, modification, amendment and/or termination of this Agreement affecting the rights of a Holder expressly granted in this Agreement shall be binding upon any Holder holding a deed of trust from and after the date of recordation of such deed of trust unless and until the written consent of such Holder is obtained.

Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure. a. The Developer shall notify the City in advance Developer's breach of any mortgage, deed of trust, conveyance the covenants or restrictions contained in this Agreement shall not defeat or render invalid the lien of any Security Financing Interest made in good faith and lease backfor value as to the Site, or other form any part thereof or interest therein, whether or not said Security Financing Interest is subordinated to this Agreement, but, unless otherwise provided herein, the terms, conditions, covenants, restrictions and reservations of conveyance for financing as this Agreement shall be binding and effective against the holder of any such financing is described in Article III, Section 9(d) Security Financing Interest or any owner of the original OPASite, if the Developer proposes to enter into the same before the recordation of the Releasea release of Construction Covenantsconstruction covenants. or any part thereof, whose title thereto is acquired by foreclosure, trustee's sale or otherwise. b. Whenever the City or Agency shall deliver any a notice or demand to the Developer with respect to any breach or default by the Developer in with respect to the commencement, completion or cessation of construction of the improvementsDevelopment, the City or Agency shall at the same time deliver a copy of such notice or demand to each holder of record of any mortgage, deed Security Financing Interest who has previously made a written request to the City or Agency for special notice hereunder. No notice of trust or other security interest authorized by this OPA, a copy of default to the Developer shall be effective against any such notice or demandholder unless given to such holder as aforesaid. Each such Such holder shall (insofar as the rights of the City Agency are concerned) have the right 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, remedy any such default and to add the cost thereof to the security interest debt and the lien of its security interest. If such default shall be a default which can only be remedied or cured by such holder upon obtaining possession, such holder shall seek to obtain possession with diligence and continuity through a receiver or otherwise, and shall remedy or cure such default within ninety (90) days after obtaining possession; provided that in the case a reasonable period of a default which cannot with diligence be remedied or cured, or the remedy or cure of which cannot be commenced within such ninety (90) day period, such holder shall have such additional time as reasonably necessary to remedy or cure such default of the Developer, and shall comply with diligence; provided, that Developersuch holder diligently and continuously pursues such cure to completion but in no event longer that one hundred eighty (180) days after receipt of notice hereunder; provided, further, that such holder shall not be required to remedy or cure any non-curable default all other obligations of Developer (such as an unauthorized attempted assignment)under this Agreement. Nothing contained in this OPA herein shall be deemed to obligate, permit or authorize such holder to undertake or continue the construction or completion of the improvements Cypress Knolls Project (beyond the extent necessary to conserve or protect the improvements or construction already made) without first having expressly assumed the Developer’s 's obligations under this Agreement by written agreement satisfactory to the City under this OPA and all Exhibits by written agreement reasonably satisfactory to the CityAgency. The holder holder, in that event event, must agree to complete, in the manner provided in this OPAAgreement, the improvements to which the lien or title of such holder related, relates and submit evidence reasonably satisfactory to the City and the Agency that it has the qualifications and/or and financial responsibility necessary to perform such obligations. Any such holder who has properly completed completing such improvements in accordance herewith shall be entitled, upon written request made to the CityAgency, to a Releaserelease Phase Certificate of Construction Covenantsconstruction covenants Completion or a Final Certificate of Completion from the CityAgency in accordance with this Agreement.

Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure. The Developer shall notify the City in advance of any mortgage, deed of trust, conveyance and lease back, or other form of conveyance for financing as such financing is described in Article III, Section 9(d) of the original OPA, if the Developer proposes to enter into the same before the recordation of the Releasea release of Construction Covenantsconstruction covenants. Whenever the City Agency shall deliver any a notice or demand to the Developer with respect to any breach or default Default by the Developer in completion of construction development of the improvementsProject or otherwise, the City Agency shall at the same time deliver a copy of such notice or demand to each holder of record of any first mortgage, deed of trust or other security interest authorized by this OPA, Agreement who has previously made a copy written request to the Agency for special notice hereunder (a “Holder”). No notice of Default to the Developer shall be effective against any such notice or demandHolder unless given to such Holder as aforesaid. Each such holder Such Holder shall (insofar as the rights of the City Agency are concerned) have the right right, at its option such Holder’s option, within ninety sixty (9060) days after the receipt of the notice, to cure or remedy, or commence to cure or remedy, remedy any such default Default and to add the cost thereof to the security interest debt and the lien of its security interest; provided, however, that if longer than sixty (60) days is required to cure such Default, such longer period shall be granted to Holder, provided that Holder diligently pursues such cure during such longer period. If such default Default shall be a default which can only be remedied or cured by such holder Holder upon obtaining possessionpossession of the Property, such holder Holder shall seek to obtain possession of the Property with diligence and continuity through a receiver or otherwise, and shall remedy or cure such default Default within ninety (90) days after obtaining possession; provided that in the case a reasonable period of a default which cannot with diligence be remedied or cured, or the remedy or cure of which cannot be commenced within such ninety (90) day period, such holder shall have such additional time as reasonably necessary to remedy or cure such Default of the Developer. If such Default shall be a default with diligence; providedas to or by Developer which cannot be cured, that Developersuch holder diligently Agency shall not seek to enforce the same against Holder and continuously pursues such cure to completion but in no event longer that one hundred eighty (180) days after receipt of notice hereunder; provided, further, that such holder Holder shall not be required subject thereto. Agency agrees to remedy provide any actual or cure any non-curable default potential mortgagee, beneficiary or lender of Developer (such as an unauthorized attempted assignment). Nothing contained in this OPA shall be deemed to obligate, permit or authorize such holder to undertake or continue funds for the construction or completion and permanent financing of the improvements Project (beyond the extent necessary collectively, “Lender”) such additional assurances and documents as are reasonably required by such Lender to conserve or protect the improvements or construction already made) induce Lender to make such loan, including, without first having expressly assumed the Developerlimitation, subordination of Agency’s obligations purchase rights under Section 5.7 to the City under this OPA and all Exhibits by written agreement reasonably satisfactory to the City. The holder in that event must agree to complete, in the manner provided in this OPA, the improvements to which the lien or title of such holder related, and submit evidence reasonably satisfactory to the City that it has the qualifications and/or financial responsibility necessary to perform such obligations. Any such holder who has properly completed such improvements shall be entitled, upon written request made to the City, to a Releaserelease of Construction Covenantsconstruction covenants from the CityXxxxxx’s security instrument.