Common use of Lender Provisions Clause in Contracts

Lender Provisions. Notwithstanding any other provision hereof to the contrary, Osceola County and the Owner agree as follows: (A) Each Lender shall provide its notice information to Osceola County and the Owner. Thereafter, all material notices under this Agreement, including notices with respect to any defaults under this Agreement, shall also be sent to each Lender. (B) Each Lender shall have the same opportunity to cure any default as the Owner and Osceola County agrees not to terminate this Agreement until Osceola County has given the Lender(s) notice of its intention to terminate this Agreement and provided the Lender(s) with the reasonable opportunity to cure such default as set forth herein. Any performance by the Lender(s) of the obligations of the Owner shall not be deemed to be an assumption by the Lender(s) of the obligations of the Owner hereunder. During such cure period, Osceola County agrees to give the Lender(s) access to the Poinciana Toll Road as is otherwise provided to the Owner prior to any default. (C) If so requested by the Lender(s), Osceola County will deliver an estoppel letter from time to time to Owner and Lender(s), in form and substance reasonably satisfactory to Osceola County and to the Lender(s), certifying as to whether this Agreement remains in effect and whether any claims for non-performance or breach have occurred and are continuing. Osceola County also agrees to enter into an agreement with the Lender, if requested by the Lender, setting forth the terms of this Section 5.06. (D) In the event a Lender (or an entity designated by a Lender that otherwise satisfies the requirement of Section 6.11 (D) (3) at the time of the applicable transfer) becomes the owner of the Poinciana Toll Road by foreclosure or otherwise, the Lender or such entity shall have all of the privileges and obligations of the Owner under this Agreement. The Lender acknowledges that its rights under this Agreement do not affect the remedy set forth in Section 5.02(A) hereof.

Lender Provisions. Notwithstanding any other provision hereof to the contrary, Osceola Polk County and the Owner agree as follows: (A) Each Lender shall provide its notice information to Osceola Polk County and the Owner. Thereafter, all material notices under this Agreement, including notices with respect to any defaults under this Agreement, shall also be sent to each Lender. (B) Each Lender shall have the same opportunity to cure any default as the Owner and Osceola Polk County agrees not to terminate this Agreement until Osceola Polk County has given the Lender(s) notice of its intention to terminate this Agreement and provided the Lender(s) with the reasonable opportunity to cure such default as set forth herein. Any performance by the Lender(s) of the obligations of the Owner shall not be deemed to be an assumption by the Lender(s) of the obligations of the Owner hereunder. During such cure period, Osceola Polk County agrees to give the Lender(s) access to the Poinciana Toll Road as is otherwise provided to the Owner prior to any default. (C) If so requested by the Lender(s), Osceola Polk County will deliver an estoppel letter from time to time to Owner and Lender(s), in form and substance reasonably satisfactory to Osceola Polk County and to the Lender(s), certifying as to whether this Agreement remains in effect and whether any claims for non-performance or breach have occurred and are continuing. Osceola Polk County also agrees to enter into an agreement with the Lender, if requested by the Lender, setting forth the terms of this Section 5.06. (D) In the event a Lender (or an entity designated by a Lender that otherwise satisfies the requirement of Section 6.11 (D) (3) at the time of the applicable transfer) becomes the owner of the Poinciana Toll Road by foreclosure or otherwise, the Lender or such entity shall have all of the privileges and obligations of the Owner under this Agreement. The Lender acknowledges that its rights under this Agreement do not affect the remedy set forth in Section 5.02(A) hereof.