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RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.
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RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.
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ARTICLE VII <br />Other Financing <br />Section 7.1. Generally. Prior to commencement of construction of each Phase of the <br />Minimum Improvements, the Redeveloper shall submit to the Authority or provide access thereto <br />for review by Authority staff, consultants and agents, evidence reasonably satisfactory to the <br />Authority that Redeveloper has available funds, or commitments to obtain funds, whether in the <br />nature of mortgage financing, equity, grants, loans, or other sources sufficient for paying the cost of <br />developing such Phase of the Minimum Improvements. <br />Section 7.2. Authority's Option to Cure Default on Mortgage. In the event that any portion <br />of the Redeveloper's construction costs for either Phase of the Minimum Improvements is provided <br />through mortgage financing authorized pursuant to this Article VII of this Agreement, and there <br />occurs a default under such Mortgage, the Redeveloper shall cause the Authority to receive copies <br />of any notice of default received by the Redeveloper from the Holder of such Mortgage. Thereafter, <br />the Authority shall have the right, but not the obligation, to cure any such default on behalf of the <br />Redeveloper within the cure period(s) afforded to the Redeveloper under such Mortgage or any loan <br />documents relating thereto, subject to the terms of such Mortgage or loan documents. <br />Section 7.3. Subordination; Assignment. The Authority and City each agree to subordinate <br />their respective rights under this Agreement to the Holder of any Mortgage securing construction or <br />permanent financing, in accordance with the terms of a subordination agreement substantially in the <br />form attached as Schedule E, or such other form as the Authority and City reasonably approve. The <br />Authority and City further agree to consent to a collateral assignment of this Agreement to the <br />Holder of any Mortgage securing construction or permanent financing, under terms and conditions <br />reasonably acceptable to the Authority and City. <br />(The remainder of this page is intentionally left blank.) <br />16 <br />623340v3SA730-2 <br />
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