AgdaPkt 2013-07-22 - Laserfiche WebLink

Browse Search

7.A. - Page 173 foreclosure, exercise of power of sale or assignment in lieu of foreclosure, pursuant to the Permitted Encumbrance. 6.5.7 Conditions Precedent to Termination. Any right of the City to terminate this Agreement following any Default by the Developer shall be conditioned upon the City having first given to each Lender of which the City has received Notice and an address for service of Notices, written Notice of the Default and no Lender timely curing such Default, timely acquiring fee title to all of the Site or timely commencing foreclosure proceedings under its Permitted Encumbrance to acquire fee title to all of the Site. 6.5.8 Extension of Cure Right. If a Lender is prohibited from commencing or prosecuting a judicial foreclosure or exercising a power of sale under its Permitted Encumbrance to acquire possession of all of the Site, by reason of any bankruptcy stay or injunction, the time periods specified in Section 6.5.6(c) shall be extended by the period of the bankruptcy stay or injunction (so long as such stay or injunction has not been lifted), so long as the Lender shall have cured any Monetary Default of the Developer under this Agreement and shall continue to pay current all monetary obligations of the Developer under this Agreement, as and when the same fall due. 6.5.9 Permitted Encumbrance Actions If a Permitted Encumbrance is in default, at any time, the Lender shall, as provided by Law, have the right, without the City's prior consent, subject to Section 6.5.10, to: (a) Accept an assignment of the Site, subject to this Agreement, in lieu of foreclosure; or (b) Cause a foreclosure sale of the Site, subj ect to this Agreement, to be held pursuant to either judicial proceedings or power of sale, pursuant to the applicable Permitted Encumbrance. 6.5.10 Holder Not Obli�ated to Construct Project. The holder of any mortgage, deed of trust or other security interest authorized by this Agreement shall in no way be obligated by the provisions of this Agreement to construct or complete the Project or to guarantee such construction or completion, nor shall any covenant or any other provision in the grant deed for the Site be construed so to obligate such holder. Nothing in this Agreement shall be deemed to construe, permit or authorize any such holder to devote the Site or any portion thereof to any uses or to construct any improvements thereon other than those uses or improvements provided for or authorized by this Agreement. 6.5.11 Release on Subsequent Transfer. Further, any Lender that has acquired the Site by exercise of its rights or remedies under its Permitted Encumbrance and assumed the Developer's obligations under this Agreement, shall be released from all obligations under this Agreement arising after such Person assigns this Agreement and the Site to an assignee consented to by the City. 6.5.12 Statement of City Ri�hts. A Lender shall include a statement in any notice of foreclosure sale disclosing the requirements for the City's consent to an assignee or purchaser upon foreclosure. 82483.00009\7571312.11 45 ATTY/AGR/2013.118/BLOCK 2 HUNTER STORM REV: 07-19-13 PT