Right of Authority to Cure Mortgage or Deed of Trust Default Sample Clauses

Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of Developer’s default or breach of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust, or a default under the terms of Developer’s Partnership Agreement for Phase II, Developer shall immediately deliver to Authority a copy of any default notice pertaining thereto. If the holder of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust has not exercised its option to construct prior to the issuance of the Release of Construction Covenants as to Phase II, pursuant to Section 3.10.7, Authority shall have the right but not the obligation to cure the default of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust. Authority shall likewise have the right but not the obligation to cure any Partnership Agreement default. In such event, Authority shall be entitled to reimbursement from Developer of all proper costs and expenses incurred by Authority in curing any default.
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Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of a material, uncured mortgage or deed of trust default or breach by Developer prior to the issuance of the Release of Construction Covenants (unless Developer is contesting such default in good faith), Developer shall immediately deliver to Authority a copy of such mortgage holder’s notice of default. If the holder of any mortgage or deed of trust has not exercised its option to construct within the time periods set forth in Section 408.4, Authority shall have the right, upon ten (10) days Notice to Developer, but no obligation to cure the default. In such event, Authority shall be entitled to reimbursement from Developer of all proper direct and actual out-of-pocket costs and expenses incurred by Authority in curing such default. Authority shall also be entitled to a lien upon the Site to the extent of such costs and disbursements. Any such lien shall be junior and subordinate to the mortgages, deeds of trust or any other security interests granted in accordance with this Section 408.
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Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of a mortgage or deed of trust default or breach by Developer prior to the completion of the Project (and expiration of the Affordability Period), Developer shall immediately deliver to Authority a copy of any mortgage holder’s notice of default. If the holder of any mortgage or deed of trust has not exercised its option to construct, Authority shall have the right but no obligation to cure the default. In such event, Authority shall be entitled to reimbursement from Developer of all proper costs and expenses incurred by Authority in curing such default. Authority shall also be entitled to a lien upon the Site to the extent of such costs and disbursements. Any such lien shall be junior and subordinate to the mortgages or deeds of trust approved and in place in conformity with this Agreement.
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Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of Developer’s default or breach of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust, or a default under the terms of Developer’s Partnership Agreement for the Project, Developer shall immediately deliver to Authority a copy of any default notice pertaining thereto. If the holder of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust has not exercisedits option to construct prior to the issuance of the Release of Construction Covenants as to the Project, pursuant to Section 310.7, Authority shall have the right but not the obligation to cure the default of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust. Authority shall likewise have the right but not the obligation to cure any Partnership Agreement default. In such event, oper costs and Authority shall be entitled to reimbursement incurred by Authority in curing any default. from Developer of all pr expenses 310.10 Subordination of Affordability Covenants; Non-Subordination of Authority’s Fee Interest. In the event Authority finds that an economically feasible method of financing for the construction and operation of the Project without the subordination of the Regulatory Agreement and the lien of the Authority Subordinate Loan is not reasonably available, Authority may agree to subordinate the covenants contained in the Regulatory Agreement and the lien of the Authority Subordinate Loan to the Primary Loan and/or the Tax Credit Regulatory Agreement, subject to the terms of this Section 310.10. Each and any subordination agreement evidencing or affirming Authority’s subordination of the Regulatory Agreement and the lien of the Authority Subordinate Loan (but not, and in no event, Authority’s fee interest in the Site or the City Covenants) entered into by Authority shallcontain written commitments which Authority Executive Director finds are reasonably designed to protect Authority’s investment in the Project (and Agency’s investment of Housing Fund monies in the Site) in the event of default; any such subordination agreement(s) shall contain contractual obligation of such Lender to include, without limitation, the following: (a) concurrent delivery to Authority of a true copy of each and any notice provided by the Lender for the Project to Developer (as its borrower) during the term of the Primary Loan for the Project; (b) a reasonably extended cure period and right to A...
Sample 1
Right of Authority to Cure Mortgage or Deed of Trust Default. In the event of Developer’s default or breach of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust, or a default under the terms of Developer’s Partnership Agreement, Developer shall immediately deliver to Authority a copy of any default notice pertaining thereto. If the holder of the Primary Loan, including the loan agreement, promissory note, mortgage or deed of trust has not exercised its option to construct prior to the issuance of the Release of Construction Covenants, pursuant to Section 311.5, Authority shall have the right but not the obligation to cure the default of the Primary Loan, including the loan agreement, promissory note, mortgage, deed of trust. Authority shall likewise have the right but not the obligation to cure any Partnership Agreement default. In such event, Authority shall be entitled to reimbursement from Developer of all proper costs and expenses incurred by Authority in curing any default, which obligation shall be added to the balance of Authority Note and shall be secured by the Deed of Trust.
Sample 1

Related to Right of Authority to Cure Mortgage or Deed of Trust Default

  • Event of Default Under Any Trust Indenture; Amendments to Any Trust Indenture; Waiver In the event that, as to any MBS, there shall be a Default Under the Trust Indenture or an Event of Default Under the Trust Indenture, the Holders of the Certificates of the related Classes may, in the event that the Trustee shall not take any such action on their behalf, give such notice and take such action as certificateholders under such Trust Indenture shall be permitted to take in respect thereof. For purposes of any Trust Indenture pursuant to which any such action shall be taken or notice given, the holders of the fractional undivided interest in the related trust fund represented by the MBS shall be considered to have approved any such action or given any such notice in an amount which is equal to such fractional undivided interest multiplied by a percentage equal to that percentage obtained by dividing the aggregate of the Certificate Balances of all such Certificates the Holders of which have taken such action or given such notice as permitted hereby by the aggregate of the related Class Balances. In the event that Xxxxxx Xxx shall desire to amend any Trust Indenture pursuant to Section 11.02 (or any similar provision) thereof, under circumstances requiring the vote of certificateholders thereunder, the Trustee may not vote the related MBS on behalf of Holders of the related Certificates except upon the direction to do so from the Holders of the Certificates of the related Classes having Certificate Balances aggregating not less than 51% of the aggregate of the related Class Balances. Similar direction shall be required in order for the Trustee to waive compliance with any provision of a Trust Indenture where the vote of certificateholders is required pursuant to Section 11.02 (or any similar provision) thereof.

  • Enforcement and Rights and Remedies on Default 5.1 The Developer agrees that any officer appointed by the Municipality to enforce this Agreement shall be granted access onto the Lands during all reasonable hours without obtaining consent of the Developer. The Developer further agrees that, upon receiving written notification from an officer of the Municipality to inspect the interior of any building located on the Lands, the Developer agrees to allow for such an inspection during any reasonable hour within two (2) business days of receiving such a request.

  • Effect of Event of Default If any Event of Default described in Section 13.1.4 shall occur in respect of the Company, the Commitments shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and payable and the Company shall become immediately obligated to Cash Collateralize all Letters of Credit, all without presentment, demand, protest or notice of any kind; and, if any other Event of Default shall occur and be continuing, the Administrative Agent may (and, upon the written request of the Required Lenders shall) declare the Commitments to be terminated in whole or in part and/or declare all or any part of the Loans and all other Obligations hereunder to be due and payable and/or demand that the Company immediately Cash Collateralize all or any Letters of Credit, whereupon the Commitments shall immediately terminate (or be reduced, as applicable) and/or the Loans and other Obligations hereunder shall become immediately due and payable (in whole or in part, as applicable) and/or the Company shall immediately become obligated to Cash Collateralize the Letters of Credit (all or any, as applicable), all without presentment, demand, protest or notice of any kind. The Administrative Agent shall promptly advise the Company of any such declaration, but failure to do so shall not impair the effect of such declaration. Any cash collateral delivered hereunder shall be held by the Administrative Agent (without liability for interest thereon) and applied to the Obligations arising in connection with any drawing under a Letter of Credit. After the expiration or termination of all Letters of Credit, such cash collateral shall be applied by the Administrative Agent to any remaining Obligations hereunder and any excess shall be delivered to the Company or as a court of competent jurisdiction may elect.

  • EVENT OF DEFAULT/REMEDIES 8.1 Any one or more of the following acts or omissions of the Contractor shall constitute an event of default hereunder (“Event of Default”):

  • Events of Default and Remedies Section 8.01

  • Defaults and Remedies Section 6.01.

  • Abandonment and Default If PSP defaults on this Agreement, TFC reserves the right to cancel the Agreement without notice and either re-solicit or re-award the Agreement to the next best responsive and responsible respondent. The defaulting PSP will not be considered in the re- solicitation and may not be considered in future solicitations for the same type of work.

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default:

  • Insurance Settlements; Assignment of Proceeds If Xxxxxxxx abandons the Property, Lender may file, negotiate, and settle any available insurance claim and related matters. If Xxxxxxxx does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Xxxxxx may negotiate and settle the claim. The 30-day period will begin when the notice is given. In either event, or if Lender acquires the Property under Section 26 or otherwise, Borrower is unconditionally assigning to Lender (i) Borrower’s rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note and this Security Instrument, and (ii) any other of Borrower’s rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, to the extent that such rights are applicable to the coverage of the Property. If Lender files, negotiates, or settles a claim, Xxxxxxxx agrees that any insurance proceeds may be made payable directly to Lender without the need to include Borrower as an additional loss payee. Lender may use the insurance proceeds either to repair or restore the Property (as provided in Section 5(d)) or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due.

  • Performance Default and Remedies Subsection B. DEFAULT AND REMEDIES, second paragraph of the Contract is modified as follows (underlined language is added and stricken language is deleted): “Written notice of default and a reasonable 30-day opportunity to cure must be issued by the party claiming default.”

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