Common use of Termination Subject to Mortgagee Rights Clause in Contracts

Termination Subject to Mortgagee Rights. All rights of the City to terminate this Agreement, vis-a-vis the Mortgagee, as a result of the occurrence of any default shall be subject to, and conditioned upon, the City having first given to each Mortgagee written notice of the default as required under 7.7.4 above, and all Mortgagees having failed to remedy such default or acquire Developer’s interests hereunder, or having failed to commence foreclosure or other appropriate proceedings in the nature thereof as set forth in Section 7.7.4 above.

Termination Subject to Mortgagee Rights. All rights of the City to terminate this Agreement, vis-a-vis the Mortgagee, as a result of the occurrence of any default shall be subject to, and conditioned upon, the City having first given to each Mortgagee written notice of the default as required under Section 7.7.4 above, and all Mortgagees having failed to remedy such default or acquire Developer’s interests hereunder, or having failed to commence foreclosure or other appropriate proceedings in the nature thereof as set forth in Section 7.7.4 above.