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06-27-2018 Council Packet - final
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06-27-2018 Council Packet - final
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<br /> Page 8 <br />Site: Little Canada-Owasso <br />BUN: 825401 <br />4816-7859-2811.16101460\002203 <br />Property, including the Easement Area; <br />provided, however, that the holder of any <br />such Mortgage shall recognize (i) the <br />validity of this Easement in the event of <br />foreclosure of any interest(s) in Grantor’s <br />Property and (ii) Crown’s right to occupy <br />Grantor’s Property, including any rights of <br />access and/or utilities related <br />thereto. Simultaneously with the execution <br />of this Easement, Grantor, at its sole cost <br />and expense, shall obtain and furnish to <br />Crown a non-disturbance agreement, in <br />recordable form, reasonably acceptable to <br />Crown for any pre -existing Mortgage(s) <br />which may encumber all or a portion of <br />Grantor’s Property, including the Ease ment <br />Area. Following the full execution of this <br />Easement and prior to the recordation of this <br />Easement, Grantor, at its sole cost and <br />expense, shall obtain and furnish to Crown a <br />non-disturbance agreement, in recordable <br />form, reasonably acceptable to Crown for <br />any subsequent Mortgage(s) that may <br />encumber all or a portion of the Grantor’s <br />Property, including the Easement Area. <br />29. Successors and Assigns. The <br />terms of this Easement shall constitute a <br />covenant running with the Grantor’s <br />Property for the benefit of Crown and its <br />successors and assigns and shall extend to <br />and bind the heirs, personal representatives, <br />successors and assigns of the parties hereto <br />and upon each person having any interest <br />therein derived through any owner thereof. <br />Any sale, mortgage, lease or other <br />conveyance of Grantor’s Property shall be <br />under and subject to this Easement and <br />Crown’s rights hereunder. <br />30. Construction of Easement . The <br />captions preceding the Sections of this <br />Easement are intended only for convenience <br />of reference and in no way define, limit or <br />describe the scope of this Easement or the <br />intent of any provision hereof. Whenever <br />the singular is used, the same shall include <br />the plural and vice versa and words of any <br />gender shall include the other gender. As <br />used herein, “including” shall mean <br />“including, without limitation.” This <br />document may be executed in multiple <br />counterparts, each of which shall be deemed <br />a fully executed original. <br />31. Default . <br />(a) Notice of Default; Cure Period. In the <br />event that there is a default by Grantor or <br />Crown (the “Defaulting Party”) with respect <br />to any of the provisions of this Easement or <br />Grantor’s or Crown’s obligations under this <br />Easement, the other party (the “Non- <br />Defaulting Party”) shall give the Defaulting <br />Party written notice of such default. After <br />receipt of such written notice, the Defaulting <br />Party shall have ninety (90) days in which to <br />cure any default. The Defaulting Party shall <br />have such extended periods as may be <br />required beyond the ninety (90) day cure <br />period to cure any default if the nature of the <br />cure is such that it reasonably requires more <br />than ninety (90) days to cure, and Defaulting <br />Party commences the cure within the ninety <br />(90) day period and thereafter continuously <br />and diligently pursues the cure to <br />completion. The Non-Defaulting Party may <br />not maintain any action or effectuate any <br />remedies for default against the Defaulting <br />Party unless and until the Defaulting Party <br />has failed to cure the same within the time <br />periods provided in this Section 31. <br />(b) Consequences of Crown’s Default. In <br />the event that Grantor maintains any action <br />or effectuates any remedies for default <br />against Crown, Grantor shall be entitled to <br />any available remedies at law, including but <br />not limited to, termination of this Easement. <br />(c) Consequences of Grantor’s Default. In <br />the event that Grantor is in default beyond <br />the applicable periods set forth above,
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