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 City receives notice from a Mortgagee requesting a copy of any notice of default given Landowner hereunder and specifying the address for service thereof, then City shall deliver to such Mortgagee, concurrently with service thereon to Landowner, any notice given to Landowner with respect to any claim by City that Landowner has committed an Event of Default. Each Mortgagee shall have the right during the same period available to Landowner to cure or remedy, or to commence to cure or remedy, the Event of Default claimed set forth in the City’s notice. City, through its City Manager, may extend the cure period provided in Section 9.2.2 for not more than an additional sixty (60) days upon request of Landowner or a Mortgagee.

Notice of Default to Mortgagee and Extension of Right to Cure. If City receives notice from a Mortgagee requesting a copy of any notice of default given Landowner hereunder and specifying the address for service thereof, then City shall deliver to such Mortgagee, concurrently with service thereon to Landowner, any notice given to Landowner with respect to any claim by City that Landowner has committed an Event of Default. Each Mortgagee shall have the right during the same period available to Landowner to cure or remedy, or to commence to cure or remedy, the Event of Default claimed set forth in the City’s 's notice. City, through its City Manager, may extend the cure period provided in Section 9.2.2 14.1.2 for not more than an additional sixty (60) days upon request of Landowner or a Mortgagee.