CC PACKET 07121988 - Laserfiche WebLink

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Redevelopment Property, whether by express agreement or • operation of law, or suffer any encumbrance or lien to be made on or attach to the Redevelopment Property, except with the prior written approval of the HRA, which approval will not be unreasonably withheld if the encumbrance is to secure a loan for the purposes of obtaining funds only to the extent necessary for acquiring the Redevelopment Pro-perty and development of the Minimum Improvements . The HRA shall not approve any Mortgage which does not conform to the requirements of this Agreement . Section 7 . 3 Approval of Mortgage . The HRA shall approve a Mortgage if the HRA first (a) receives a copy of all mortgage documents; (b) determines, in its reasonable discretion, that the Mortgagee is a responsible lender capable of making the mortgage loan; (c) determines , in its reasonable discretion, that the mortgage loan, together with other funds available to Redeveloper, will be sufficient to construct the Minimum Improvements ; (d) determines that no Event of Default has occurred : and tel rlc--- no_c � _tea 44..�.; raasViaou u la iSorc%i0r,, 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 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 • -17-