Common use of Notice of Default to Mortgagee and Extension of Right to Cure Clause in Contracts

Notice of Default to Mortgagee and Extension of Right to Cure. If District receives notice from a Mortgagee requesting a copy of any notice of default given Developer hereunder and specifying the address for service thereof, then District shall deliver to such Mortgagee, concurrently with service thereon to Developer, any notice given to Developer with respect to any claim by District that Developer has committed an Event of Default. Each Mortgagee shall have the right during the same period available to Developer to cure or remedy, or to commence to cure or remedy, the Event of Default claimed set forth in the District's notice. District, through its General Manager, may extend the cure period provided in Section 15.2.2 and 15.2.4 for not more than an additional sixty (60) days upon request of Developer or a Mortgagee.

Notice of Default to Mortgagee and Extension of Right to Cure. If District receives notice from a Mortgagee requesting a copy of any notice of default given Developer hereunder and specifying the address for service thereof, then District shall deliver to such Mortgagee, concurrently with service thereon to Developer, any notice given to Developer with respect to any claim by District that Developer has committed an Event of Default. Each Mortgagee shall have the right during the same period available to Developer to cure or remedy, or to commence to cure or remedy, the Event of Default claimed set forth in the District's notice. District, through its General Manager, may extend the cure period provided in Section 15.2.2 and 15.2.4 18.1 for not more than an additional sixty (60) days upon request of Developer or a Mortgagee.