Common use of Notice of Default to Mortgagee; Right of Mortgagee to Cure Clause in Contracts

Notice of Default to Mortgagee; Right of Mortgagee to Cure. Each Mortgagee shall, upon written request to City, be entitled to receive written notice from City of: (i) the results of the periodic review of compliance specified in Article 7 of this Agreement, and (ii) any default by Landowner of its obligations set forth in this Agreement. Each Mortgagee shall have a further right, but not an obligation, to cure the Default within thirty (30) days after receiving a Notice of Default with respect to a monetary Default and within sixty (60) days after receiving a Notice of Default with respect to a non-monetary Default. If the Mortgagee can only remedy or cure a non-monetary Default by obtaining possession of the Property, then the Mortgagee shall have the right to seek to obtain possession with diligence and continuity through a receiver or otherwise, and to remedy or cure the non-monetary Default within sixty (60) days after obtaining possession and, except in case of emergency or to protect the public health or safety, City may not exercise any of its judicial remedies set forth in this Agreement to terminate or substantially alter the rights of the Mortgagee until expiration of the sixty (60)-day period. In the case of a non-monetary Default that cannot with diligence be remedied or cured within sixty (60) days, the Mortgagee shall have additional time as is reasonably necessary to remedy or cure the Default, provided the Mortgagee promptly commences to cure the non-monetary Default within sixty (60) days and diligently prosecutes the cure to completion.

Notice of Default to Mortgagee; Right of Mortgagee to Cure. Each Mortgagee shall, upon written request to City, City be entitled to receive written notice from the City of: (i) the results of the periodic review result of compliance specified in Article 7 the Annual Review and of this Agreement, and (ii) any default by Landowner Developer of its obligations set forth in this AgreementAgreement simultaneously with the delivery of such notices to the Developer. Each Mortgagee shall have a further the right, but not an obligation, to cure the Default such default within thirty ninety (3090) days after receiving a Notice receipt of Default with respect to a monetary Default and within sixty (60) days after receiving a Notice of Default with respect to a non-monetary Default. If the Mortgagee such notice or, if such default can only remedy be remedied or cure a non-monetary Default cured by such Mortgagee upon obtaining possession of the Property, then the such Mortgagee shall have the right to seek to or obtain possession with diligence and continuity through a receiver or otherwise, and to remedy or cure the non-monetary Default such default within sixty ninety (6090) days after obtaining possession possession, and, except in case of emergency or to protect the public health or safetysafety as determined by the City in its reasonable discretion, City may not exercise any of its judicial remedies set forth in this Agreement to terminate or substantially alter the rights of the Mortgagee until expiration of such ninety (90) day period whether commencing upon receipt of notice or upon obtaining possession of the sixty (60)-day period. In interests covered by a Mortgage, as applicable; provided, however, that in the case of a non-monetary Default that default which cannot with diligence be remedied or cured or the remedy or cure of which cannot be commenced within sixty such ninety (6090) daysday period, the Mortgagee shall have such additional time as is reasonably necessary to remedy or cure the Defaultsuch default. Any notice of termination delivered in violation of this Section 7.7.4 shall be rendered void. In any case where, provided the Mortgagee promptly commences to cure the non-monetary Default within sixty (60) days and diligently prosecutes the cure to completion.sixty

Notice of Default to Mortgagee; Right of Mortgagee to Cure. Each Mortgagee shall, upon written request to City, City be entitled to receive written notice from the City of: (i) the results of the periodic result of the Annual review and of compliance specified in Article 7 of this Agreement, and (ii) any default by Landowner Developer of its obligations set forth in this AgreementAgreement simultaneously with the delivery of such notices to the Developer. Each Mortgagee shall have a further the right, but not an obligation, to cure the Default such default within thirty ninety (3090) days after receiving a Notice receipt of Default with respect to a monetary Default and within sixty (60) days after receiving a Notice of Default with respect to a non-monetary Default. If the Mortgagee such notice or, if such default can only remedy be remedied or cure a non-monetary Default cured by such Mortgagee upon obtaining possession of the Property, then the such Mortgagee shall have the right to seek to or obtain possession with diligence and continuity through a receiver or otherwise, and to remedy or cure the non-monetary Default such default within sixty ninety (6090) days after obtaining possession possession, and, except in case of emergency or to protect the public health or safetysafety as determined by the City in its reasonable discretion, City may not exercise any of its judicial remedies set forth in this Agreement to terminate or substantially alter the rights of the Mortgagee until expiration of such ninety (90) day period whether commencing upon receipt of notice or upon obtaining possession of the sixty (60)-day period. In interests covered by a Mortgage, as applicable; provided, however, that in the case of a non-monetary Default that default which cannot with diligence be remedied or cured or the remedy or cure of which cannot be commenced within sixty such ninety (6090) daysday period, the Mortgagee shall have such additional time as is reasonably necessary to remedy or cure the Defaultsuch default. Any notice of termination delivered in violation of this Section 7.7.4 shall be rendered void. In any case where, provided the Mortgagee promptly commences to cure the non-monetary Default within sixty (60) days after receipt by the Mortgagee of the notice of the Developer’s default, the holder of any Mortgage creating a lien or encumbrance upon the Property, or any part thereof, has not exercised the option to cure, or, if it has exercised the option, is not proceeding diligently with the cure, the City may proceed with termination of this Agreement and diligently prosecutes the cure to completionany further obligations of City hereunder.

Notice of Default to Mortgagee; Right of Mortgagee to Cure. Each Mortgagee shall, upon written request to City, City be entitled to receive written notice from the City of: (i) the results of the periodic review result of compliance specified in Article 7 the Annual Review and of this Agreement, and (ii) any default by Landowner Developer of its obligations set forth in this AgreementAgreement simultaneously with the delivery of such notices to the Developer. Each Mortgagee shall have a further the right, but not an obligation, to cure the Default such default within thirty ninety (3090) days after receiving a Notice receipt of Default with respect to a monetary Default and within sixty (60) days after receiving a Notice of Default with respect to a non-monetary Default. If the Mortgagee such notice or, if such default can only remedy be remedied or cure a non-monetary Default cured by such Mortgagee upon obtaining possession of the Property, then the such Mortgagee shall have the right to seek to or obtain possession with diligence and continuity through a receiver or otherwise, and to remedy or cure the non-monetary Default such default within sixty ninety (6090) days after obtaining possession possession, and, except in case of emergency or to protect the public health or safetysafety as determined by the City in its reasonable discretion, City may not exercise any of its judicial remedies set forth in this Agreement to terminate or substantially alter the rights of the Mortgagee until expiration of such ninety (90) day period whether commencing upon receipt of notice or upon obtaining possession of the sixty (60)-day period. In interests covered by a Mortgage, as applicable; provided, however, that in the case of a non-monetary Default that default which cannot with diligence be remedied or cured or the remedy or cure of which cannot be commenced within sixty such ninety (6090) daysday period, the Mortgagee shall have such additional time as is reasonably necessary to remedy or cure the Defaultsuch default. Any notice of termination delivered in violation of this Section 7.7.4 shall be rendered void. In any case where, provided the Mortgagee promptly commences to cure the non-monetary Default within sixty (60) days after receipt by the Mortgagee of the notice of the Developer’s default, the holder of any Mortgage creating a lien or encumbrance upon the Property, or any part thereof, has not exercised the option to cure, or, if it has exercised the option, is not proceeding diligently with the cure, the City may proceed with termination of this Agreement and diligently prosecutes the cure to completionany further obligations of City hereunder.

Notice of Default to Mortgagee; Right of Mortgagee to Cure. Each Mortgagee shall, upon written request to City, shall be entitled to receive written notice from the City of: (i) the results of the periodic review of compliance specified in Article 7 of any default by Developer under this Agreement, and (ii) any default by Landowner provided such Mortgagee has first informed the City of its obligations set forth in this Agreementaddress for notices. Each Mortgagee shall have a further right, but not an obligation, to cure the Default such default within thirty one hundred twenty (30120) days after receiving a Notice receipt of Default with respect to a monetary Default and within sixty (60) days after receiving a Notice of Default with respect to a non-monetary Default. If the Mortgagee such notice, or, if such default can only remedy be remedied or cure a non-monetary Default cured by such Mortgagee upon obtaining possession of the Property, then the such Mortgagee shall have the right to seek to obtain possession with diligence and continuity through a receiver or otherwise, and to remedy or cure the non-monetary Default such default within sixty one hundred twenty (60120) days after obtaining possession andpossession, except in case of emergency or to protect and the public health or safety, City may not exercise any of its judicial remedies set forth in under this Agreement with respect to terminate or substantially alter the rights portion of the Mortgagee Property subject to the affected Mortgage until expiration of the sixty such one hundred twenty (60)-day 120) day period. In ; provided, that in the case of a non-monetary Default that default which cannot with diligence be remedied or cured cured, or the remedy or cure of which cannot be commenced within sixty such one hundred twenty (60120) daysday period, the Mortgagee shall, before the expiration thereof, first propose in writing to the City a plan for cure of such default and the reasons that it cannot be cured in the 120 day period. The City shall have the right to grant, or not grant, such additional time as is it determines reasonably necessary to remedy or cure the Default, provided the Mortgagee promptly commences to cure the non-monetary Default within sixty (60) days and diligently prosecutes the cure to completionsuch default.

Notice of Default to Mortgagee; Right of Mortgagee to Cure. Each Mortgagee shall, upon written request to City, be entitled to receive written notice from City of: (i) the results of the periodic review of compliance specified in Article 7 of this Agreement, and (ii) any default by Landowner Developer of its obligations set forth in this Agreement. Each Mortgagee shall have a further right, but not an obligation, to cure the Default within thirty (30) calendar days after receiving a Notice of Default with respect to a monetary Default and within sixty (60) calendar days after receiving a Notice of Default with respect to a non-monetary Default. If the Mortgagee can only remedy or cure a non-monetary Default by obtaining possession of the Property, then the Mortgagee shall have the right to seek to obtain possession with diligence and continuity through a receiver or otherwise, and to remedy or cure the non-monetary Default within sixty (60) calendar days after obtaining possession and, except in case of emergency or to protect the public health or safety, City may not exercise any of its judicial remedies set forth in this Agreement to terminate or substantially alter the rights of the Mortgagee until expiration of the sixty (60)-day 60) calendar day period. In the case of a non-monetary Default that cannot with diligence be remedied or cured within sixty (60) calendar days, the Mortgagee shall have additional time as is reasonably necessary to remedy or cure the Default, provided the Mortgagee promptly commences to cure the non-monetary Default within sixty (60) calendar days and diligently prosecutes the cure to completion.