Common use of Notice of Default to Redeveloper and Right to Cure Clause in Contracts

Notice of Default to Redeveloper and Right to Cure. Whenever the Borough shall deliver any notice or demand to the Redeveloper with respect to any alleged breach or default by the Redeveloper under this Agreement, the Borough shall at the same time deliver to each Holder a copy of such notice or demand; provided that the Redeveloper has delivered to the Borough a written notice of the name and address of such Holder. Each such Holder shall (insofar as the rights of the Borough are concerned) have the right at its option during (but not prior to) the ninety (90) day period following the expiration of Redeveloper's cure period under this Agreement, to cure or remedy, or to commence to cure or remedy, any such alleged default which is subject to being cured and to add the cost thereof to the debt and the lien which it holds. If such default can only be remedied or cured by such Holder upon obtaining possession, such Holder shall seek to obtain possession of the Project Area (or portion to which its mortgage relates) with diligence and continuity through a receiver or otherwise, and shall remedy or cure such default within ninety (90) calendar days after obtaining possession. If the default cannot with diligence be remedied or cured, or the remedy or cure of which cannot be commenced, within such ninety (90) days period, such Holder shall have such additional time as reasonably necessary to remedy or cure such default with diligence and continuity. Holder (“Holder”) shall be defined as the lender (or Affiliate thereof) in any financing transaction described in Section 10.1, which lender may hold a mortgage or other such lien as described therein. Holders may be third parties. Holders may also be parties related to the Redeveloper, including parties holding ownership interests in the Redeveloper, or Affiliates of such parties. The parties expressly agree that a Holder may be any Affiliate of the Redeveloper, or any other entity Controlled by, or in Control of, the Redeveloper, or a lessee under a Permitted Lease.

Notice of Default to Redeveloper and Right to Cure. (a) Whenever the Borough Agency shall deliver any notice or demand to the Redeveloper with respect to any alleged breach or default by the Redeveloper under this Redevelopment Agreement, the Borough Agency shall at the same time deliver to each Holder a copy of such notice or demand; provided that the Redeveloper has delivered to the Borough Agency a written notice of the name and address of such Holder. Each such Holder shall (insofar as the rights of the Borough Agency are concerned) have the right at its option during (but not prior to) the within ninety (90) day period following days after the receipt of such notice (and the expiration of Redeveloper's all applicable cure period under this Agreementperiods), to cure or remedy, or to commence to cure or remedy, any such alleged default which is subject to being cured and to add the cost thereof to the debt and the lien which it holds. If such default shall be a default that can only be remedied or cured by such Holder upon obtaining possession, such Holder shall may seek to obtain possession of the Project Area properties (or such portion to which its mortgage relates) with diligence and continuity through a receiver or otherwise, and if it takes possession, it shall remedy or cure such default within ninety (90) calendar days after obtaining possession. If In the case of a default that cannot with diligence be remedied or cured, or the remedy or cure of which cannot be commenced, within such ninety (90) days day period, such Holder shall have such Holder, the Township may, in its sole discretion, to provide additional time as reasonably necessary to remedy or cure of such default with diligence and continuity. . (b) To the extent that any Holder forecloses against any lien it has with respect to the Redevelopment Project (“as a result of a Redeveloper Event of Default or a default by the Redeveloper under any agreements executed by the Redeveloper and its lenders), the Agency agrees to forebear, for a commercially reasonable period of time, from the enforcement of any remedies provided under this Redevelopment Agreement that it may have against the Redeveloper in order to permit such Holder”) , or its successor, to assume the obligations of the Redeveloper under this Redevelopment Agreement; provided however, that the Agency shall not be defined as obligated to forebear from the lender exercise of any remedies available to it hereunder if such forbearance will result (or Affiliate thereofmay result, in the reasonable judgment of the Agency) in a waiver of the Agency’s rights under this Redevelopment Agreement or a material and adverse effect on the Agency’s rights or performance obligations hereunder or any financing transaction described in Section 10.1, which lender may hold a mortgage or other such lien as described therein. Holders may be third parties. Holders may also be parties related to the Redeveloper, including parties holding ownership interests material increase in the Redeveloper, or Affiliates of such parties. The parties expressly agree that a Holder may be any Affiliate of the Redeveloper, or any other entity Controlled by, or in Control of, the Redeveloper, or a lessee under a Permitted LeaseAgency’s financial obligations hereunder.