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 the City of the result of the Annual Review and of any default by Developer of its obligations set forth in this Agreement simultaneously with the delivery of such notices to the Developer. Each Mortgagee shall have the right, but not an obligation, to cure such default within ninety (90) days after receipt of such notice or, if such default can only be remedied or cured by such Mortgagee upon obtaining possession of the Property, such Mortgagee shall have the right to seek or obtain possession with diligence and continuity through a receiver or otherwise, and to remedy or cure such default within ninety (90) days after obtaining possession, and, except in case of emergency or to protect the public health or safety as determined by the City in its reasonable discretion, City may not exercise any of its remedies set forth in this Agreement until expiration of such ninety (90) day period whether commencing upon receipt of notice or upon obtaining possession of the interests covered by a Mortgage, as applicable; provided, however, 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, the Mortgagee shall have such additional time as is reasonably necessary to remedy or cure such default. Any notice of termination delivered in violation of this Section 7.7.4 shall be rendered void. In any case where, 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 City of: (i) the City results of the result periodic review of the Annual Review compliance specified in Article 7 of this Agreement, and of (ii) any default by Developer Landowner of its obligations set forth in this Agreement simultaneously with the delivery of such notices to the DeveloperAgreement. Each Mortgagee shall have the a further right, but not an obligation, to cure such default the Default within ninety thirty (9030) days after receipt receiving a Notice of such notice or, if such default 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 be remedied remedy or cured cure a non-monetary Default by such Mortgagee upon obtaining possession of the Property, such then the Mortgagee shall have the right to seek or to obtain possession with diligence and continuity through a receiver or otherwise, and to remedy or cure such default the non-monetary Default within ninety sixty (9060) days after obtaining possession, possession and, except in case of emergency or to protect the public health or safety as determined by the City in its reasonable discretionsafety, 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 the sixty (90) day period whether commencing upon receipt of notice or upon obtaining possession of the interests covered by a Mortgage, as applicable; provided, however, that in 60)-day period. In the case of a default which non-monetary Default that cannot with diligence be remedied or cured or the remedy or cure of which cannot be commenced within such ninety sixty (9060) day perioddays, the Mortgagee shall have such additional time as is reasonably necessary to remedy or cure such default. Any notice of termination delivered in violation of this Section 7.7.4 shall be rendered void. In any case wherethe Default, sixtyprovided 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 City of: (i) the City results of the result periodic review of the Annual Review compliance specified in Article 7 of this Agreement, and of (ii) any default by Developer of its obligations set forth in this Agreement simultaneously with the delivery of such notices to the DeveloperAgreement. Each Mortgagee shall have the a further right, but not an obligation, to cure such default the Default within ninety thirty (9030) calendar days after receipt receiving a Notice of such notice or, if such default 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 be remedied remedy or cured cure a non-monetary Default by such Mortgagee upon obtaining possession of the Property, such then the Mortgagee shall have the right to seek or to obtain possession with diligence and continuity through a receiver or otherwise, and to remedy or cure such default the non-monetary Default within ninety sixty (9060) calendar days after obtaining possession, possession and, except in case of emergency or to protect the public health or safety as determined by the City in its reasonable discretionsafety, 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 the sixty (9060) calendar day period whether commencing upon receipt of notice or upon obtaining possession of the interests covered by a Mortgage, as applicable; provided, however, that in period. In the case of a default which non-monetary Default that cannot with diligence be remedied or cured or the remedy or cure of which cannot be commenced within such ninety sixty (9060) day periodcalendar days, the Mortgagee shall have such additional time as is reasonably necessary to remedy or cure such default. Any notice of termination delivered in violation of this Section 7.7.4 shall be rendered void. In any case wherethe Default, sixtyprovided the Mortgagee promptly commences to cure the non-monetary Default within sixty (60) calendar days and diligently prosecutes the cure to completion.