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Section 7.5 Mortgagee's Option to Cure Default. Agency, and without prior written approval of the Agency, (a)
<br /> After any breach or default by Redeveloper, a Mortgagee shall there shall be no transfer by any Partner of the partnership
<br /> (insofar as the rights of the Agency are concerned) have the interests in Redeveloper (which term shall be deemed for the
<br /> right, at its option, to cure or remedy such breach or default purposes of this and related provisions to include successors .
<br /> on behalf of Redeveloper; provided, however, that if the breach in interest of such interests or any part thereof or interest
<br /> or default is with respect to construction of the Minimum therein), (b) nor shall any Partner suffer any such transfer to
<br /> Improvements, nothing-contained in this Agr,�ement shall be be made, (c) nor shall there be or be suffered to be by.-
<br /> deemed to permit the Mortgagee, either before or after Redeveloper, or by any Partner any other similarly significant
<br /> foreclosure or action in lieu thereof, to undertake or continue change in the ownership of such interests or in the relative
<br /> the construction of the Minimum Improvements without first distribution thereof, or with respect to the identity of the
<br /> having expressly assumed Redeveloper's obligations, by written parties in control of Redeveloper or the degree thereof, by any
<br /> agreement satisfactory to the Agency, to complete the Minimum other method or means. So long as Kraus-
<br /> •Improvements. Com an re
<br /> e eveloner. this Section shal e r
<br /> Section 7.6 Agency's Option to Cure Default on a—transfer from - om an as
<br /> Mortgage. If Redeveloper is in default under any Mortgage, the an other Partner or
<br /> Mortgagee shall within 10 days after it or any of its agents or .
<br /> employees become aware of any such default notify the Agency in they b 1 1 ado ion b him or b an
<br /> writing of: (a) the fact of the default; (b) the elements of o TI-7—s a item r le al a o e e e
<br /> the default; and (c)' the actions required to�cure the default. o ec iv o an trust estab is e
<br /> If, within 30 days after receipt of said notice, the Agency or of t e esc an s o 0
<br /> commences the actions necessary to cure the default (and cures a sma an of
<br /> the default within 6 months after receipt of said notice), then his escendan re eneral artn
<br /> the Mortgagee shall pursue none of its remedies under the
<br /> Mortgage based upon the default. In the event of a transfer of Engelsma nr bv anv of his descendants or any trusts or,
<br /> title to the Redevelopment Property to the Agency, or a third partnership previously described above herein,
<br /> party approved by the Agency, whether or not required to cure a
<br /> default under the Mortgage, said transfer shall not constitute Section 8.3 Transfer of Property and Assignment.
<br /> an event of default or cause an acceleration of the Redeveloper (except as expressly authorized in this Agreement)
<br /> indebtedness under the Mortgage. In the event of said has not made and will not make, or suffer to be made, any total .
<br /> transfer, the Mortgagee shall permit the transferee to assume or partial sale, assignment-, conveyance, lease, or other
<br /> all outstandinq obligations (and receive all remaining transfer, with respect to.this;,Agreement or the Redevelopment
<br /> disbursements) under the Mortgage. Property or any part thereof or any interest therein, or any
<br /> contract or agreement to do any of the same, without the prior
<br /> written approval of the Agency. The Agency shall be entitled
<br /> ARTICLE VIII to require as conditions to any such approval that: (i) the
<br /> Prohibitions Against Assignment and Transfer proposed transferee have the qualifications and financial
<br /> responsibility, as determined by the Agency, necessary and
<br /> Section 8.1 Representation as to Redevelopment. The adequate to fulfill the obligations undertaken.in this
<br /> a
<br /> Redeveloper represents and agrees that its purchase of the Agreement by Redeveloper; (ii) the proposed•trnsferee, by
<br /> Redevelopment Property, and its other undertakings pursuant to recoidable•instrument satisfactory to the Agency shall, for
<br /> the Agreement are, and will 'be used, for the purpose of itself and its successors and assigns, assume all of the
<br /> redevelopment of the- Redevelopment Property. The Redeveloper obligations of Redeveloper under this Agreement. No transfer
<br /> further recognizes that a transfer of all or a substantial part of, or change with respect to, ownership in the Redevelopment
<br /> of the partnership interests in the Redeveloper or any other Property or any part thereof, or any interest therein, however
<br /> act or transaction resulting in a significant change in the consummated-or occurring and whether voluntary or involuntary,
<br /> ownership are of particular concern to the City and the Agency. shall operate, legally or practically, to deprive or limit the
<br /> Agency of or with respect to any rights or remedies or controls
<br /> Section 8.2 Transfer of ownership. Prior to provided in or resulting from this Agreement with respect to
<br /> completion of the Minimum Improvements as certified by the the Redevelopment Property and the construction of the Minimum
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