Common use of Mortgagee’s Option to Cure Events of Default Clause in Contracts

Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default, the mortgagee under any Mortgage will have the right at its option, to cure or remedy such Event of Default within the cure periods set forth herein. An individual or entity who acquires title to all or a portion of the Minimum Improvements through the foreclosure of a mortgage or deed in lieu of foreclosure on such portion of the Project Area remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the Master Redeveloper, or any successor in interest to the Master Redeveloper, under the terms of this Agreement, but the purchaser at a foreclosure sale or grantee under a deed in lieu of foreclosure nor any subsequent transferee from a mortgagee shall have no personal liability for a breach of such obligations under this Agreement so long as: (a) The party acquiring title through foreclosure or deed in lieu of foreclosure observes all of the restrictions set forth in the Agreement; (b) The party who acquired title through foreclosure or deed in lieu of foreclosure does not undertake or permit any other party to undertake any Minimum Improvements on the portion of the Project Area it owns; (c) The City has no obligation to approve any plans for Minimum Improvements of a portion of the Minimum Improvements the foreclosing mortgagee (or mortgagee obtaining a deed in lieu of foreclosure) owns or to issue any related building permits. The purpose of this Section is to permit a foreclosing lender (or mortgagee or purchaser obtaining a deed in lieu of foreclosure or a subsequent transferee) to hold title to the portion of the Project Area it acquires through foreclosure or deed in lieu of foreclosure, subject to, but without personal liability for the obligations under this Agreement, until it can sell the portion it holds to a third party who will assume the obligations of the Master Redeveloper under the terms of this Agreement and proceed with the construction of the Minimum Improvements pursuant to the terms of this Agreement. If, rather than passively holding title to the portion of the Project Area it acquires through foreclosure or deed in lieu of foreclosure, the foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure or subsequent transferee) or other purchaser at a foreclosure sale desires to sell portions of the Project Area for construction of the Minimum Improvements, the purchaser at the foreclosure sale must assume and perform each of the obligations of the Master Redeveloper, or the applicable successor to the interest of the Master Redeveloper, under this Agreement as to the portion of the Project subject to foreclosure. This Section does not restrict the authority of the Authority to pursue its rights under any outstanding security, exercise remedies otherwise available under this Agreement or suspend the performance of the obligations of the Authority or the Master Redeveloper under this Agreement as otherwise allowed. The Authority agrees to reasonably cooperate with any foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale in pursuing the Minimum Improvements in accordance with this Agreement, including evaluation of such person as a Secondary Redeveloper pursuant to Section 12.2. Unless acting other than passively holding title as described above in this Section, a lender or an independent third party that purchases at a foreclosure sale will have no liability for breach under this Agreement.

Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default, the mortgagee under any Mortgage will have the right at its option, to cure or remedy such Event of Default within the applicable cure periods set forth hereinplus an additional thirty (30) days, or as to any default having no period for cure, within ten (10) days of receipt of notice from the City or Authority. An individual or entity who acquires title to all or a portion of the Minimum Improvements through the foreclosure of a mortgage or deed in lieu of foreclosure on such portion of the Project Area Mall Property remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the Master Redeveloper, or any successor in interest to the Master Redeveloper, under the terms of this Agreement, but the purchaser at a foreclosure sale or grantee under a deed in lieu of foreclosure nor any subsequent transferee from a mortgagee shall have no personal liability for a breach of such obligations under this Agreement Agreement, and such transfer shall not be an Event of Default hereunder, and neither the City nor the Authority shall be entitled to approve such transfer by the transferee, so long as: (a) The party acquiring title through foreclosure or deed in lieu of foreclosure observes all of the restrictions set forth in the Agreement; (b) The party who acquired title through foreclosure or deed in lieu of foreclosure does not undertake or permit any other party to undertake any Minimum Improvements on the portion of the Project Area Mall Property it owns; (c) The City has no obligation to approve any plans for Minimum Improvements of or a portion of the Minimum Improvements the foreclosing mortgagee (or mortgagee obtaining a deed in lieu of foreclosure) owns or to issue any related building permits, provided any prior approval or permit issued shall not be withdrawn or rendered ineffective by such transfer of title. The purpose of this Section section is to permit a foreclosing lender (or mortgagee or purchaser obtaining a deed in lieu of foreclosure or a subsequent transfereeforeclosure) to hold title to the portion of the Project Area Mall Property it acquires through foreclosure or deed in lieu of foreclosure, subject to, but without personal liability for the obligations under this Agreement, until it can sell the portion it holds to a third party who will assume the obligations of the Master Redeveloper under the terms of this Agreement and proceed with the construction of the Minimum Improvements pursuant to the terms of this Agreement. If, rather than passively holding title to the portion of the Project Area Mall Property it acquires through foreclosure or deed in lieu of foreclosure, the foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure or subsequent transfereeforeclosure) or other purchaser at a foreclosure sale desires to sell portions of the Project Area Mall Property for construction of the Minimum Improvements, the purchaser at the foreclosure sale (or mortgagee obtaining a deed in lieu of foreclosure) must assume and perform each of the obligations of the Master Redeveloper, or the applicable successor to the interest of the Master Redeveloper, under this Agreement as to the portion of the Project subject to foreclosureAgreement. This Section section does not restrict the authority of the Authority to pursue its rights under any outstanding security, exercise remedies otherwise available under this Agreement or suspend the performance of the obligations of the Authority or the Master Redeveloper under this Agreement as otherwise allowed. The Authority agrees to reasonably cooperate with any foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale in pursuing the Minimum Improvements in accordance with this Agreement, including evaluation of such person as a Secondary successor to the rights of the Redeveloper pursuant hereunder and taking appropriate actions to Section 12.2. Unless acting other than passively holding title allow the benefits and rights hereunder to be realized by such person, should the Authority approve such person as described above a successor in this Section, a lender or an independent third party that purchases at a foreclosure sale will have no liability for breach under accordance with this Agreement.

Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of DefaultDefault by Developer, the mortgagee under any Mortgage will have the right at its option, option to cure or remedy such Event of Default within the cure periods set forth herein. An individual or entity who acquires title to all or a portion Parcel of the Minimum Improvements Development Property through the foreclosure of a mortgage or deed in lieu of foreclosure on such portion Parcel of the Project Area Development Property remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the Master RedeveloperDeveloper, or any successor in interest to the Master RedeveloperDeveloper, under the terms of this Agreement, but the purchaser at a foreclosure sale or grantee under a deed in lieu of foreclosure nor any subsequent transferee from a mortgagee shall have no personal liability for a breach of such obligations obligation under this Agreement so long as: (a) The as the party acquiring title through foreclosure or deed in lieu of foreclosure observes all of the restrictions set forth in the Agreement; (b) The party who acquired title through foreclosure or deed in lieu of foreclosure does not undertake or permit any other party to undertake any Minimum Improvements on the portion of the Project Area it owns; (c) . The City has no obligation to approve any plans for Minimum Improvements of a Phase on a portion of the Minimum Improvements Development Property the foreclosing mortgagee (or mortgagee obtaining a deed in lieu of foreclosure) owns or to issue any related building permits. The purpose of this Section is to permit a foreclosing lender (or mortgagee or purchaser obtaining a deed in lieu of foreclosure or a subsequent transferee) to hold title to the portion Parcel of the Project Area Development Property it acquires through foreclosure or deed in lieu of foreclosure, subject to, but without personal liability for the obligations under this Agreement, until it can sell the portion it holds to a third party who will assume the obligations of the Master Redeveloper Developer under the terms of this Agreement and proceed with the construction of the Minimum Improvements applicable Phase pursuant to the terms of this Agreement. If, rather than passively holding title to the portion Parcel of the Project Area Development Property it acquires through foreclosure or deed in lieu of foreclosure, the foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure or subsequent transferee) or other purchaser at a foreclosure sale desires to sell portions a Parcel of the Project Area Development Property for construction of the Minimum ImprovementsProject, the purchaser at the foreclosure sale must assume and perform each of the obligations of the Master RedeveloperDeveloper, or the applicable successor to the interest of the Master RedeveloperDeveloper, under this Agreement as to the portion of the Project Parcel subject to the foreclosure. This Section does not restrict the authority of the Authority HRA to pursue its rights under any outstanding security, exercise remedies otherwise available under this Agreement or suspend the performance of the obligations of the Authority HRA or the Master Redeveloper Developer under this Agreement as otherwise allowed. The Authority HRA agrees to reasonably cooperate with any foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale in pursuing the Minimum Improvements Project in accordance with this Agreement, including evaluation of such person as a Secondary Redeveloper pursuant to Section 12.2. Unless acting other than passively holding title as described above in this Section, a lender or an independent third party that purchases at a foreclosure sale will have no liability for breach under this Agreement.

Mortgagee’s Option to Cure Events of Default. Upon the occurrence of an Event of Default, the mortgagee under any Mortgage will have the right at its option, to cure or remedy such Event of Default within the cure periods set forth herein. An individual or entity who acquires title to all or a portion of the Minimum Improvements Project through the foreclosure of a mortgage or deed in lieu of foreclosure on such portion of the Project Area Property remains subject to each of the restrictions set forth in this Agreement and remains subject to all of the obligations of the Master RedeveloperDeveloper, or any successor in interest to the Master RedeveloperDeveloper, under the terms of this Agreement, but the purchaser at a foreclosure sale or grantee under a deed in lieu of foreclosure nor any subsequent transferee from a mortgagee shall have no personal liability for a breach of such obligations under this Agreement so long as: (a) The party acquiring title through foreclosure or deed in lieu of foreclosure observes all of the restrictions set forth in the Agreement; (b) The party who acquired title through foreclosure or deed in lieu of foreclosure does not undertake or permit any other party to undertake any Minimum Improvements redevelopment on the portion of the Project Area it ownsProperty; (c) The City has no obligation to approve any plans for Minimum Improvements of a portion of the Minimum Improvements Project for the foreclosing mortgagee (or mortgagee obtaining a deed in lieu of foreclosure) owns or to issue any related building permits. The purpose of this Section is to permit a foreclosing lender (or mortgagee or purchaser obtaining a deed in lieu of foreclosure or a subsequent transfereeforeclosure) to hold title to the portion of the Project Area Property it acquires through foreclosure or deed in lieu of foreclosure, subject to, but without personal liability for the obligations under this Agreement, until it can sell the portion it holds to a third party who will assume the obligations of the Master Redeveloper Developer under the terms of this Agreement and proceed with the construction of the Minimum Improvements Project pursuant to the terms of this Agreement. If, rather than passively holding title to the portion of the Project Area Property it acquires through foreclosure or deed in lieu of foreclosure, the foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure or subsequent transfereeforeclosure) or other purchaser at a foreclosure sale desires to sell portions of the Project Area Property for construction of the Minimum ImprovementsProject, the purchaser at the foreclosure sale (or mortgagee obtaining a deed in lieu of foreclosure) must assume and perform each of the obligations of the Master RedeveloperDeveloper, or the applicable successor to the interest of the Master RedeveloperDeveloper, under this Agreement as to the portion of the Project subject to foreclosureAgreement. This Section does not restrict the authority of the Authority to pursue its rights under any outstanding security, exercise remedies otherwise available under this Agreement or suspend the performance of the obligations of the Authority or the Master Redeveloper Developer under this Agreement as otherwise allowed. The Authority agrees to reasonably cooperate with any foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale in pursuing the Minimum Improvements Project in accordance with this Agreement, including evaluation of such person as a Secondary Redeveloper pursuant successor to Section 12.2. Unless acting other than passively holding title the rights of the Developer hereunder and taking appropriate actions to allow the benefits and rights hereunder to be realized by such person, should the Authority approve such person as described above a successor in this Section, a lender or an independent third party that purchases at a foreclosure sale will have no liability for breach under accordance with this Agreement.