Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of Developer’s default or breach of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust, or a default under the terms of Developer’s Partnership Agreement for Phase II, Developer shall immediately deliver to Authority a copy of any default notice pertaining thereto. If the holder of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust has not exercised its option to construct prior to the issuance of the Release of Construction Covenants as to Phase II, pursuant to Section 3.10.7, Authority shall have the right but not the obligation to cure the default of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust. Authority shall likewise have the right but not the obligation to cure any Partnership Agreement default. In such event, Authority shall be entitled to reimbursement from Developer of all proper costs and expenses incurred by Authority in curing any default.
Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of a material, uncured mortgage or deed of trust default or breach by Developer prior to the issuance of the Release of Construction Covenants (unless Developer is contesting such default in good faith), Developer shall immediately deliver to Authority a copy of such mortgage holder’s notice of default. If the holder of any mortgage or deed of trust has not exercised its option to construct within the time periods set forth in Section 408.4, Authority shall have the right, upon ten (10) days Notice to Developer, but no obligation to cure the default. In such event, Authority shall be entitled to reimbursement from Developer of all proper direct and actual out-of-pocket costs and expenses incurred by Authority in curing such default. Authority shall also be entitled to a lien upon the Site to the extent of such costs and disbursements. Any such lien shall be junior and subordinate to the mortgages, deeds of trust or any other security interests granted in accordance with this Section 408.
Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of a mortgage or deed of trust default or breach by Developer prior to the completion of the Project (and expiration of the Affordability Period), Developer shall immediately deliver to Authority a copy of any mortgage holder’s notice of default. If the holder of any mortgage or deed of trust has not exercised its option to construct, Authority shall have the right but no obligation to cure the default. In such event, Authority shall be entitled to reimbursement from Developer of all proper costs and expenses incurred by Authority in curing such default. Authority shall also be entitled to a lien upon the Site to the extent of such costs and disbursements. Any such lien shall be junior and subordinate to the mortgages or deeds of trust approved and in place in conformity with this Agreement.
Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of Developer’s default or breach of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust, or a default under the terms of Developer’s Partnership Agreement for the Project, Developer shall immediately deliver to Authority a copy of any default notice pertaining thereto. If the holder of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust has not exercisedits option to construct prior to the issuance of the Release of Construction Covenants as to the Project, pursuant to Section 310.7, Authority shall have the right but not the obligation to cure the default of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust. Authority shall likewise have the right but not the obligation to cure any Partnership Agreement default. In such event, oper costs and Authority shall be entitled to reimbursement incurred by Authority in curing any default. from Developer of all pr expenses 310.10 Subordination of Affordability Covenants; Non-Subordination of Authority’s Fee Interest. In the event Authority finds that an economically feasible method of financing for the construction and operation of the Project without the subordination of the Regulatory Agreement and the lien of the Authority Subordinate Loan is not reasonably available, Authority may agree to subordinate the covenants contained in the Regulatory Agreement and the lien of the Authority Subordinate Loan to the Primary Loan and/or the Tax Credit Regulatory Agreement, subject to the terms of this Section 310.10. Each and any subordination agreement evidencing or affirming Authority’s subordination of the Regulatory Agreement and the lien of the Authority Subordinate Loan (but not, and in no event, Authority’s fee interest in the Site or the City Covenants) entered into by Authority shallcontain written commitments which Authority Executive Director finds are reasonably designed to protect Authority’s investment in the Project (and Agency’s investment of Housing Fund monies in the Site) in the event of default; any such subordination agreement(s) shall contain contractual obligation of such Lender to include, without limitation, the following: (a) concurrent delivery to Authority of a true copy of each and any notice provided by the Lender for the Project to Developer (as its borrower) during the term of the Primary Loan for the Project; (b) a reasonably extended cure period and right to A...
Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of Developer’s default or breach of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust, or a default under the terms of Developer’s Partnership Agreement, Developer shall immediately deliver to Authority a copy of any default notice pertaining thereto. If the holder of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust has not exercised its option to construct prior to the issuance of the Release of Construction Covenants, pursuant to Section 311.5, Authority shall have the right but not the obligation to cure the default of the Primary Loan, including the loan agreement, promissory note, mortgage, deed of trust. Authority shall likewise have the right but not the obligation to cure any Partnership Agreement default. In such event, Authority shall be entitled to reimbursement from Developer of all proper costs and expenses incurred by Authority in curing any default, which obligation shall be added to the balance of Authority Note and shall be secured by the Deed of Trust.
