Common use of Notice of Foreclosure Clause in Contracts

Notice of Foreclosure. The Developer shall cause the Mortgage Holders to give not less than sixty (60) days’ prior written notice to the Town, by certified mail, of each Mortgage Holder’s intention to accelerate the indebtedness secured by its Mortgage, or to foreclose upon its Mortgage, or to accept a conveyance of the Land [and the Private Property – if applicable] and the improvements thereon in lieu of foreclosure, in which event the Town shall have the right, but not the obligation to cure whatever default(s) have entitled the Mortgage Holder to take such action (subject to appropriation), which amount, together with the Town’s costs and expenses (including reasonable attorneys’ fees and expenses) shall be added to the amounts due to the Town pursuant to Section 8.02(e)(i) hereof. R ights and Duties of Mortgage Holder upon Acquisition Prior to Completion.

Notice of Foreclosure. The Developer shall cause the Mortgage Holders to give not less than sixty (60) days’ prior written notice to the Town, by certified mail, of each Mortgage Holder’s intention to accelerate the indebtedness secured by its Mortgage, or to foreclose upon its Mortgage, or to accept a conveyance of the Land [and the Private Property – if applicable] and the improvements thereon in lieu of foreclosure, in which event the Town shall have the right, but not the obligation to cure whatever default(s) have entitled the Mortgage Holder to take such action (subject to appropriation), which amount, together with the Town’s costs and expenses (including reasonable attorneys’ fees and expenses) shall be added to the amounts due to the Town pursuant to Section 8.02(e)(i) hereof. R ights Rights and Duties of Mortgage Holder upon Acquisition Prior to Completion.to

Notice of Foreclosure. ‌ The Developer shall cause the Mortgage Holders to give not less than sixty (60) days’ prior written notice to the Town, by certified mail, of each Mortgage Holder’s intention to accelerate the indebtedness secured by its Mortgage, or to foreclose upon its Mortgage, or to accept a conveyance of the Land [and the Private Property – if applicable] and the improvements thereon in lieu of foreclosure, in which event the Town shall have the right, but not the obligation to cure whatever default(s) have entitled the Mortgage Holder to take such action (subject to appropriation), which amount, together with the Town’s costs and expenses (including reasonable attorneys’ fees and expenses) shall be added to the amounts due to the Town pursuant to Section 8.02(e)(i) hereof. R ights Rights and Duties of Mortgage Holder upon Acquisition Prior to Completion.to‌