Stipulated Conditions. If Mortgagee sends a notice of default to the Homeowner because the Homeowner has failed to comply with the terms of the Mortgage, the Mortgagee shall, at the same time, send a copy of that notice to the CLT. Upon receiving a copy of the notice of default and within that period of time in which the Homeowner has a right to cure such default (the “cure period”), the CLT shall have the right to cure the default on the Homeowner’s behalf, provided that all current payments due the Permitted Mortgagee since the notice of default was given are made to the Mortgagee.
Stipulated Conditions. If Mortgagee sends a notice of default to the Lessee because the Lessee has failed to comply with the terms of the Mortgage, the Mortgagee shall, at the same time, send a copy of that notice to the CLT. Upon receiving a copy of the notice of default and within that period of time in which the Lessee has a right to cure such default (the “cure period”), the CLT shall have the right to cure the default on the Lessee’s behalf, provided that all current payments due the Permitted Mortgagee since the notice of default was given are made to the Mortgagee.
Stipulated Conditions. In the event of a default in any of the Mortgagor’s obligations under the Mortgage, the holder of the Mortgage shall notify Lessor of such fact and Lessor shall have the right (but not the obligation) within 120 days after its receipt of such notice, to cure such default in the Mortgagor’s name and on Mortgagor’s behalf, provided that current payments due the holder during such 120-day period (or such lesser time period as may have been required to cure such default) are made to the holder. Said holder shall not have the right, unless such default shall not have been cured within such time, to accelerate the note secured by the Mortgage or to commence to foreclose under the Mortgage on account of such default.
Stipulated Conditions. 1) If Mortgagee sends a notice of default to the Homeowner because the Homeowner has failed to comply with the terms of the Mortgage, the Mortgagee shall, at the same time, send a copy of that notice to the SDCLT. Upon receiving a copy of the notice of default and within that period of time in which the Homeowner has a right to cure such default (the “cure period”), the SDCLT shall have the right to cure the default on the Homeowner’s behalf, provided that all current payments due the Permitted Mortgagee since the notice of default was given are made to the Mortgagee.
2) If, after such cure period, the Mortgagee intends to accelerate the note secured by the Mortgage or initiate foreclosure proceedings under the Mortgage, in accordance with the provisions of the Lease, the Mortgagee shall first notify SDCLT of its intention to do so and SDCLT shall have the right, but not the obligation, upon notifying the Mortgagee within thirty (30) days of receipt of said notice, to purchase the Mortgagee loans and to take assignment of the Mortgage.
3) If the Mortgagee acquires title to the Home and Homeowner’s interest in the Leased Land through foreclosure or acceptance of a deed in lieu of foreclosure, the Mortgagee shall give the SDCLT written notice of such acquisition and the SDCLT shall have an option to purchase the Home and Homeowner’s interest in the Leased Land from the Mortgagee for the full amount owing to the Mortgagee; provided, however, that the SDCLT notifies the Mortgagee in writing of the SDCLT’s intent to make such purchase within thirty (30) days following the SDCLT’s receipt of the Mortgagee’s notice of such acquisition of the Home and Homeowner’s interest in the Leased Land; further provided that SDCLT shall complete such purchase within sixty (60) days of having given written notice of its intent to purchase; and provided that, if the SDCLT does not complete the purchase within such period, the Mortgagee shall be free to sell the Home and Homeowner’s interest in the Leased Land to another person;
4) Nothing in the Mortgage or related documents shall be construed as giving the Mortgagee a claim on SDCLT’s interest in the Leased Land, or as assigning any form of liability to the SDCLT with regard to the Leased Land, the Home, or the Mortgage.
5) Nothing in the Mortgage shall be construed as rendering SDCLT or any subsequent holder of the SDCLT’s interest in and to the Lease, or their respective heirs, executors, successors or assigns, personally li...
Stipulated Conditions. In the event of a default in any of the Homeowner/Mortgagor’s under the Mortgage, the Mortgagee shall notify IHT of such fact and IHT shall have upon receiving a copy of the notice of default the right (but not the obligation) within 120 days after its receipt of such notice, to cure such default in the Homeowner’s name and on Homeowner’s behalf, provided that current payments due the Mortgagee during such 120-day period (or such lesser time period as may have been required to cure such default) are made to the Mortgagee, and shall further provide that said Mortgagee shall not have the right, unless such default shall not have been cured within such time, to accelerate the note secured by such Mortgage or to commence to foreclose under the Mortgage on account of such default.
Stipulated Conditions. The Mortgage shall secure a twenty (20) year fixed-rate note in the amount of $137,000.00.
