Agmt98 Pacific Shores Center - Laserfiche WebLink

Browse Search

(b) Notwithstanding the provisions of subsection 28(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 tIDs Agreement and any Approvals obtained by Pacific Shores. (c) If City receives notice from a Mortgagee requesting a copy of any notice of default given Pacific Shores under this Agreement and specifying the address for service thereof, City shall deliver to that Mortgagee, concurrently with service on Pacific Shores, any notice given to Pacific Shores with respect to any claim by City that Pacific Shores has committed an event of default. and if City makes a detennination of noncompli- ance hereunder, City shall also serve notice of that noncompliance on that Mortgagee concurrently with service on Pacific Shores. NotWithstanding anything to the contrary herein, 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 n::ruedied or cured within those: 90 day periods, then the Mortgagce has additional time 113 may be reasonably necessary to remedy or cure the event of default or noncompliance if the Mortgagee commences to cure during those 90 day periods, 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 flfst having expressly assumed Pacitic Shores' obligations under this Agreement as provided herein. (d) If Pacific Shores defaults under any Mortgage, City may cure that default prior to completion of any foreclosure or any proceeding to tenninate the intereSt of Pacific Shores in the Property. Concurrently with serving any notice of default on Pacific Shores under a Mortgage. each Mortgagee shall provide to City the same notice of default given Pacific Shores. If City invokes its right to cure, City is entitled to reimbursement from Pacific Shores for all costs and expenses incurred by City in curing that default. At its option and in its sole discretion, City may also place a lien upon the Property, or portion thereof, encumbered by the Mortgage with respect to wIDch Pacific Shores has defaulted, to the extent of those costs and expenses- That lien is subject and subordinate to the interest of any Mortgagee under its Mortgage, regardless of the date the Mortgage is created or recorded. .,\DOC\.."\""'-'C:lTY ."'" 29 "....."" AT u,..