Common use of Failure of Holder to Complete Improvements Clause in Contracts

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, six sixty (660) months days after a an uncured default by the Developer in completion of construction of improvements under this OPA has occurred and not been cured as provided by this OPAAgreement, 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 option, has not proceeded diligently with construction, the City shall have the right, but not the obligation, to may purchase the mortgage, deed of trust or other security interest by payment to the holder of all amounts owing with respect to the amount of the unpaid debtsecured obligation, plus any including all accrued and unpaid interest and any other amounts secured therebyinterest. If the ownership of Developer’s leasehold interest in the Site (or portion thereof) has vested in the holder, the City, if it so desires, shall be entitled to a conveyance of the Site from the holder to the City upon payment to the holder of an amount equal to the sum of the following: (a) 1. 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) 2. All expenses with respect to foreclosure., including reasonable attorneys’ fees and trustee’s fees; (c) 3. The net expenseexpenses, 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 part thereof), such as insurance premiums and real estate taxes.; (d) 4. The cost costs of any authorized improvements made by such holder.; and (e) 5. An amount equivalent to the interest that would have accrued on the aggregate of such the amounts in Subparagraphs 1-4 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.City.‌

Failure of Holder to Complete Improvements. In any case where, six (6) months 180 days after a default by the Developer DOSO in completion of the Project construction of improvements under this OPA Agreement, and where notice from Owner has occurred and not been cured as provided by this OPAdelivered to the applicable Mortgagee pursuant to Section 7.1.3, if the holder of any mortgage, deed of trust or other security interest creating a lien or encumbrance upon the Site (or portion thereof) Mortgage has not exercised the option to construct, construct afforded in Section 7.1.4 or if it has exercised the such option but has not proceeded failed to proceed diligently with construction, the City shall have the right, but not the obligation, to Owner may purchase the mortgage, deed of trust or other security interest Mortgage by making payment to the holder Mortgagee in the sum of the amount of the unpaid debtall outstanding principal, plus any accrued and unpaid interest and any other amounts sums secured therebyby the Mortgage. If the ownership of the Site (or portion thereof) Property has vested in the mortgage holder, the CityOwner, if it so desires, shall will be entitled to a conveyance by statutory bargain and sale deed from the mortgage holder to the City Owner upon payment to the mortgage holder of an amount equal to the sum of the following: : (a) The the unpaid mortgage, deed of trust or other security interest Mortgage debt at the time title became vested in the mortgage holder (less all appropriate credits, including those resulting from collection and collection, application of rentals and all other income received during foreclosure proceedings). ; (b) All all expenses with respect to foreclosure or deed in lieu of foreclosure. ; (c) The the net expenseexpenses, if any (exclusive of general overhead), incurred by the mortgage holder as a direct result of the subsequent ownership or management of the Site (Property or portion part thereof), such as insurance premiums and real estate taxes. ; (d) The cost the costs of any improvements made by such mortgage holder. ; and (e) An 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 Mortgage debt and such debt had continued in existence to the date of payment by the CityOwner.

Failure of Holder to Complete Improvements. In any case where, six sixty (660) months days after a an uncured default by the Developer in completion of construction of improvements under this OPA has occurred and not been cured as provided by this OPAAgreement, 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 option, has not proceeded diligently with construction, the City shall have the right, but not the obligation, to 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 and any other amounts secured therebyinterest. 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 of the Site from the holder to the City upon payment to the holder of an amount equal to the sum of the following: (a) 1. 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) 2. All expenses with respect to foreclosure., including reasonable attorneys' fees and trustee's fees; (c) 3. The net expenseexpenses, 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 part thereof), such as insurance premiums and real estate taxes.; (d) 4. The cost costs of any authorized improvements made by such holder.; and (e) 5. An amount equivalent to the interest that would have accrued on the aggregate of such the amounts in Subparagraphs 1-4 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.