Common use of Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure Clause in Contracts

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City may deliver any notice or demand to Developer with respect to any breach or default by the Developer under this Agreement, the City shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement and approved by the City a copy of such notice or demand; provided that the failure to notify any holder of record shall not vitiate or affect the effectiveness of notice to the Developer. Each such holder shall (insofar as the rights granted by the City are concerned) have the right, at its option, within thirty (30) days after the receipt of the notice, to cure or remedy or commence to cure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trust. 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, or any portion thereof (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 by written agreement satisfactory to the City. 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 improvement shall be entitled, upon compliance with the requirements of Section 310 of this Agreement, to a Release of Construction Covenants. It is understood that a holder shall be deemed to have satisfied the thirty (30) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site (or portion thereof) if and to the extent any such holder has within such thirty (30) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and thereafter cures or remedies the default. 312. Intentionally Deleted.

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City may deliver any notice or demand to Developer with respect to any breach or default by the Developer under this Agreement, the City shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement and approved by the City a copy of such notice or demand; provided that the failure to notify any holder of record shall not vitiate or affect the effectiveness of notice to the Developer. Each such holder shall (insofar as the rights granted by the City are concerned) have the right, at its option, within thirty (30) days after the receipt of the notice, to cure or remedy or commence to cure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trust. 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, or any portion thereof (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 by written agreement satisfactory to the City. 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 improvement shall be entitled, upon compliance with the requirements of Section 310 of this Agreement, to a Release of Construction Covenants. It is understood that a holder shall be deemed to have satisfied the thirty (30) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site (or portion thereof) if and to the extent any such holder has within such thirty (30) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and thereafter cures or remedies the default. 312. Intentionally Deleted.

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City With respect to any mortgage or deed of trust granted by Developer as provided herein, whenever CDC may deliver any notice or demand to Developer with respect to any breach or default by Developer in completion of construction of the Developer under this AgreementProject, the City CDC shall at the same time deliver a copy of such notice or demand to each holder of record of any mortgage or deed of trust authorized by this Agreement and approved by the City a copy of who has previously requested such notice or demand; provided that the failure to notify any holder of record shall not vitiate or affect the effectiveness of notice to the Developerin writing. Each such holder shall (insofar as the rights granted by the City CDC are concerned) have the right, at its option, within thirty (30) days after the receipt of the notice, to cure or remedy or commence to cure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, and thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trustmortgage. 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, or any portion thereof (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 CDC by written agreement satisfactory to the CityCDC. 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 improvement shall be entitled, upon compliance with the requirements of this Section 310 of this Agreement6.3, to a Release of Construction Covenants. It is understood that a holder shall be deemed to have satisfied the thirty (30) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site (or portion thereofof this Agreement) if and to the extent any such holder has within such thirty (30) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and thereafter cures or remedies the default. 312. Intentionally Deleted.

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City may deliver any notice or demand to Developer with With respect to any breach or default by the Developer under this Agreement, the City shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized granted by Developer as provided herein, then so long as any such mortgage or deed of trust shall remain unsatisfied of record, the following provisions shall apply:‌ 3.23.1 City, upon serving Developer any Notice of failure to perform or other alleged breach pursuant to Section 6.1 below or any other Notice with respect to this Agreement and approved by the City Agreement, shall also serve a copy of such notice or demandNotice upon any holder at the address provided to City, and no Notice by City to Developer hereunder shall affect any rights of a holder unless and until a copy thereof has been delivered to such holder in accordance with Section 3.23.3 and Section 7.1; provided provided, however, that failure so to deliver any such Notice shall in no way affect the validity of the Notice sent to Developer as between Developer and City. 3.23.2 In the event of a failure to notify perform or other breach of any covenant or requirement under this Agreement by Developer, any holder of record shall not vitiate or affect the effectiveness of notice to the Developer. Each such holder shall (insofar as the rights granted by the City are concerned) have the rightright to remedy, at its optionor cause to be remedied, such failure or breach within thirty sixty (3060) days after following the later to occur of (i) the date of holder’s receipt of the noticeNotice referred to in Section 3.23.1 above, or (ii) the expiration of the period provided herein for Developer to remedy or cure such failure or breach, and City shall accept such performance by or at the insistence of the holder as if the same had been timely made by Developer; provided, however, that (a) if such failure or breach is not capable of being cured within the timeframes set forth in this Section 3.23.2 and holder commences to cure the failure or remedy or commence breach within such timeframes, then holder shall have such additional time as is required to cure the failure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, thereafter to pursue with due diligence breach so long as holder diligently prosecutes the cure or remedy of any such default to completion and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trust. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction or completion (b) if possession of the Project, Property (or any portion thereof (beyond the extent necessary thereof) is required to conserve effectuate such cure or protect the improvements or construction already made) without first having expressly assumed the Developer’s obligations to the City by written agreement satisfactory to the City. The holder, in that event, must agree to complete, in the manner provided in this Agreementremedy, the improvements to which the lien or title of such holder relates. Any such holder properly completing such improvement shall be entitled, upon compliance with the requirements of Section 310 of this Agreement, to a Release of Construction Covenants. It is understood that a holder shall be deemed to have satisfied timely cured or remedied if it commences the thirty proceedings necessary to obtain possession thereof within sixty (3060) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession days after receipt of the Site (or portion thereof) if and to copy of the extent any such holder has within such thirty (30) day period commenced proceedings to obtain title and/or possession and thereafter the holder Notice, diligently pursues such proceedings to completion completion, and, after obtaining possession, diligently completes such cure or remedy. 3.23.3 Any Notice or other communication which City shall desire or is required to give to or serve upon the holder shall be in writing and thereafter cures shall be served in the manner set forth in Section 7.1, addressed to the holder at the address provided by holder to City. Any notice or remedies other communication which holder shall give to or serve upon City shall be deemed to have been duly given or served if sent in the default. 312. Intentionally Deletedmanner and at City’s address as set forth in Section 7.1, or at such other address as shall be designated by City by notice in writing given to the holder in like manner.

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City may deliver any notice or demand to Developer with respect to any breach or default by the Developer under this Agreement, the City shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement and approved by the City a copy of such notice or demand; provided that the failure to notify any holder of record shall not vitiate or affect the effectiveness of notice to the Developer. Each such holder shall (insofar as the rights granted by the City are concerned) have the right, at its option, within thirty (30) days after the receipt of the notice, to cure or remedy or commence to cure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, to thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trust. 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, or any portion thereof (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 by written agreement satisfactory to the City. 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 improvement shall be entitled, upon compliance with the requirements of Section 310 of this Agreement, to a Release of Construction Covenants. It is understood that a holder shall be deemed to have satisfied the thirty (30) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site (or portion thereof) if and to the extent any such holder has within such thirty (30) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and thereafter cures or remedies the default. 312. Intentionally Deleted.

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City With respect to any mortgage or deed of trust granted by Developer as provided herein, whenever Authority may deliver any notice or demand to Developer with respect to any breach or default by the Developer hereunder or under any other document executed pursuant to this Agreement, the City Authority shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement and approved by the City a copy of such notice or demand; provided that the failure to notify any holder of record shall not vitiate or affect the effectiveness of notice to the Developer. Each such holder shall (insofar as the rights granted by the City Authority are concerned) have the right, but not the obligation, at its option, within thirty sixty (3060) days after the receipt of the notice, to cure or remedy or commence to cure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, and thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trustmortgage. Nothing contained in this Agreement shall be deemed to permit or authorize such any holder to undertake or continue the construction or completion of the ProjectPhase I, or any portion thereof (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 Authority under this Agreement by a written assumption agreement reasonably satisfactory to the CityAuthority and its legal counsel(s). The holder, in that event, must agree to complete, or cause to be completed by a party which is reasonably acceptable to Authority, in the manner provided in this Agreement, the improvements to which the lien or title of such holder relates. Any such holder (or assignee approved by Authority) properly completing such improvement the improvements for Phase I shall be entitled, upon compliance with the requirements of Section 310 3.5 of this Agreement, to a Release of Construction Covenants. Covenants as to Phase I. It is understood that a holder (or assignee approved by Authority) shall be deemed to have satisfied the thirty sixty (3060) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site (or portion thereof) ), if and to the extent any such holder (or assignee approved by Authority) has within such thirty the sixty (3060) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and thereafter cures or remedies the default. 312Notwithstanding anything to the contrary contained herein, Authority agrees that any cure of any default made or tendered by one or more of Developer’s limited partners shall be deemed to be a cure by Developer and shall be accepted or rejected on the same basis as if made or tendered by Developer. Intentionally DeletedCopies of all notices which are sent to Developer under the terms of this Agreement shall also be sent to all approved limited partners who have requested such notice.

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City With respect to any mortgage or deed of trust granted by Developer as provided herein, whenever Authority may deliver any notice or demand to Developer with respect to any breach or default by Developer in completion of the Developer under this AgreementProject, the City Authority shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement and approved by the City a copy of such notice or demand; provided that the failure to notify any holder of record shall not vitiate or affect the effectiveness of notice to the Developer. Each such holder shall (insofar as the rights granted by the City Authority are concerned) have the right, at its option, within thirty (30) days after the receipt of the notice, to cure or remedy or commence to cure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, and thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trustmortgage. 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, or any portion thereof (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 Authority by written agreement reasonably satisfactory to the CityAuthority and Authority’s legal counsel. The holder, in that event, must agree to complete, in the manner provided in this Agreement, the improvements Rehabilitation to which the lien or title of such holder relates. Any such holder properly completing such improvement Rehabilitation shall be entitled, upon compliance with the requirements of Section 310 of this Agreementherein, to a Release of Construction CovenantsCovenants with respect to the portion of the Rehabilitation completed by such holder. It is understood that a holder shall be deemed to have satisfied the thirty (30) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site (or portion thereof) if and to the extent any such holder has within such thirty (30) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and thereafter cures or remedies the default. 312. Intentionally Deleted.

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City Agency may deliver any notice or demand to Developer with respect to any breach or default by the Developer under this Agreement, the City Agency shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement and approved by the City Agency a copy of such notice or demand; provided that the failure to notify any holder of record shall not vitiate or affect the effectiveness of notice to the Developer. Each such holder shall (insofar as the rights granted by the City Agency are concerned) have the right, at its option, within thirty (30) days after the receipt of the notice, to cure or remedy or commence to cure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, to thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trust. 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, or any portion thereof (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 Agency by written agreement satisfactory to the CityAgency. 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 improvement shall be entitled, upon compliance with the requirements of Section 310 of this Agreement, to a Release of Construction Covenants. It is understood that a holder shall be deemed to have satisfied the thirty (30) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site Applicable Parcel (or portion thereof) if and to the extent any such holder has within such thirty (30) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and thereafter cures or remedies the default. 312. Intentionally Deleted.

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City With respect to any mortgage or deed of trust granted by Xxxxxxxxx as provided herein, whenever Authority may deliver any notice or demand to Developer with respect to any breach or default by the Developer hereunder or under any other document executed pursuant to this Agreement, the City Authority shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement and approved by the City a copy of such notice or demand; provided that the failure to notify any holder of record shall not vitiate or affect the effectiveness of notice to the Developer. Each such holder shall (insofar as the rights granted by the City Authority are concerned) have the right, but not the obligation, at its option, within thirty sixty (3060) days after the receipt of the notice, to cure or remedy or commence to cure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, and thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trustmortgage. Nothing contained in this Agreement shall be deemed to permit or authorize such any holder to undertake or continue the construction or completion of the Project, or any portion thereof (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 Authority under this Agreement by written assumption agreement reasonably satisfactory to the CityAuthority and its legal counsel. The holder, in that event, must agree to complete, or cause to be completed by a party which is reasonably acceptable to Authority, in the manner provided in this Agreement, the improvements to which the lien or title of such holder relates. Any such holder (or assignee approved by Authority) properly completing such improvement the improvements shall be entitled, upon compliance with the requirements of Section 310 306 of this Agreement, to a Release of Construction Covenants. It is understood that a holder (or assignee approved by Authority) shall be deemed to have satisfied the thirty sixty (3060) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site (or portion thereof) ), if and to the extent any such holder (or assignee approved by Authority) has within such thirty the sixty (3060) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and thereafter cures or remedies the default. 312Notwithstanding anything to the contrary contained herein, Authority agrees that any cure of any default made or tendered by one or more of Developer’s limited partners shall be deemed to be a cure by Developer and shall be accepted or rejected on the same basis as if made or tendered by Developer. Intentionally DeletedCopies of all notices which are send to Developer under the terms of this Agreement shall also be sent to all approved limited partners who have requested such notice.

Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. Whenever the City With respect to any mortgage or deed of trust granted by Developer as provided herein, whenever Authority may deliver any notice or demand to Developer with respect to any breach or default by the Developer hereunder or under any other document executed pursuant to this Agreement, the City Authority shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement and approved by the City a copy of such notice or demand; provided that the failure to notify any holder of record shall not vitiate or affect the effectiveness of notice to the Developer. Each such holder shall (insofar as the rights granted by the City Authority are concerned) have the right, but not the obligation, at its option, within thirty sixty (3060) days after the receipt of the notice, to cure or remedy or commence to cure or remedy such default or to the extent such default cannot be cured or remedied within such thirty (30) day period, and thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage or deed of trustmortgage. Nothing contained in this Agreement shall be deemed to permit or authorize such any holder to undertake or continue the construction or completion of the ProjectPhase II, or any portion thereof (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 Authority under this Agreement by a written assumption agreement reasonably satisfactory to the CityAuthority and its legal counsel(s). The holder, in that event, must agree to complete, or cause to be completed by a party which is reasonably acceptable to Authority, in the manner provided in this Agreement, the improvements to which the lien or title of such holder relates. Any such holder (or assignee approved by Authority) properly completing such improvement the improvements for Phase II shall be entitled, upon compliance with the requirements of Section 310 3.5 of this Agreement, to a Release of Construction CovenantsCovenants as to Phase II. It is understood that a holder (or assignee approved by Authority) shall be deemed to have satisfied the thirty sixty (3060) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site (or portion thereof) ), if and to the extent any such holder (or assignee approved by Authority) has within such thirty the sixty (3060) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and thereafter cures or remedies the default. 312Notwithstanding anything to the contrary contained herein, Authority agrees that any cure of any default made or tendered by one or more of Developer’s limited partners shall be deemed to be a cure by Developer and shall be accepted or rejected on the same basis as if made or tendered by Developer. Intentionally DeletedCopies of all notices which are sent to Developer under the terms of this Agreement shall also be sent to all approved limited partners who have requested such notice.