Curing of Defaults. Upon the close of this Agreement the Purchaser agrees to provide funding to ORA to cure its mortgage payment default owed to AAL by next-day delivery to AAL of a check in the amount of $90,743.62. Within fifteen (15) days of the date of this Agreement, ORA agrees to enter into a settlement arrangement with the County of Los Angeles to pay any and all property taxes owed by ORA relating to its building at 9410 ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇. In addition, Purchaser shall arrange for Seller to be notified by AAL should ORA be in default in the future and if that default is not cured within forty-five (45) days after notice of default from AAL. If the default is not cured, Seller shall have the right to cure such default and thereafter shall have the right to sell the building under terms which will result in the release of Ruth ▇▇▇▇▇▇ ▇▇▇ Seller from any contingent liability to AAL. Any proceeds from the sale of the building over and above the payment of the mortgage and expenses related thereto, including any expenses of the Seller relating to such sale, shall be paid to ORA less ten percent (10%) of such net proceeds which shall be paid to Seller.
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Sources: Agreement of Purchase and Sale of Securities (Satx Inc), Agreement of Purchase and Sale of Securities (Satx Inc)