Failure of Holder to Complete Improvements Sample Clauses

Failure of Holder to Complete Improvements. In any case where, six (6) months after default by Developer in completion of construction of the Project, the holder of record of any mortgage or deed of trust has not exercised its option to construct the Project, or having first exercised such option, has not proceeded diligently with such work, City shall be afforded those rights against such holder that it would otherwise have against Developer under this Agreement.

Failure of Holder to Complete Improvements. In any case where, three (3) months after default by the Redeveloper in completion of construction of improvements under this Agreement, the holder of any mortgage, deed of trust or other security interest creating a lien or encumbrance upon the Site has not exercised the option to construct, or if it has exercised the option and has not proceeded diligently with construction, the Agency may purchase the mortgage, deed of trust or other security interest by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest. If the ownership of the Site has vested in the holder, the Agency, if it so desires, shall be entitled to a conveyance from the holder to the Agency upon payment to the holder of an amount equal to the sum of the following: (a) The unpaid mortgage, deed of trust or other security interest debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure. proceedings); (b) All expenses with respect to foreclosure; (c) The net expenses, if any (exclusive of general overhead), incurred by the holder as a' direct result of the subsequent management of the Site; (d) The cost of any improvements made by such holder; and (e) An amount equivalent to the interest that would have accrued an the aggregate of such amounts had all such amounts become part of the mortgage or deed of trust debt and such debt had continued in existence to the date of payment by the Agency. Disposition and Development Agreement No. 93-001 Page 20 5. [s322] Right of Agency to Cure Mortgage, Deed of Trust or other Security Interest; Default In the event of a default or breach by the Redeveloper of a mortgage, deed of trust or other security interest with respect to the Site prior to the completion of development, and the holder has not exercised its option to complete the development, the Agency may cure the default prior to completion of any foreclosure. In such event, the Agency shall be entitled to reimbursement from the, Redeveloper of all costs and expenses incurred by the Agency in curing the default. The Agency shall -also be entitled to a lien upon the Site to the extent of such costs and disbursements. Any such lien shall be subject to mortgages, deeds of trust or other security interests executed for the sole purpose of obtaining funds to develop the site as authorized herein.

Failure of Holder to Complete Improvements. In any case where, six (6) months after a default by the Developer in completion of construction of improvements under this OPA has occurred and not been cured as provided by this OPA, the holder of any mortgage, deed of trust or other security interest creating a lien or encumbrance upon the Site (or portion thereof) has not exercised the option to construct, or if it has exercised the option but has not proceeded diligently with construction, the City shall have the right, but not the obligation, to purchase the mortgage, deed of trust or other security interest by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest and any other amounts secured thereby. If the ownership of the Site (or portion thereof) has vested in the holder, the City, if it so desires, shall be entitled to a conveyance from the holder to the City upon payment to the holder of an amount equal to the sum of the following: (a) The unpaid mortgage, deed of trust or other security interest debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings). (b) All expenses with respect to foreclosure. (c) The net expense, if any (exclusive of general overhead), incurred by the holder as a direct result of the subsequent ownership or management of the Site (or portion thereof), such as insurance premiums and real estate taxes. (d) The cost of any improvements made by such holder. (e) An amount equivalent to the interest that would have accrued on the aggregate of such amounts had all such amounts become part of the mortgage or deed of trust debt and such debt had continued in existence to the date of payment by the City.

Failure of Holder to Complete Improvements. In any case where, sixty a. The unpaid mortgage or deed of trust debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings); b. All expenses with respect to foreclosure including reasonable attorneys’ fees; c. The net expenses, if any (exclusive of general overhead), incurred by the holder as a direct result of the subsequent management of the Site or part thereof (including without limitation, insurance premiums and real property taxes); d. The costs of any improvements made by such holder; e. An amount equivalent to the interest that would have accrued on the aggregate of such amounts had all such amounts become part of the mortgage or deed of trust debt and such debt had continued in existence to the date of payment by Agency; and f. Any customary prepayment charges imposed by the lender pursuant to its loan documents and agreed to by Developer.

Failure of Holder to Complete Improvements. If in any case, within sixty (60) days after all cure periods have expired after default by Developer in completion of construction of the Improvements on a Phase under this Agreement, and the notice required by Section 9.1 was properly given, and a Holder has not exercised the option afforded in Section 6.13.3 hereof to construct the Improvements on the applicable Phase in which Holder has an interest, City may, upon thirty (30) days’ written notice, either: (i) purchase the mortgage, deed of trust or other security interest by payment to the Holder of the amount of the unpaid debt plus accrued but unpaid interest and other advances and amounts secured by the security interest, or in the case of a lessor or grantee by payment to such lessor or grantee of the purchase price paid for its interest in the relevant portion of the Property and improvements and any unpaid rent and other charges and sums payable to it under its applicable agreements with its lessee or grantor; (ii) assume such mortgage, deed of trust or other security interest in accordance with the terms of such mortgage, deed of trust or other security interest upon the prior written consent of such Holder, or (iii) terminate this Agreement by notice to Developer. The City’s termination of this Agreement as to a Phase shall not constitute a termination of this Agreement as to any other Phase.

Failure of Holder to Complete Improvements. In any case where, six months after default by the Developer in the completion of the improvements under this Agreement, the holder of any mortgage, deed of trust or other security interest creating a lien or encumbrance upon the Sites or any portion thereof has not exercised the option (as specified in Section 319 of this Agreement) to cure such default, or if it has exercised the option has not proceeded diligently to cure such default, the Successor Agency may purchase the mortgage, deed of trust or other security interest by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest. If the ownership of the Sites has vested in the holder, the Successor Agency, if it so desires, shall be entitled to a conveyance from the holder to the Successor Agency upon payment to the holder of an amount equal to the sum of the following:

Failure of Holder to Complete Improvements. ‌ In any case where, six months after default by the Developer in the completion of the improvements under this Agreement, the holder of any mortgage, deed of trust or other security interest creating a lien or encumbrance upon the Site or any portion thereof has not exercised the option (as specified in Section 319 of this Agreement) to cure such default, or if it has exercised the option has not proceeded diligently to cure such default, the City may purchase the mortgage, deed of trust or other security interest by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest. If the ownership of the Site has vested in the holder, the City, if it so desires, shall be entitled to a conveyance from the holder to the City upon payment to the holder of an amount equal to the sum of the following:

Failure of Holder to Complete Improvements. In any case where, three months after default by the Developer in completion of construction of the Improvements, the holder of any mortgage, deed of trust or other security interest creating a lien or encumbrance upon the Property has not exercised the option to construct, or if it has exercised the option and has not proceeded diligently with construction, the City may purchase the mortgage, deed of trust or other security interest by payment to the holder of the amount of the unpaid debt, plus any accrued and unpaid interest. If the ownership of the Property has vested in the holder, the City, if it so desires, shall be entitled to a conveyance of the Property from the holder to the City upon payment to the holder of an amount equal to the sum of the following: a. The unpaid mortgage, deed of trust or other security interest debt at the time title became vested in the holder (less all appropriate credits, including those resulting from collection and application of rentals and other income received during foreclosure proceedings); b. All expenses with respect to foreclosure; \ c. The next expenses, if any, exclusive of general overhead, incurred by the holder as a direct result of the subsequent management of the Property; d. The costs of any authorized improvements made by such holder; and e. An amount equivalent to the interest thought would have accrued on the aggregate of such amounts had all such amounts become part of the mortgage or deed of trust debt and such debt had continued in existence to the date of payment by the City.

Failure of Holder to Complete Improvements. In any case after an uncured Default by the Affordable Developer in completion of construction of the Affordable Development Improvements under this Agreement, the holder of record of any Security Financing Interest, having first exercised its option to construct pursuant to the Security Financing Interest Assignment, has not proceeded diligently with construction (as reasonably determined by the Commission) within six (6) months of taking possession of the Affordable Development Improvements, the Commission must be afforded those rights against such holder it would otherwise have against the Affordable Developer under this Agreement.