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. Whenever the Agency shall deliver a notice or demand to the Developer with respect to any Default by the Developer in completion of development of the Project or otherwise, the 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 Agreement who has previously made a written request to the Agency for special notice hereunder (a “Holder”). No notice of Default to the Developer shall be effective against any such Holder unless given to such Holder as aforesaid. Such Holder shall (insofar as the rights of the Agency are concerned) have the right, at such Holder’s option, within sixty (60) days after receipt of the notice, 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; 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 shall be a default which can only be remedied or cured by such Holder upon obtaining possession of the Property, such 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 within a reasonable period of time as necessary to remedy or cure such Default of the Developer. If such Default shall be a default as to or by Developer which cannot be cured, Agency shall not seek to enforce the same against Holder and Holder shall not be subject thereto. Agency agrees to provide any actual or potential mortgagee, beneficiary or lender of funds for the construction and permanent financing of the Project (collectively, “Lender”) such additional assurances and documents as are reasonably required by such Lender to induce Lender to make such loan, including, without limitation, subordination of Agency’s purchase rights under Section 5.7 to such Xxxxxx’s security instrument.

Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure. Whenever the Agency City shall deliver a any notice or demand to the Developer with respect to regarding any Default breach or default by the Developer in completion of development construction of the Project Improvements on a Phase included in a Holder’s collateral, or otherwiseany other alleged default under this Agreement, the Agency City shall at the same time deliver to such Holder of record authorized by this Agreement a copy of such notice or demand demand. Notwithstanding anything to each holder of record of any first mortgagethe contrary herein, deed of trust or other security interest authorized by in no event shall a Holder be obligated to cure a default under this Agreement who has previously made a written request that does not relate to the Agency for special notice hereunder (a “Holder”). No notice of Default collateral it holds in order to preserve the Developer shall be effective against any such Holder unless given rights under this Agreement with respect to such Holder as aforesaidcollateral; 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. Such Each such Holder shall (insofar as the rights of the Agency City are concerned) have the right, right at such Holder’s its option, within sixty ninety (6090) days after receipt the expiration of the noticeany and all cure periods available to Developer, to cure or remedy any such Default default and to add the cost thereof to the security interest debt and to the lien of on 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 periodinterest or the obligations of Developer under any sale lease-back or of the grantor under any other conveyance for financing. If such Default default shall be a default which can only be remedied or cured by such Holder upon obtaining possession of the Property, portion of the encumbered Property and such Holder shall seek seeks to obtain possession of the Property with diligence and continuity through a receiver or otherwise, and such Holder shall have until ninety (90) days after obtaining 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, within ninety (90) days, such Default within Holder (or an entity to whom a reasonable period 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 of the Developer. If such Default shall be a default as to or by Developer which cannot be cured, Agency shall not seek to enforce the same against Holder and Holder with diligence; but shall not be subject theretorequired to remedy or cure any default of Developer that by its nature is not curable by such Holder. Agency agrees Nothing contained in this Agreement shall be deemed to provide any actual permit or potential mortgagee, beneficiary or lender of funds for authorize such Holder to undertake the construction and permanent financing of the Project Improvements (collectively, “Lender”) such additional assurances and documents as are reasonably required by such Lender beyond the extent necessary to induce Lender to make such loanconserve or protect the Improvements or construction already made, including, without limitation, subordination the ability to continue the construction or completion of AgencyImprovements already begun) without first having expressly assumed the obligations of Developer for the portion of the Property in which the Holder has an interest, by written agreement reasonably satisfactory to City. The Holder in that event shall only be liable or bound by Developer’s purchase 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 Agreement, the improvements to which the lien or title of such Holder relates. Any such Holder properly completing such improvements shall be entitled, upon written request to City, to a Certificate of 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 under Section 5.7 to 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 Xxxxxx’s security instrumentdeed 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. 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 Agency City shall deliver a any notice or demand to the Developer with respect to any Default breach or default by the Developer in completion of development construction of the Project or otherwiseimprovements, the Agency City 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 Agreement who has previously made OPA, a written request to the Agency for special copy of such notice hereunder (a “Holder”)or demand. No notice of Default to the Developer shall be effective against any Each such Holder unless given to such Holder as aforesaid. Such Holder holder shall (insofar as the rights of the Agency City are concerned) have the right, right at such Holder’s option, its option within sixty ninety (6090) days after the receipt of the notice, to cure or remedy remedy, or commence to cure or 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 possession of the Propertypossession, 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 of a reasonable period 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 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 the Developer. If notice hereunder; provided, further, that such Default shall be a default as to or by Developer which cannot be cured, Agency shall not seek to enforce the same against Holder and Holder holder shall not be subject theretorequired to remedy or cure any non-curable default of Developer (such as an unauthorized attempted assignment). Agency agrees Nothing contained in this OPA shall be deemed to provide any actual obligate, permit or potential mortgagee, beneficiary authorize such holder to undertake or lender of funds for continue the construction and permanent financing or completion of the Project improvements (collectivelybeyond 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, “Lender”) in the manner provided in this OPA, the improvements to which the lien or title of such additional assurances holder related, and documents as are submit evidence reasonably required by satisfactory to the City that it has the qualifications and/or financial responsibility necessary to perform such Lender obligations. Any such holder who has properly completed such improvements shall be entitled, upon written request made to induce Lender the City, to make such loan, including, without limitation, subordination a Releaserelease of Agency’s purchase rights under Section 5.7 to such Xxxxxx’s security instrumentConstruction Covenantsconstruction covenants from the City.

Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure. Whenever the Agency City shall deliver a any notice or demand to the Developer with respect to any Default breach or default by the Developer in completion of development construction of the Project or otherwiseImprovements, the Agency City 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 Agreement who has previously made a written request to the Agency for special notice hereunder (a “Holder”)City therefore. No notice of Default to the Developer shall be effective against any Each such Holder unless given to such Holder as aforesaid. Such Holder shall (holder shall, insofar as the rights of the Agency City are concerned) , have the right, at such Holder’s its option, within sixty (60) 30 days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such Default default and to add the cost thereof to the security interest debt and the lien of on its security interest; provided. In the event there is more than one such holder, however, that if longer than sixty (60) days is required the right to cure such Default, such longer period or remedy a breach or default of the Developer under this Section shall be granted to Holderexercised by the holder first in priority or as the holders may otherwise agree among themselves, provided that Holder diligently pursues such cure during such longer period. If such Default but there shall be only one exercise of such right to cure and remedy a breach or default which can only be remedied or cured by such Holder upon obtaining possession of the Property, Developer under this Section. Nothing contained in this Agreement shall be deemed to permit or authorize such Holder shall seek holder to obtain possession undertake or continue the construction or completion of the Property with diligence and continuity through a receiver or otherwiseImprovements, and shall remedy or cure such Default within a reasonable period of time as beyond the extent necessary to remedy conserve or cure such Default of protect the Improvements or construction already made, without first having expressly assumed the Developer’s obligations to the City be written agreement satisfactory to the City. If The holder in that event must agree to complete, in the manner provided in this Agreement, the Improvements to which the lien or title of such Default holder relates in the manner provided in this Agreement, the Improvements to which the lien or title of such holder relates and submit evidence satisfactory to the City that it has the qualifications and financial responsibility necessary to perform such obligations. Any such holder properly completing such Improvements shall be entitled, upon written request made to the City, to a default as to or by Developer which cannot be cured, Agency shall not seek to enforce Certificate of Completion from the same against Holder and Holder shall not be subject thereto. Agency agrees to provide any actual or potential mortgagee, beneficiary or lender of funds for the construction and permanent financing of the Project (collectively, “Lender”) such additional assurances and documents as are reasonably required by such Lender to induce Lender to make such loan, including, without limitation, subordination of Agency’s purchase rights under Section 5.7 to such Xxxxxx’s security instrumentCity.

Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure. Whenever the Agency City shall deliver a any notice or demand to the Developer with respect to any Default breach or default by the Developer in completion of development construction of the Project or otherwiseProject, the Agency City 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 Agreement who has previously made a written request to the Agency for special notice hereunder (a “Holder”)City therefor. No notice of Default to the Developer shall be effective against any Each such Holder unless given to such Holder as aforesaid. Such Holder holder shall (insofar as the rights of the Agency City are concerned) have the right, at such Holder’s its option, within sixty (60) days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such Default default and to add the cost thereof to the security interest debt and the lien of on its security interest; provided. In the event there is more than one such holder, however, that if longer than sixty (60) days is required the right to cure such Default, such longer period or remedy a breach or default of Developer under this Section 3.18 shall be granted to Holderexercised by the holder first in priority or as the holders may otherwise agree among themselves, provided that Holder diligently pursues such cure during such longer period. If such Default but there shall be only one exercise of such right to cure and remedy a breach or default which can only be remedied or cured by such Holder upon obtaining possession of the Property, such 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 within a reasonable period of time as necessary to remedy or cure such Default of the DeveloperDeveloper under this Section 3.18. If such Default Nothing contained in this Agreement shall be a default as deemed to permit or by Developer which cannot be cured, Agency shall not seek authorize such holder to enforce the same against Holder and Holder shall not be subject thereto. Agency agrees to provide any actual undertake or potential mortgagee, beneficiary or lender of funds for continue the construction and permanent financing or completion of the Project (collectivelybeyond the extent necessary to conserve or protect the improvements or construction already made) without first having expressly assumed Developer's obligations to City by written agreement satisfactory to City. The holder in that event must agree to complete, “Lender”) in the manner provided in this Agreement, the construction to which the lien or title of such additional assurances holder relates and documents as are reasonably required by submit evidence satisfactory to City that it has the qualifications and financial responsibility necessary to perform such Lender obligations. Any such holder properly completing such improvements shall be entitled, upon written request made to induce Lender City, to make such loan, including, without limitation, subordination a Release of Agency’s purchase rights under Section 5.7 to such Xxxxxx’s security instrumentConstruction Covenants from City.

Notice of Default to Mortgage, Deed of Trust or Other Security Interest Holders; Right to Cure. Whenever the Agency shall deliver a notice or demand to the Developer with respect to any Default by the Developer in completion of development of the Project or otherwise, the 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 Agreement who has previously made a written request to the Agency for special notice hereunder (a “Holder”). No notice of Default to the Developer shall be effective against any such Holder unless given to such Holder as aforesaid. Such Holder shall (insofar as the rights of the Agency are concerned) have the right, at such Holder’s option, within sixty (60) days after receipt of the notice, 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; 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 shall be a default which can only be remedied or cured by such Holder upon obtaining possession of the Property, such 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 within a reasonable period of time as necessary to remedy or cure such Default of the Developer. If such Default shall be a default as to or by Developer which cannot be cured, Agency shall not seek to enforce the same against Holder and Holder shall not be subject thereto. Agency agrees to provide any actual or potential mortgagee, beneficiary or lender of funds for the construction and permanent financing of the Project (collectively, “Lender”) such additional assurances and documents as are reasonably required by such Lender to induce Lender to make such loan, including, without limitation, subordination of Agency’s purchase rights under Section 5.7 to such XxxxxxLender’s security instrument.