RecD96 1996-138988 - Laserfiche WebLink

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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 those 90 day periods, 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 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 first having expressly assumed Flatirons' obligations under (d) If Flatirons defaults under any Mortgage, City may cure that default this Agreement in the manner specified in Section 29. prior to completion of any foreclosure or any proceeding to terminate the interest of Flatirons in the Property. Concurrently with serving any notice of default on Flatirons under a Mortgage, each Mortgagee shall provide to City the same notice of default given Flatirons. If City invokes its right to cure, City is entitled to reimbursement from Flatirons 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 which Flatirons 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. / -44- DV AGR0'3.rxJC August 26, 1996