Procedure on Default. If PHB shall elect to terminate this Agreement by reason of any default of Developer, and Mortgagee or the Limited Partners shall have proceeded in the manner provided for by Section 13.4 of this Agreement, the specified date for the termination of this Agreement as fixed by PHB in its Termination Notice shall be extended for a period of six (6) months, provided that Mortgagee and/or the Limited Partners shall, during such six-month period, pay or cause to be paid all monetary obligations of Developer under this Agreement as the same become due, and continue its good faith efforts to perform all of Developer's other obligations under this Agreement.
Appears in 2 contracts
Sources: Agreement for Disposition and Development of Property, Agreement for Disposition and Development of Property