Agenda Packets - 1987/12/14 - Laserfiche WebLink

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. r- the Minimum Improvements; (d) the City determines, In its revonable discretion, that no Event of Default his occurred; and (a) the City determines, in Its reasonable discretion, that the terms of the Mortgage conform to the terms of Section 7.6 of this Agreement. The approval of the City shall not be unreasonably withheld. Section 7.4. Copy of Notice of Default to Mortgagee. Whenever the City shall deliver any notice or demand to the Redeveioper with respect to any breach or default by the Redeveloper In its obligatiors 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 lest address of such Holder shown In the records of the City. Section 7.5. Mortstexee'3 Opticn to Cure Defaults. After any breach or. default referred to in Section 7.4 here:f, each xach Holder shall (insofar as •*A rights of the City are concerned) have the right, at Its option, to cure or re—ady such breach or default (or such breach or default to the extent that it relates to the part of the Redevelopment Froperty covered by its mortgage) and to add the cost thereof to the Mortgage debt and the lien of its Mortgages Provided, 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 permit or authorize such Holder, either before or after foreclosure or action In lieu thereof, to undertake or continue the construc- tion or completion of the Minimum Improvements (beyond the extent necessary to conserve or protect Minimum improvements or construction already made) without �— first having expressly assumed the obligation to the City, by written agreement satisfactory to the City, to complete, in the manner provided in the Agreement, the Minimum Improvements on the Redevelopment Property or the part thereof to which the lien or title of such Holder relates. Any such Holder who shall properly complete the Minimum Improvements relating to the Redevelopment Property or applicable part thereof shall be entitled, upon written request made to the City, to a certification by the City to such effect in the manner provided in Section 4.4 of this Agreement, and any such certification shall, If so requested by suen Holder. mean and provide that any remedies or rights with respect to recapture of or reversion or revesting of title to the Redevelopment Property that the City shall have or be entitled to because of failure of the Redeveloper or any successor In interest to the Redevelopment Property, or any part thereof, to cure or remedy any default with respect to the construction of the Minimum Improvements on other parts or parcels of the Redevelopment Property, or because of any other default hi or breach of the Agreement by the Redeveloper or such successor, shall not apply to the part or parcel of the Redevelopment Property to which such certification relates. Section 7.6. Clty's Option to Core Default en MortQasze. in the evant that the Redeveloper is in default under any Mortgage authorized pursuant to this Article VII of this Agreement, the mortgagee, within ten (10) days after it or any of its agents or employees become aware of any such default and prior to exercising any remedy available to It due to such default, shall 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, within thirty (30) days after receipt of said notice, the City cures any monetary defaults under the Mortgage and commences the actions necessary to cure any other default (and cures the other default within s!:. (6) months after receipt of said node:), then the mortgagee shall pursue none of 30