Res18 15644 - Laserfiche WebLink

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(b) If the County or the City provides notice to the other pursuant to subparagraph (a) above, the party receiving notice (the "Receiving Party") shall have the right, but not the obligation, to cure the noticed default within forty-five (45) days after the date the Receiving Party receives a copy of the notice of default (the "Cure Period"). The party providing notice (the "Noticing Party") shall accept such cure by the Receiving Party as if it were cured by Borrower, provided that the Noticing Party shall have the continuing right to declare and record a notice of default and/or obtain a court-ordered receiver before or after providing such notice to the Receiving Party or expiration of the Cure Period, and the Cure Period shall not toll or extend the statutory cure period after the Noticing Party's recordation of a notice of default. Notwithstanding the foregoing, the Noticing Party shall not conduct any foreclosure sale nor accept any deed in lieu in resolution of such foreclosure process prior to the expiration of the Cure Period. (c) Each of the City and the County agrees not to make a demand for payment from Borrower or accelerate the County Note or the City Note, as the case may be, or commence enforcement of any of the rights and remedies under the City Deed of Trust or County Deed of Trust, as the case may be, until the date which is five (5) business days following delivery of written notice by the Party enforcing its rights (the "Enforcing Party") to the other Party stating that a "Default" (as defined in the relevant Deed of Trust) has occurred and is continuing and that the Enforcing Party is requesting the other Party's assistance in foreclosure pursuant to Section 8. 5. C000eration in Foreclosure. (a) In the event of a default under the City Loan and/or the County Loan, after expiration of any applicable cure periods, the party who is the lender on the defaulted loan shall cooperate with the other party to coordinate any foreclosure proceedings or other appropriate remedies. (b) Neither the County nor the City shall contest the validity, perfection priority or enforceability of the lien granted by the respective Deed of Trust to the other Party. Notwithstanding any failure of a party to perfect its lien on the Property or any other defect in the security interests or obligations owing to such Party, the priority and rights as between the Parties hereto shall be as set forth herein. 6. Foreclosure Proceeds. If there is a foreclosure, or any other action, judicial or nonjudicial, under either or both of the Deeds of Trust (including the giving of a deed in lieu of foreclosure), then the City and the County shall be entitled to share in any proceeds which shall ensue from such action, after any and all senior lienholders have been satisfied, and after payment of all reasonable expenses of both Parties incurred in connection with the action in accordance with the Prorata Percentages. 7. Title to PCODertV. If either of the City or the County is entitled to title to the Property as a consequence of the Borrower's default, then title shall be held in tenancy in common by both of them, with the percentage ownership of each based on the Prorata Percentages. Subsequent decisions to hold or sell the Property shall be made by joint decision of the City and the County. ATTY/AGR/2018.028/MID PEN MOSIAC GARDENS — INTERCREDITOR AGREEMENT REV: 02-06-1815 Page 3 of 7