AgdaPkt 2002-05-06 - Laserfiche WebLink

Browse Search

service on Owner. Notwithstanding anything to the contrary in Section 19, each Mortgagee has a period of 90 days after the receipt of that notice from City to cure or remedy, or to commence to cure or remedy, the Event of Default claimed or the areas of noncompliance set forth in City's notice. If the Event of Default or the noncompliance is of a nature that can only be remedied or cured by the Mortgagee upon obtaining possession, the Mortgagee shall diligently seek to obtain possession through a receiver or otherwise, and shall thereafter remedy or cure the Event of Befault or noncompliance within g0 days after obtaining possession. If any Event of Default or noncompliance cannot, with diligence, be remedied or cured within the 90 day period, then the Mortgagee has additional time, as may be reasonably necessary to remedy or cure the Event of Default or noncompliance, if the Mortgagee commences to cure during the 90 day period, and thereafter diligently pursues completion of that cure. Nothing in this Agreement permits or authorizes any Mortgagee to undertake or continue construction or completion of any improvements comprising the Project beyond the extent necessary to conserve or protect improvements or construction already made, without first having expressly assumed Owner's obligations under this Agreement. (c) If Owner defaults under any Mortgage, City may cure that default prior to completion of any foreclosure or any proceeding to terminate the interest of Owner in the Property. Concurrently with serving any notice of default on Owner under a Mortgage, each Mortgagee shall provide to City the same notice of default given Owner. If City invokes its right to cure, City is entitled to reimbursement from Owner for all costs and expenses incurred by City in curing that default. At its option and in its sole -18- opf~r0408 FXS:d~ 02/04/02R, 02/12/0214, 04/08/02R