Notice of Default and Right to Cure. Whenever the City pursuant to 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 the construction of the Improvements, the City shall at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer's leasehold interest in the Property or any portion thereof a copy of such notice or 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 affecting the Property which is subject to 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. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Improvements (beyond the extent necessary to conserve or protect such improvements or construction already made) without first having expressly assumed in writing the Developer's obligations to the City relating to such Improvements under this Agreement pursuant to an assignment and assumption agreement prepared by the City. The holder in that event must agree to complete, in the manner provided in this Agreement, the Improvements to which the lien or title of such holder relates. Any such holder properly completing such Improvements pursuant to this paragraph shall assume all rights and obligations of Developer under this Agreement.
Appears in 1 contract
Samples: Development, and Loan Agreement
Notice of Default and Right to Cure. Whenever the City pursuant to 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 the construction of the ImprovementsDevelopment, the City shall will at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer's leasehold fee interest in the Property or any portion thereof thereof, and the Investor, a copy of such notice or demand. Each such holder shall (insofar as the rights of the City are concerned) have 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 affecting the Property which is subject to 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. 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 Improvements Development (beyond the extent necessary to conserve or protect such improvements Development or construction already made) without first having expressly assumed in writing the Developer's obligations to the City relating to such Improvements Development under this Agreement pursuant to under an assignment and assumption agreement prepared by the CityCity 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 Improvements City is under no obligation to extend the dates for performance set forth in this Agreement), the Development to which the lien or title of such holder relates. Any such holder properly completing such Improvements pursuant to Development under this paragraph shall must assume all rights and obligations of 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.
Appears in 1 contract
Notice of Default and Right to Cure. Whenever the City pursuant to 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 the construction of the ImprovementsDevelopment, the City shall shall, at the same time time, deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer's leasehold interest in the Property or any portion thereof thereof, and to other entities, such as the investor limited partner of the Partnership and other entities with significant financial interests in Developer or its members, provided such entities' current addresses have previously been provided to the City and the City Attorney office, a copy of such notice or demand; provided, however, that the City shall have no liability to the holder of a Security Financing Interest, or other entity for any failure by the City to provide notice to such holder or to such other entity. Each such holder and such other entities shall (insofar as the rights of the City are concerned) have the right, but not the obligation, at its option, within ninety one hundred twenty (90120) days after the receipt of the notice, to cure or remedy or commence to cure or remedy any such default or breach affecting the Property which is subject to the lien of the Security Financing Interest held by such holder holder, or in which such entity has an interest, either directly or through appointment of a receiver for the Developer as the Owner of the Property or any portion thereof, and to add the cost thereof to the security interest debt and the lien on its security interest. Nothing contained in this Agreement shall be deemed to permit or authorize such holder or other entity to undertake or continue the construction or completion of the Improvements (beyond the extent necessary to conserve or protect such improvements or construction already made) without first having expressly assumed in writing the Developer's obligations to the City relating to such Improvements improvements under this Agreement pursuant to an assignment and assumption agreement prepared by the CityAgreement. The holder or other entity, in that event must agree to complete, in the manner provided in this Agreement, the Improvements portion of the Development to which the lien or title of such holder or other entity relates. Any such holder or other entity properly completing such Improvements portion of the Development pursuant to this paragraph shall assume all rights and obligations of the Developer under this AgreementAgreement and shall be entitled, upon written request made to the City, to a Certificate of Completion from the City.
Appears in 1 contract
Notice of Default and Right to Cure. Whenever the City pursuant to its rights set forth in Article 8 ARTICLE 11 of this Agreement delivers any notice or demand to the Developer with respect to the commencement, completion, or cessation of the construction of the Improvements, the City shall at the same time deliver to each holder of record of any Security Financing Interest creating a lien upon the Developer's leasehold interest in the Residential Property or any portion thereof thereof, and the Investor, a copy of such notice or 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 affecting the Residential Property which is subject to 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. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Improvements (beyond the extent necessary to conserve or protect such improvements Improvements or construction already made) without first having expressly assumed in writing the Developer's obligations to the City relating to such Improvements under this Agreement pursuant to an assignment and assumption agreement prepared by the CityAgreement. The holder in that event must agree to complete, in the manner provided in this Agreement, the Improvements to which the lien or title of such holder relates. Any such holder properly completing such Improvements pursuant to this paragraph shall assume all rights and obligations of Developer under this AgreementAgreement and shall be entitled, upon completion and written request made to the City, to a certificate of completion from the City, in a form acceptable by the City.
Appears in 1 contract
Samples: Development and Loan Agreement
