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

Notice of Default and Right to Cure. Whenever City delivers any notice of default hereunder, City shall concurrently deliver a copy of such notice to each holder of record of any mortgage or deed of trust secured by the Property or the Improvements, provided that City has been provided with the address for delivery of such notice. City shall have no liability to any such holder for any failure by the City to provide such notice to such holder. Each such holder shall have the right, but not the obligation, at its option, to cure or remedy any such default or breach within the cure period provided to Borrower extended by an additional sixty (60) days. In the event that possession of the Property or the Improvements (or any portion thereof) is required to effectuate such cure or remedy, the holder shall be deemed to have timely cured or remedied the default if it commences the proceedings necessary to obtain possession of the Property or Improvements, as applicable, within the applicable cure period, diligently pursues such proceedings to completion, and after obtaining possession, diligently completes such cure or remedy. A holder who chooses to exercise its right to cure or remedy a default or breach shall first notify City of its intent to exercise such right prior to commencing to cure or remedy such default or breach. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction of the Project (beyond the extent necessary to conserve or protect the same) without first having expressly assumed in writing Borrower’s obligations to City under this Agreement. The holder in that event must agree to complete, in the manner provided in this Agreement, the Project and the Improvements and submit evidence reasonably satisfactory to City that it has the development capability on staff or retainer and the financial capacity necessary to perform such obligations. Any such holder properly completing the Project pursuant to this Section shall assume all rights and obligations of Borrower under this Agreement.

Notice of Default and Right to Cure. Whenever the City pursuant to its rights set forth in Article 7 of this Agreement delivers any notice or demand to Developer with respect to the commencement, completion, or cessation of default hereunderthe construction of the Improvements, the City shall concurrently at the same time deliver a copy of such notice to each holder of record of any mortgage Security Financing Interest creating a lien upon Developer's interest in the Dealership Development Parcel or deed of trust secured by the Property Swap Parcel or the Improvementsany portion thereof, provided that City has been provided with the address for delivery a copy of such notice. City shall have no liability to any such holder for any failure by the City to provide such notice to such holderor demand. Each such holder shall (insofar as the rights of the City are concerned) have the right, but not the obligation, at its option, within ninety (90) days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach within affecting the cure period provided Dealership Development Parcel or Swap Parcel which is subject to Borrower extended by an additional sixty (60) days. In the event that possession lien of the Property or Security Financing Interest held by such holder and to add the Improvements (or any portion thereof) is required cost thereof to effectuate such cure or remedy, the holder shall be deemed to have timely cured or remedied security interest debt and the default if it commences the proceedings necessary to obtain possession of the Property or Improvements, as applicable, within the applicable cure period, diligently pursues such proceedings to completion, and after obtaining possession, diligently completes such cure or remedy. A holder who chooses to exercise lien on its right to cure or remedy a default or breach shall first notify City of its intent to exercise such right prior to commencing to cure or remedy such default or breachsecurity interest. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Project Improvements (beyond the extent necessary to conserve or protect the samesuch improvements or construction already made) without first having expressly assumed in writing Borrower’s Developer's obligations to the City relating to such Improvements under this Agreement. The holder or its assignee in that event must agree to complete, in the manner provided in this Agreement, the Project and Improvements to which the Improvements and submit evidence reasonably satisfactory to City that it has the development capability on staff lien or retainer and the financial capacity necessary to perform title of such obligationsholder relates. Any such holder or its assignee properly completing the Project such Improvements pursuant to this Section paragraph shall assume all rights and obligations of Borrower Developer under this AgreementAgreement and shall be entitled, upon completion and written request made to the City, to a Notice of Completion from the City, in substantially the form attached hereto as Exhibit J, incorporated herein by this reference.

Notice of Default and Right to Cure. Whenever City Agency delivers any notice of default hereunder, City Agency shall concurrently deliver a copy of such notice to each holder of record of any mortgage or mortgage, deed of trust or other security instrument secured by the Property or the Improvements, provided that City Agency has been provided with the address for delivery of such notice. City Agency shall have no liability to any such holder for any failure by the City Agency to provide such notice to such holder. Each such holder shall have the right, but not the obligation, at its option, within sixty (60) days after the receipt of the notice, to cure or remedy any such default or breach within the cure period provided to Borrower extended by an additional sixty (60) daysbreach. In the event that possession of the Property or the Improvements (or any portion thereof) is required to effectuate such cure or remedy, the holder shall be deemed to have timely cured or remedied the default if it commences the proceedings necessary to obtain possession of the Property or Improvements, as applicable, within sixty (60) days after receipt of the applicable cure periodAgency’s notice, diligently pursues such proceedings to completion, and after obtaining possession, diligently completes such cure or remedyremedy within sixty (60) days, or longer if commercially necessary, after taking possession. A holder who chooses to exercise its right to cure or remedy a default or breach shall first notify City Agency of its intent to exercise such right prior to commencing to cure or remedy such default or breach. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction of the Project (beyond the extent necessary to conserve or protect the same) without first having expressly assumed in writing BorrowerDeveloper’s obligations to City Agency under this Agreement. The holder in that event must agree to complete, in the manner provided in this Agreement, the Project and the Improvements and submit evidence reasonably satisfactory to City Agency that it has the development capability on staff or retainer and the financial capacity necessary to perform such obligations. Any such holder properly completing the Project pursuant to this Section shall assume all rights and obligations of Borrower Developer under this Agreement and shall be entitled to a Certificate of Completion upon compliance with the requirements of this Agreement.

Notice of Default and Right to Cure. Whenever the City pursuant to its rights set forth in Article 10 delivers any notice to the Developer of default hereunderthe occurrence of a Developer Event of Default or any other matter which may give rise to a right of termination or other claim (a "Cure Notice"), the City shall concurrently deliver not exercise any remedy available to it unless and until each of the following have occurred: (a) a copy of such notice Cure Notice describing the is provided to each holder and every then-existing Encumbrance Holder that has notified the City in writing of record of any mortgage or deed of trust secured by the Property or the Improvements(i) its interest in receiving such a notice, provided that City has been provided with the and (ii) its address for delivery the receipt of such notice; and (b) such Developer Event of Default remains uncured after the expiration of the applicable cure period set forth in Section 9.4. City The Cure Notice shall have no liability to be sent simultaneously with any such holder for any failure by similar notice or notices of a Developer Event of Default that the City may be required to provide such notice to such holderDeveloper pursuant to Article 10. Each such holder An Encumbrance Holder shall have the right, but not right and the obligation, at its option, power to cure or remedy any such default or breach Developer Event of Default specified in a Cure Notice within the cure period provided to Borrower extended by an additional sixty (60) days. In the event that possession periods set forth in Section 9.4 below, and, if such Developer Event of the Property or the Improvements (or any portion thereof) Default is required to effectuate such cure or remedyso cured, the holder this Agreement shall be deemed to have timely cured or remedied the default if it commences the proceedings necessary to obtain possession of the Property or Improvements, as applicable, within the applicable cure period, diligently pursues such proceedings to completion, remain in full force and after obtaining possession, diligently completes such cure or remedy. A holder who chooses to exercise its right to cure or remedy a default or breach shall first notify City of its intent to exercise such right prior to commencing to cure or remedy such default or breacheffect. Nothing contained in this Agreement shall be deemed to permit or authorize such holder any Encumbrance Holder or Foreclosure Transferee to undertake or continue the construction or completion of the Project Improvements or Public Improvements or any other work (beyond the extent necessary to conserve or protect the samesuch improvements or construction already made) without first having expressly assumed in writing Borrower’s the Developer's obligations to the City under this Agreement. The holder Encumbrance Holder in that event must agree to complete, in the manner provided in this Agreement, the Project and construction of the Improvements and submit evidence reasonably satisfactory to City that it has the development capability on staff or retainer and the financial capacity necessary to perform such obligationsPublic Improvements. Any such holder Encumbrance Holder properly completing construction of the Project Improvements and the Public Improvements pursuant to this Section 9.3 shall assume all rights and obligations of Borrower Developer under this AgreementAgreement and shall be entitled, upon written request made to the City, to a Certificate of Occupancy from the City.

Notice of Default and Right to Cure. Whenever City the Agency pursuant to its rights set forth in Article 12 of this Agreement delivers any notice or demand to the Developers (or any of default hereunderthem), City the Agency shall concurrently at the same time deliver to each Holder of record a copy of such notice to each holder of record of any mortgage or deed of trust secured by demand; provided, however, that the Property or the Improvements, provided that City has been provided with the address for delivery of such notice. City Agency shall have no liability to any such holder Holder for any failure by the City Agency to provide such notice to such holderHolder (provided further that the Agency shall not be entitled to exercise its rights under Section 12.06 hereof until such notice has been delivered and the cure period set forth in the following sentence has expired). Each such holder Holder shall (insofar as the rights of the Agency are concerned) have the right, but not the obligation, at its option, within the same time period as is afforded Developers plus the greater of ninety (90) days or such longer period as reasonably may be necessary for the Holder to obtain the right of possession through foreclosure, deed-in-lieu or appointment of a receiver provided that within such ninety (90)-day period the Holder commences and thereafter proceeds in good faith to obtain the right of possession and to cure or remedy or commence to cure or remedy any such default or breach within the cure period provided to Borrower extended by an additional sixty (60) days. In the event that possession of the Property or the Improvements (or any portion thereof) is required to effectuate such cure or remedy, the holder shall be deemed to have timely cured or remedied the default if it commences the proceedings necessary to obtain possession of the Property or Improvements, as applicable, within the applicable cure period, diligently pursues such proceedings to completion, and after obtaining possession, diligently completes such cure or remedy. A holder who chooses to exercise its right to cure or remedy a default or breach shall first notify City of its intent to exercise such right prior to commencing to cure or remedy such default or breach. Nothing contained in this Agreement shall be deemed to permit or authorize such holder Holder to undertake or continue the construction or completion of the Project (beyond the extent necessary to conserve or protect the sameProject or construction already made) without first having expressly assumed in writing Borrower’s the obligations to City under this Agreement. The holder in that event must agree of the Developer responsible for the Project to complete, in the manner provided in this Agreement, the Phase of the Project and to which the Improvements and submit evidence reasonably satisfactory to City that it has the development capability on staff lien or retainer and the financial capacity necessary to perform title of such obligationsHolder relates. Any such holder Holder properly completing such Phase of the Project pursuant to this Section paragraph shall assume all rights be entitled, upon written request made to the Agency, to a Certificate of Completion from the Agency. In the event of the declaration by the Agency of a Developer's Default, the Agency shall schedule a meeting with any Holder not earlier than seven (7) or later than fifteen (15) days from the date of declaration of a Developer's Default. The Agency and obligations the Holders of Borrower under this Agreementinterests relating to any portion of the Development Site subject to the Developer's Default shall meet and confer in good faith to plan the disposition and continued construction of the Project subject to the Developer's Default.

Notice of Default and Right to Cure. Whenever City the County pursuant to its rights set forth in Article 7 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of default hereunderthe construction of the Improvements, City the County shall concurrently at the same time deliver a copy of such notice to each holder of record of any mortgage Security Financing Interest creating a lien upon the Developer's fee interest in the Property, or deed of trust secured by the Property or the Improvementsany portion thereof, provided that City has been provided with the address for delivery a copy of such notice. City shall have no liability to any such holder for any failure by the City to provide such notice to such holderor demand. Each such holder shall (insofar as the rights of the County are concerned) have the right, but not the obligation, at its option, within the applicable cure period set forth in Section 7.4, to cure or remedy or commence to cure or remedy any such default or breach within affecting the cure period provided Property which is subject to Borrower extended by an additional sixty (60) days. In the event that possession lien of the Property or Security Financing Interest held by such holder and to add the Improvements (or any portion thereof) is required cost thereof to effectuate such cure or remedy, the holder shall be deemed to have timely cured or remedied security interest debt and the default if it commences the proceedings necessary to obtain possession of the Property or Improvements, as applicable, within the applicable cure period, diligently pursues such proceedings to completion, and after obtaining possession, diligently completes such cure or remedy. A holder who chooses to exercise lien on its right to cure or remedy a default or breach shall first notify City of its intent to exercise such right prior to commencing to cure or remedy such default or breachsecurity interest. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Project Improvements (beyond the extent necessary to conserve or protect the samesuch improvements or construction already made) without first having expressly assumed in writing Borrower’s all of the Developer's duties and obligations to City the County relating to the Improvements under this AgreementAgreement pursuant to an assignment and assumption agreement prepared by the County, and in a form recordable among the land records (the "Security Financing Interest Assignment"). The Pursuant to the Security Financing Interest Assignment, the holder in that event must agree to complete, complete the construction of the Improvements in the manner provided in this Agreement, the Project and the Improvements and submit evidence reasonably satisfactory to City the County that it has the development capability on staff or retainer qualification and the financial capacity responsibility necessary to perform such obligations. Any such holder properly completing the Project Improvements pursuant to this Section and the Security Financing Interest Assignment shall assume all rights obligations set forth herein affecting such Parcel, and obligations shall be entitled, upon written request made to the County, to a Certificate of Borrower under this AgreementCompletion from the County.

Notice of Default and Right to Cure. Whenever the City under its rights set forth in Article 8 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of default hereunderthe construction of the Development, the City shall concurrently will at the same time deliver a copy of such notice to each holder of record of any mortgage or deed of trust secured by Security Financing Interest creating a lien upon the Developer's fee interest in the Property or any portion thereof, and the ImprovementsInvestor, provided that City has been provided with the address for delivery a copy of such notice. City shall have no liability to any such holder for any failure by the City to provide such notice to such holderor demand. Each such holder shall have (insofar as the rights of the City are concerned) has the right, but not the obligation, at its option, within ninety (90) days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach within affecting the cure period provided Property which is subject to Borrower extended the lien of the Security Financing Interest held by such holder and to add the cost thereof to the security interest debt and the lien on its security interest. If a Developer Event of Default cannot practicably be cured by an additional sixty (60) days. In Encumbrance Holder without the event that possession of the Property or the Improvements (or any portion thereof) is required to effectuate need for such cure or remedy, the holder shall be deemed to have timely cured or remedied the default if it commences the proceedings necessary Encumbrance Holder to obtain possession of the Property (for example, by foreclosure of a Security Financing Interest), or Improvementsif a Developer Event of Default cannot be cured by an Encumbrance Holder (for example, as applicablethe insolvency of Developer), then, in each case, if at least one Encumbrance Holder has delivered to the Agency within the applicable cure period, diligently pursues thirty (30) days after its receipt of an Cure Notice a written undertaking wherein such Encumbrance Holder agrees (1) that it will commence foreclosure proceedings to completion, and after obtaining possession, diligently completes such cure or remedy. A holder who chooses to exercise its right to cure or remedy a default or breach shall first notify City of its intent to exercise such right prior to commencing to cure or remedy such default or breachforthwith. Nothing contained in this Agreement shall be is deemed to permit or authorize such holder to undertake or continue the construction or completion of the Project Development (beyond the extent necessary to conserve or protect the samesuch Development or construction already made) without first having expressly assumed in writing Borrower’s the Developer's obligations to the City relating to such Development under this AgreementAgreement under an assignment and assumption agreement prepared by the City and recordable among the Official Records (the "Security Financing Interest Assignment"). The holder in that event must agree to complete, in the manner provided in this AgreementAgreement (or as may be amended by the Security Financing Interest Assignment; provided, however, the Project and City is under no obligation to extend the Improvements and submit evidence reasonably satisfactory dates for performance set forth in this Agreement), the Development to City that it has which the development capability on staff lien or retainer and the financial capacity necessary to perform title of such obligationsholder relates. Any such holder properly completing the Project pursuant to such Development under this Section shall paragraph must assume all rights and obligations of Borrower Developer under this AgreementAgreement and will be entitled, upon completion and written request made to the City, to a Certificate of Completion from the City.

Notice of Default and Right to Cure. Whenever City the County pursuant to its rights set forth in Article 7 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of default hereunderthe construction of the Improvements, City the County shall concurrently at the same time deliver a copy of such notice to each holder of record of any mortgage or deed of trust secured by Security Financing Interest creating a lien upon the Property or the Improvements, provided that City has been provided with the address for delivery any portion thereof a copy of such notice. City shall have no liability to any such holder for any failure by the City to provide such notice to such holderor demand. Each such holder shall (insofar as the rights of the County are concerned) have the right, but not the obligation, at its option, within ninety (90) days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach within affecting the cure period provided Property which is subject to Borrower extended by an additional sixty (60) days. In the event that possession lien of the Property or Security Financing Interest held by such holder and to add the Improvements (or any portion thereof) is required cost thereof to effectuate such cure or remedy, the holder shall be deemed to have timely cured or remedied security interest debt and the default if it commences the proceedings necessary to obtain possession of the Property or Improvements, as applicable, within the applicable cure period, diligently pursues such proceedings to completion, and after obtaining possession, diligently completes such cure or remedy. A holder who chooses to exercise lien on its right to cure or remedy a default or breach shall first notify City of its intent to exercise such right prior to commencing to cure or remedy such default or breachsecurity interest. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Project Improvements (beyond the extent necessary to conserve or protect the samesuch improvements or construction already made) without first having expressly assumed in writing Borrower’s the Developer's obligations to City the County relating to such Improvements under this AgreementAgreement pursuant to an assignment and assumption agreement prepared by the County and recordable among the Official Records (the "Security Financing Interest Assignment"). The holder in that event must agree to complete, in the manner provided in this AgreementAgreement (or as may be amended by the Security Financing Interest Assignment; provided, however, the Project and County is under no obligation to extend the dates for performance set forth in this Agreement), the Improvements and submit evidence reasonably satisfactory to City that it has which the development capability on staff lien or retainer and the financial capacity necessary to perform title of such obligationsholder relates. Any such holder properly completing the Project such Improvements pursuant to this Section paragraph shall assume all rights and obligations of Borrower Developer under this AgreementAgreement and shall be entitled, upon written request made to the County, to a Certificate of Completion from the County.

Notice of Default and Right to Cure. Whenever City the County pursuant to its rights set forth in Article 7 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of default hereunderthe construction of the Improvements, City shall concurrently the County will at the same time deliver a copy of such notice to each holder of record of any mortgage or deed of trust secured by the Property or the ImprovementsSecurity Financing Interest, provided that City has been provided with the address for delivery a copy of such notice. City shall have no liability to any such holder for any failure by the City to provide such notice to such holderor demand. Each such holder shall have (insofar as the rights of the County are concerned) has the right, but not the obligation, at its option, within sixty (60) days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach within the cure period provided to Borrower extended by an additional sixty (60) days. In the event that possession of affecting the Property or and to add the Improvements (or any portion thereof) is required cost thereof to effectuate such cure or remedy, the holder shall be deemed to have timely cured or remedied security interest debt and the default if it commences the proceedings necessary to obtain possession of the Property or Improvements, as applicable, within the applicable cure period, diligently pursues such proceedings to completion, and after obtaining possession, diligently completes such cure or remedy. A holder who chooses to exercise lien on its right to cure or remedy a default or breach shall first notify City of its intent to exercise such right prior to commencing to cure or remedy such default or breachsecurity interest. Nothing contained in this Agreement shall be is deemed to permit or authorize such holder to undertake or continue the construction or completion of the Project Improvements (beyond the extent necessary to conserve or protect the samesuch improvements or construction already made) without first having expressly assumed in writing Borrower’s Developer's obligations to City the County relating to such Improvements under this AgreementAgreement pursuant to an assignment and assumption agreement prepared by the County and recordable among the official records of the County (the "Security Financing Interest Assignment"). The holder in that event must agree to complete, in the manner provided in this AgreementAgreement (or as may be amended by the Security Financing Interest Assignment; provided, however, the Project and County is under no obligation to extend the dates for performance set forth in this Agreement), the Improvements and submit evidence reasonably satisfactory to City that it has which the development capability on staff lien or retainer and the financial capacity necessary to perform title of such obligationsholder relates. Any such holder properly completing the Project such Improvements pursuant to this Section shall paragraph must assume all rights and obligations of Borrower Developer under this AgreementAgreement and will be entitled, upon completion and written request made to the County, to a Certificate of Completion from the County.