CC PACKET 10131987 - Laserfiche WebLink

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i J • . discretion; that - the mortgage .loan; together with- other :funds av ail able :•to Redeveloper, 'will. be'- sufficient to construct the. :.: Minimum Improvements ; (d). .dete•rmines - that no Event of Default has occurred; and :(e) determines, •-in : its- reasonabl-e -discretion, that the . terms of- the Mortgage-conform to the terms 'of this Agreement . :. Section 7 .4 Copy of .Notice of Default-,to Mortgagee. Whenever the HRA shall deliver . any 'notice or demand -to- Redeveloper with respect to any breach or default by Redeveloper in its• obligations or covenants under this Agreement, the HRA shall at the same time forward a copy of such notice or demand to the Mortgagee at the .last address of such Mortgagee shown in the - records : of the HRA. -;- ' Section 7 . 5 Mortgagee ' s Option to Cure Default . After any breach or default by Redeveloper,- a Mortgagee shall _ - ( insofar as the rights of the HRA are-concerned): have 'the- right, at its option, to cure or remedy such breach or default On behalf of Redeveloper; provided, however, . that if the breach or default is' with respect to construction of the Minimum Improvements , nothing contained in this Agreement shall be deemed to permit the Mortgagee, either before or after foreclosure or action in lieu thereof , to undertake or continue the construction of the Minimum Improvements without first having expressly assumed Redeveloper ' s obligations, by written i agreement satisfactory to the HRA, to complete the Minimum Improvements . Section 7 . 6 HRA' s Option to Cure Default on Mortgage . If Redeveloper is in default under any Mortgage the Mortgagee shall within 10. days after it or any of its agents or employees become aware of any such default notify the HRA 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 30 days after receipt of said notice, -the HRA commences the actions necessary to cure the .default (and cures the default within 6 months after receipt of said notice) , then the Mortgagee shall pursue none of its remedies under the Mortgage based upon .,the default . In .the event of a transfer of title to the Redevelopment Property -to the HRA, or a third party approved by the HRA, whether or not required to .cure a. ' default under the Mortgage, said .transfer shall not constitute an event of default or cause an acceleration of the indebtedness under the Mortgage. In. the event of said transfer, the Mortgagee shall permit the transferee: to assume all outstanding obligations (and receive all remaining disbursements) under the Mortgage. • -17-