01-04-1999 WS & CC - Laserfiche WebLink

Home Browse Search

BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 17 01 P.24 (c) the City is not entitled under Section 10. 02 to exercise any of the remedies set forth therein as a result of an Event of Default; . (d) the City determines that the terms of the. Mortgage conform to the terms of Section 8.5 . Section 8 .3 . Notice of Defaults Copy to Mortctagee. Whenever the City shall deliver any notice or demand to the Developer with respect to any breach or default by the Developer ' in his obligations or covenants under the Agreement, the City shall at the same time forward a copy of such notice or demand to each holder of any Mortgage authorized by the Agreement at the last address of such holder shown in the records of the City. Section 8 .4. Mortgagee' s Option to Cure Defaults. After any breach or default referred to in Section 8 .3, each such holder of a Mortgage shall (insofar as the rights of the City are concerned) have the right, at its option, to cure or remedy such breach or default (or such breach or default to the extent that it relates to the part of the Development Property covered by its mortgage) and to add the cost thereof to the Mortgage debt and the lien of its Mortgage; provided, however, that if the breach or default is with respect to construction of the Minimum Improvements, nothing contained in. this Section or any other Section of this Agreement shall be deemed to require such holder, either before or after foreclosure or action in lieu thereof, to undertake or continue the construction or completion of the Minimum Improvements, provided that any such holder shall not devote the Development Property to a use inconsistent with the Development Program or this Agreement without the agreement of the City. Section 8 .5 . v' s Option to Cure Default on Mqrtgage. Any Mortgage authorized pursuant to this Article VIII, and executed by the Developer or any subordination agreement relating to such mortgage entered into by the City with respect to the Development Property or any improvements thereon shall provide that, in the event that :the Developer is in default under such Mortgage and the holder, of the Mortgage notifies the Developer of such default, the holder of the Mortgage shall also notify the City in writing of: (a) the fact of the default; (b) the elements of the default; and (c) the actions required to cure the default. If the default is an "Event of Default" under such Mortgage, which shall entitle such holder thereof to foreclose upon the 965316-Red V2 co vi; 1z/11/9e 20