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

Notice of Default to Mortgagee; Right to Cure. With respect to any Mortgage granted by Developer as provided herein, then so long as any such Mortgage shall remain unsatisfied of record, the following provisions shall apply: A. City, upon serving Developer any Notice of Default (as defined in Section 12.1), shall also serve a copy of such Notice upon any Mortgagee at the address provided to City, and no Notice by City to Developer hereunder shall affect any rights of a Mortgagee unless and until a copy thereof has been so served on such Mortgagee; 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. B. In the event of a Default (as defined in Section 12.1) by Developer, any Mortgagee shall have the right to remedy, or cause to be remedied, such Default within sixty (60) days following the later to occur of (a) the date of Mortgagee’s receipt of the Notice referred to in Section 8.3A above, or (b) the expiration of the period provided herein for Developer to remedy or cure such Default, and City shall accept such performance by or at the insistence of the Mortgagee as if the same had been timely made by Developer; provided, however, that (i) if such Default is not capable of being cured within the timeframes set forth in this Section 8.3B and Mortgagee commences to cure the Default within such timeframes, then Mortgagee shall have such additional time as is required to cure the Default so long as Mortgagee diligently prosecutes the cure to completion and (ii) if possession of the Property (or portion thereof) is required to effectuate such cure or remedy, the Mortgagee shall be deemed to have timely cured or remedied if it commences the proceedings necessary to obtain possession thereof within sixty (60) days after receipt of the copy of the Notice, diligently pursues such proceedings to completion, and, after obtaining possession, diligently completes such cure or remedy. C. Any Notice or other communication which City shall desire or is required to give to or serve upon the Mortgagee shall be in writing and shall be served in the manner set forth in Section 13.5, addressed to the Mortgagee at the address provided by Mortgagee to City. Any Notice or other communication which Mortgagee shall give to or serve upon City shall be deemed to have been duly given or served if sent in the manner and at City’s address as set forth in Section 13.5, or at such other address as shall be designated by City by Notice in writing given to the Mortgagee in like manner.

Notice of Default to Mortgagee; Right to Cure. With respect to any Mortgage granted by Developer as provided herein, then so long as any such Mortgage shall remain unsatisfied of record, the following provisions shall apply:apply:‌ A. City, upon serving Developer any Notice of Default (as defined in Section 12.1), shall also serve a copy of such Notice upon any Mortgagee at the address provided to City, and no Notice by City to Developer hereunder shall affect any rights of a Mortgagee unless and until a copy thereof has been so served on such Mortgagee; 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.City.‌ B. In the event of a Default (as defined in Section 12.1) by Developer, any Mortgagee shall have the right to remedy, or cause to be remedied, such Default within sixty (60) days following the later to occur of (a) the date of Mortgagee’s receipt of the Notice referred to in Section 8.3A above, or (b) the expiration of the period provided herein for Developer to remedy or cure such Default, and City shall accept such performance by or at the insistence of the Mortgagee as if the same had been timely made by Developer; provided, however, that (i) if such Default is not capable of being cured within the timeframes set forth in this Section 8.3B and Mortgagee commences to cure the Default within such timeframes, then Mortgagee shall have such additional time as is required to cure the Default so long as Mortgagee diligently prosecutes the cure to completion and (ii) if possession of the Property (or portion thereof) is required to effectuate such cure or remedy, the Mortgagee shall be deemed to have timely cured or remedied if it commences the proceedings necessary to obtain possession thereof within sixty (60) days after receipt of the copy of the Notice, diligently pursues such proceedings to completion, and, after obtaining possession, diligently completes such cure or remedy.remedy.‌ C. Any Notice or other communication which City shall desire or is required to give to or serve upon the Mortgagee shall be in writing and shall be served in the manner set forth in Section 13.514.5, addressed to the Mortgagee at the address provided by Mortgagee to City. Any Notice or other communication which Mortgagee shall give to or serve upon City shall be deemed to have been duly given or served if sent in the manner and at City’s address as set forth OAK #4843-3885-9090 v10 33 in Section 13.514.5, or at such other address as shall be designated by City by Notice in writing given to the Mortgagee in like manner.

Notice of Default to Mortgagee; Right to Cure. With respect to any Mortgage granted by Developer as provided herein, then so long as any such Mortgage shall remain unsatisfied 5.2.1 If the City Clerk timely receives notice from a Mortgagee requesting a copy of record, the following provisions shall apply: A. City, upon serving Developer any Notice of Default (as defined in Section 12.1)given to Developer under the terms of the Agreement, the City shall also serve provide a copy of such that notice to the Mortgagee concurrently with sending the Notice upon of Default to Developer. City shall have no liability for damages or otherwise to Developer, Xxxxxxxxx's successor, or to any Mortgagee at the address provided or successor therefor for failure to City, and no Notice by City to Developer hereunder shall affect any rights of a Mortgagee unless and until a copy thereof has been so served on provide such Mortgagee; 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 Citynotice. B. In the event of a Default (as defined in Section 12.1) by Developer, any 5.2.2 The Mortgagee shall have the right right, but not the obligation, for a period up to ninety (90) days after the receipt of such notice from the City to cure or remedy, or cause to be remediedcommence to cure or remedy, such the Default within sixty (60) days following unless a further extension of time to cure is granted in writing by the later City. However, a Mortgagee, to occur of (a) the date of Mortgagee’s receipt avail itself of the Notice referred rights provided by this Section, must notify the City in writing of its intent to in Section 8.3A above, or (b) the expiration of the period provided herein for Developer attempt to remedy or cure within forty-five (45) days of the date of the Notice of Default from City to Mortgagee. A failure by a Mortgagee to provide such Defaulttimely notice to City shall extinguish the rights and protections provided by this Section. If the Default is of a nature which can only be remedied or cured by such Mortgagee upon obtaining possession, such Mortgagee shall seek to obtain possession with diligence and continually through foreclosure, a receiver, or otherwise, and City shall accept such performance by thereafter remedy or at the insistence of the Mortgagee as if the same had been timely made by Developer; provided, however, that (i) if such Default is not capable of being cured within the timeframes set forth in this Section 8.3B and Mortgagee commences to cure the Default within such timeframesninety (90) days after obtaining possession. If the Default cannot, with diligence, be remedied or cured within this ninety (90) day period, then the Mortgagee shall have such additional time as the City Council determines is required reasonably necessary to remedy or cure the Default so long as if the Mortgagee commences cure during the ninety (90) day period and thereafter diligently prosecutes pursues and completes the cure to completion and (ii) if possession of cure.‌ 5.2.3 Such diligence by the Property (or portion thereof) is required to effectuate Mortgagee on effectuating such cure or remedyshall be reviewed by the City Council every thirty (30) days thereafter until any and all Defaults are cured. If at any such review, the Mortgagee shall be deemed to have timely cured or remedied if it commences the proceedings necessary to obtain possession thereof within sixty (60) days after receipt of the copy of the Notice, diligently pursues such proceedings to completion, and, after obtaining possession, diligently completes such cure or remedy. C. Any Notice or other communication which City shall desire or is required to give to or serve upon Council determines that the Mortgagee is not making good faith efforts to cure any and all Defaults, the City Council shall be in writing and shall be served in have the manner set forth in Section 13.5, addressed authority to the Mortgagee at the address provided by Mortgagee to City. Any Notice or other communication which Mortgagee shall give to or serve upon City shall be deemed to have been duly given or served if sent in the manner and at City’s address as set forth in Section 13.5, or at such other address as shall be designated by City by Notice in writing given to the Mortgagee in like mannerterminate this Agreement.

Notice of Default to Mortgagee; Right to Cure. With respect to any Mortgage granted by Developer as provided herein, then so long as any such Mortgage shall remain unsatisfied ‌ 5.2.1 If the City Clerk timely receives notice from a Mortgagee requesting a copy of record, the following provisions shall apply: A. City, upon serving Developer any Notice of Default (as defined in Section 12.1)given to Developer under the terms of the Agreement, the City shall also serve provide a copy of such that notice to the Mortgagee concurrently with sending the Notice upon of Default to Developer. City shall have no liability for damages or otherwise to Developer, Developer's successor, or to any Mortgagee at the address provided or successor therefor for failure to City, and no Notice by City to Developer hereunder shall affect any rights of a Mortgagee unless and until a copy thereof has been so served on provide such Mortgagee; 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 Citynotice. B. In the event of a Default (as defined in Section 12.1) by Developer, any 5.2.2 The Mortgagee shall have the right right, but not the obligation, for a period up to ninety (90) days after the receipt of such notice from the City to cure or remedy, or cause to be remediedcommence to cure or remedy, such the Default within sixty (60) days following unless a further extension of time to cure is granted in writing by the later City. However, a Mortgagee, to occur of (a) the date of Mortgagee’s receipt avail itself of the Notice referred rights provided by this Section, must notify the City in writing of its intent to in Section 8.3A above, or (b) the expiration of the period provided herein for Developer attempt to remedy or cure within forty-five (45) days of the date of the Notice of Default from City to Mortgagee. A failure by a Mortgagee to provide such Defaulttimely notice to City shall extinguish the rights and protections provided by this Section. If the Default is of a nature which can only be remedied or cured by such Mortgagee upon obtaining possession, such Mortgagee shall seek to obtain possession with diligence and continually through foreclosure, a receiver, or otherwise, and City shall accept such performance by thereafter remedy or at the insistence of the Mortgagee as if the same had been timely made by Developer; provided, however, that (i) if such Default is not capable of being cured within the timeframes set forth in this Section 8.3B and Mortgagee commences to cure the Default within such timeframesninety (90) days after obtaining possession. If the Default cannot, with diligence, be remedied or cured within this ninety (90) day period, then the Mortgagee shall have such additional time as the City Council determines is required reasonably necessary to remedy or cure the Default, if the Mortgagee commences cure during the ninety (90) day period and thereafter diligently pursues and completes the cure. 5.2.3 Such diligence by the Mortgagee on effectuating such cure shall be reviewed by the City Council every thirty (30) days thereafter until any and all Defaults are cured. If at any such review, the City Council determines that the Mortgagee is not making good faith efforts to cure the Default so long as Mortgagee diligently prosecutes the cure to completion any and (ii) if possession of the Property (or portion thereof) is required to effectuate such cure or remedyall Defaults, the Mortgagee City Council shall be deemed have the authority to have timely cured or remedied if it commences the proceedings necessary to obtain possession thereof within sixty (60) days after receipt of the copy of the Notice, diligently pursues such proceedings to completion, and, after obtaining possession, diligently completes such cure or remedyterminate this Agreement. C. Any Notice or other communication which City shall desire or is required to give to or serve upon the Mortgagee shall be in writing and shall be served in the manner set forth in Section 13.5, addressed to the Mortgagee at the address provided by Mortgagee to City. Any Notice or other communication which Mortgagee shall give to or serve upon City shall be deemed to have been duly given or served if sent in the manner and at City’s address as set forth in Section 13.5, or at such other address as shall be designated by City by Notice in writing given to the Mortgagee in like manner.

Notice of Default to Mortgagee; Right to Cure. With respect to any Mortgage granted by Developer as provided herein, then so long as any such Mortgage shall remain unsatisfied of record, the following provisions shall apply:apply:‌ A. 8.3.1 City, upon serving Developer any Notice notice of Default (as defined in Section 12.1)Default, shall also serve a copy of such Notice notice upon any Mortgagee at the address provided to City, and no Notice notice by City to Developer hereunder shall affect any rights of a Mortgagee unless and until a copy thereof has been so served on such Mortgagee; provided, however, that failure so to deliver any such Notice notice shall in no way affect the validity of the Notice notice sent to Developer as between Developer and City. B. 8.3.2 In the event of a Default (as defined in Section 12.1) by Developer, any Mortgagee shall have the right to remedy, or cause to be remedied, such Default within sixty (60) days following the later to occur of (ai) the date of Mortgagee’s receipt of the Notice notice referred to in Section 8.3A 8.3.1 above, or (bii) the expiration of the period provided herein for Developer to remedy or cure such Default, and City shall accept such performance by or at the insistence of the Mortgagee as if the same had been timely made by Developer; provided, however, that (ia) if such Default is not capable of being cured within the timeframes set forth in this Section 8.3B 8.3.2 and Mortgagee commences to cure the Default within such timeframes, then Mortgagee shall have such additional time as is required to cure the Default so long as Mortgagee diligently prosecutes the cure to completion and (iib) if possession of the Property (or portion thereof) is required to effectuate such cure or remedy, the Mortgagee shall be deemed to have timely cured or remedied if it commences the proceedings necessary to obtain possession thereof within sixty (60) days after receipt of the copy of the Noticenotice, diligently pursues such proceedings to completion, and, after obtaining possession, diligently completes such cure or remedy. C. 8.3.3 Any Notice notice or other communication which City shall desire or is required to give to or serve upon the Mortgagee shall be in writing and shall be served in the manner set forth in Section 13.5, addressed to the Mortgagee at the address provided by Mortgagee to City. Any Notice notice or other communication which Mortgagee shall give to or serve upon City shall be deemed to have been duly given or served if sent in the manner and at City’s address as set forth in Section 13.5, or at such other address as shall be designated by City by Notice notice in writing given to the Mortgagee in like manner.

Notice of Default to Mortgagee; Right to Cure. With respect to any Mortgage granted by Developer Xxxxxxxxx as provided herein, then so long as any such Mortgage shall remain unsatisfied of record, the following provisions shall apply: A. 23.3.1 City, upon serving Developer any Notice notice of Default (as defined in Section 12.1)Default, shall also serve a copy of such Notice notice upon any Mortgagee at the address provided to City, and no Notice notice by City to Developer hereunder shall affect any rights of a Mortgagee unless and until a copy thereof has been so served on such Mortgagee; provided, however, that failure so to deliver any such Notice notice shall in no way affect the validity of the Notice notice sent to Developer as between Developer and City. B. 23.3.2 In the event of a Default (as defined in Section 12.1) by Developer, any Mortgagee shall have the right to remedy, or cause to be remedied, such Default within sixty (60) days following the later to occur of (ai) the date of Mortgagee’s receipt of the Notice notice referred to in Section 8.3A 23.3.1 above, or (bii) the expiration of the period provided herein for Developer to remedy or cure such Default, and City shall accept such performance by or at the insistence of the Mortgagee as if the same had been timely made by Developer; provided, however, that (ia) if such Default is not capable of being cured within the timeframes set forth in this Section 8.3B 23.3.2 and Mortgagee commences to cure the Default within such timeframes, then Mortgagee shall have such additional time as is required to cure the Default so long as Mortgagee diligently prosecutes the cure to completion and (iib) if possession of the Property (or portion thereof) is required to effectuate such cure or remedy, the Mortgagee shall be deemed to have timely cured or remedied if it commences the proceedings necessary to obtain possession thereof within sixty (60) days after receipt of the copy of the Noticenotice, diligently pursues such proceedings to completion, and, after obtaining possession, diligently completes such cure or remedy. C. 23.3.3 Any Notice notice or other communication which City shall desire or is required to give to or serve upon the Mortgagee shall be in writing and shall be served in the manner set forth in Section 13.58, addressed to the Mortgagee at the address provided by Mortgagee to City. Any Notice notice or other communication which Mortgagee shall give to or serve upon City shall be deemed to have been duly given or served if sent in the manner and at City’s address as set forth in Section 13.58, or at such other address as shall be designated by City by Notice notice in writing given to the Mortgagee in like manner.

Notice of Default to Mortgagee; Right to Cure. With respect to any Mortgage granted by Developer as provided herein, then so long as any such Mortgage shall remain unsatisfied ‌ 5.2.1 If the City Clerk timely receives notice from a Mortgagee requesting a copy of record, the following provisions shall apply: A. City, upon serving Developer any Notice of Default (as defined in Section 12.1)given to Developer under the terms of the Agreement, the City shall also serve provide a copy of such that notice to the Mortgagee concurrently with sending the Notice upon of Default to Developer. City shall have no liability for damages or otherwise to Developer, Xxxxxxxxx's successor, or to any Mortgagee at the address provided or successor therefor for failure to City, and no Notice by City to Developer hereunder shall affect any rights of a Mortgagee unless and until a copy thereof has been so served on provide such Mortgagee; 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 Citynotice. B. In the event of a Default (as defined in Section 12.1) by Developer, any 5.2.2 The Mortgagee shall have the right right, but not the obligation, for a period up to ninety (90) days after the receipt of such notice from the City to cure or remedy, or cause to be remediedcommence to cure or remedy, such the Default within sixty (60) days following unless a further extension of time to cure is granted in writing by the later City. However, a Mortgagee, to occur of (a) the date of Mortgagee’s receipt avail itself of the Notice referred rights provided by this Section, must notify the City in writing of its intent to in Section 8.3A above, or (b) the expiration of the period provided herein for Developer attempt to remedy or cure within forty-five (45) days of the date of the Notice of Default from City to Mortgagee. A failure by a Mortgagee to provide such Defaulttimely notice to City shall extinguish the rights and protections provided by this Section. If the Default is of a nature which can only be remedied or cured by such Mortgagee upon obtaining possession, such Mortgagee shall seek to obtain possession with diligence and continually through foreclosure, a receiver, or otherwise, and City shall accept such performance by thereafter remedy or at the insistence of the Mortgagee as if the same had been timely made by Developer; provided, however, that (i) if such Default is not capable of being cured within the timeframes set forth in this Section 8.3B and Mortgagee commences to cure the Default within such timeframesninety (90) days after obtaining possession. If the Default cannot, with diligence, be remedied or cured within this ninety (90) day period, then the Mortgagee shall have such additional time as the City Council determines is required reasonably necessary to remedy or cure the Default, if the Mortgagee commences cure during the ninety (90) day period and thereafter diligently pursues and completes the cure. 5.2.3 Such diligence by the Mortgagee on effectuating such cure shall be reviewed by the City Council every thirty (30) days thereafter until any and all Defaults are cured. If at any such review, the City Council determines that the Mortgagee is not making good faith efforts to cure the Default so long as Mortgagee diligently prosecutes the cure to completion any and (ii) if possession of the Property (or portion thereof) is required to effectuate such cure or remedyall Defaults, the Mortgagee City Council shall be deemed have the authority to have timely cured or remedied if it commences the proceedings necessary to obtain possession thereof within sixty (60) days after receipt of the copy of the Notice, diligently pursues such proceedings to completion, and, after obtaining possession, diligently completes such cure or remedyterminate this Agreement. C. Any Notice or other communication which City shall desire or is required to give to or serve upon the Mortgagee shall be in writing and shall be served in the manner set forth in Section 13.5, addressed to the Mortgagee at the address provided by Mortgagee to City. Any Notice or other communication which Mortgagee shall give to or serve upon City shall be deemed to have been duly given or served if sent in the manner and at City’s address as set forth in Section 13.5, or at such other address as shall be designated by City by Notice in writing given to the Mortgagee in like manner.

Notice of Default to Mortgagee; Right to Cure. With respect to any Mortgage granted by Developer Xxxxxxxxx as provided herein, then so long as any such Mortgage shall remain unsatisfied of record, the following provisions shall apply:apply:‌ A. 8.3.1 City, upon serving Developer any Notice notice of Default (as defined in Section 12.1)Default, shall also serve a copy of such Notice notice upon any Mortgagee at the address provided to City, and no Notice notice by City to Developer hereunder shall affect any rights of a Mortgagee unless and until a copy thereof has been so served on such Mortgagee; provided, however, that failure so to deliver any such Notice notice shall in no way affect the validity of the Notice notice sent to Developer as between Developer and City. B. 8.3.2 In the event of a Default (as defined in Section 12.1) by Developer, any Mortgagee shall have the right to remedy, or cause to be remedied, such Default within sixty (60) days following the later to occur of (ai) the date of Mortgagee’s receipt of the Notice notice referred to in Section 8.3A 8.3.1 above, or (bii) the expiration of the period provided herein for Developer to remedy or cure such Default, and City shall accept such performance by or at the insistence of the Mortgagee as if the same had been timely made by Developer; provided, however, that (ia) if such Default is not capable of being cured within the timeframes set forth in this Section 8.3B 8.3.2 and Mortgagee commences to cure the Default within such timeframes, then Mortgagee shall have such additional time as is required to cure the Default so long as Mortgagee diligently prosecutes the cure to completion and (iib) if possession of the Property (or portion thereof) is required to effectuate such cure or remedy, the Mortgagee shall be deemed to have timely cured or remedied if it commences the proceedings necessary to obtain possession thereof within sixty (60) days after receipt of the copy of the Noticenotice, diligently pursues such proceedings to completion, and, after obtaining possession, diligently completes such cure or remedy. C. 8.3.3 Any Notice notice or other communication which City shall desire or is required to give to or serve upon the Mortgagee shall be in writing and shall be served in the manner set forth in Section 13.5, addressed to the Mortgagee at the address provided by Mortgagee to City. Any Notice notice or other communication which Mortgagee shall give to or serve upon City shall be deemed to have been duly given or served if sent in the manner and at City’s address as set forth in Section 13.5, or at such other address as shall be designated by City by Notice notice in writing given to the Mortgagee in like manner.

Notice of Default to Mortgagee; Right to Cure. With respect to any Mortgage granted by Developer as provided herein, then so long as any such Mortgage shall remain unsatisfied of record, the following provisions shall apply: A. 23.3.1 City, upon serving Developer any Notice notice of Default (as defined in Section 12.1)Default, shall also serve a copy of such Notice notice upon any Mortgagee at the address provided to City, and no Notice notice by City to Developer hereunder shall affect any rights of a Mortgagee unless and until a copy thereof has been so served on such Mortgagee; provided, however, that failure so to deliver any such Notice notice shall in no way affect the validity of the Notice notice sent to Developer as between Developer and City. B. 23.3.2 In the event of a Default (as defined in Section 12.1) by Developer, any Mortgagee shall have the right to remedy, or cause to be remedied, such Default within sixty (60) days following the later to occur of (ai) the date of Mortgagee’s receipt of the Notice notice referred to in Section 8.3A 23.3.1 above, or (bii) the expiration of the period provided herein for Developer to remedy or cure such Default, and City shall accept such performance by or at the insistence of the Mortgagee as if the same had been timely made by Developer; provided, however, that (ia) if such Default is not capable of being cured within the timeframes set forth in this Section 8.3B 23.3.2 and Mortgagee commences to cure the Default within such timeframes, then Mortgagee shall have such additional time as is required to cure the Default so long as Mortgagee diligently prosecutes the cure to completion and (iib) if possession of the Property (or portion thereof) is required to effectuate such cure or remedy, the Mortgagee shall be deemed to have timely cured or remedied if it commences the proceedings necessary to obtain possession thereof within sixty (60) days after receipt of the copy of the Noticenotice, diligently pursues such proceedings to completion, and, after obtaining possession, diligently completes such cure or remedy. C. 23.3.3 Any Notice notice or other communication which City shall desire or is required to give to or serve upon the Mortgagee shall be in writing and shall be served in the manner set forth in Section 13.58, addressed to the Mortgagee at the address provided by Mortgagee to City. Any Notice notice or other communication which Mortgagee shall give to or serve upon City shall be deemed to have been duly given or served if sent in the manner and at City’s address as set forth in Section 13.58, or at such other address as shall be designated by City by Notice notice in writing given to the Mortgagee in like manner.