AgdaPkt 2002-02-25 - Laserfiche WebLink

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lO.A.z (b) Notwithstanding the provisions of subsection (a), no Mortgagee has any obligation or duty under this Agreement to construct or complete the construction of improvements, or to guarantee that construction or completion, but no Mortgagee may devote the Property to any uses or construct any improvements thereon other than those uses or improvements provided for or authorized by this Agreement and any Approvals obtained by Owner. (c) If City receives notice from a Mortgagee requesting a copy of any notice of default given Owner under this Agreement and specifying the address for service thereof, City shall deliver to that Mortgagee, concurrently with service on Owner, any notice given to Owner with respect to any claim by City that Owner has committed an Event of Default, and if City makes a determination of noncompliance under Section 16, City shall also serve notice of that noncompliance on that Mortgagee concurrently with 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 Default or noncompliance within 90 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 -17- Aglllt~4501 1300 l FXS:dr 02/04/02R, 02/12/02R