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RCR BRISTOL, LLC (2)
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RCR BRISTOL, LLC (2)
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Entry Properties
Last modified
11/21/2024 10:53:56 AM
Creation date
11/14/2024 11:13:46 AM
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Contracts
Company Name
RCR BRISTOL, LLC
Contract #
A-2024-182
Agency
Planning & Building
Council Approval Date
10/15/2024
Notes
PERM
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part thereof,which Mortgagee,has submitted a request in writing to the City in the manner <br /> specified herein for giving notices,shall be entitled to receive written notification from City of <br /> any default by the applicable Owner in the performance of such Owner's obligations under this <br /> Agreement. <br /> 9.1.3. If City timely receives a request from a Mortgagee requesting a copy of any <br /> notice of default given to Owner under the terms of this Agreement, City shall provide a copy of <br /> that notice to the Mortgagee within ten(10)days of sending the notice of default to Owner. The <br /> Mortgagee shall have the right,but not the obligation,to cure the default during the remaining <br /> cure period allowed such party under this Agreement. <br /> 9.1.4. Lender Protection Provisions. <br /> (a) Notices to Mortgagees;Mortgagee's Right to Cure. <br /> (i) Notices to Mortgagees. City shall send to each Mortgagee which <br /> has provided City written notice of its name and address, in the manner provided by Section 9.1 <br /> above, a true, correct and complete copy of any written notice sent to Owner or any Sub Ground <br /> Lessee, as applicable, of a default by Owner or any Sub Ground Lessee under this Agreement at <br /> the same time as and whenever any such notice of default shall be given by City to Owner or any <br /> Sub Ground Lessee, addressed to such Mortgagee at the address last furnished to City by such <br /> Mortgagee. Owner and each Sub Ground Lessee,as applicable,irrevocably directs that City accept, <br /> and City agrees to accept, performance and compliance by any such Mortgagee of and with any <br /> term, covenant, agreement, provision, condition or limitation on Owner's, or any Sub Ground <br /> Lessee's,part to be kept,observed or performed hereunder with the same force and effect as though <br /> kept,observed or performed by Owner and/or any such Sub Ground Lessee,as applicable,provided <br /> that such performance and/or compliance is made in accordance with the provisions of Section <br /> 10.1.4 below. <br /> (ii) Mortgagee's Right to Cure. Notwithstanding anything stated to <br /> the contrary in this Agreement, this Agreement shall not be terminated as to any Project Phase <br /> because of a default or breach hereunder on the part of Owner or any Sub Ground Lessee until <br /> and unless: <br /> (1) written notice of any such default or breach has been delivered <br /> to Mortgagee in accordance with the provisions of Section 10.3 above, <br /> (2) with respect to a default or breach that is curable solely by the <br /> payment of money,Mortgagee, Owner and any applicable Sub Ground Lessee have failed to cure <br /> such default or breach within thirty (30) days following the expiration of any of Owner's <br /> and/or any Sub Ground Lessee's, as applicable, notice and cure periods set forth herein, and <br /> (3) with respect to a default or breach that is not curable solely by <br /> the payment of money, Mortgagee, Owner and/or any applicable Sub Ground Lessee have failed <br /> to cure such default or breach within ninety (90) days following the expiration of any of <br /> Owner's and/or any applicable Sub Ground Lessee's notice and cure periods set forth herein <br /> or,if such default or breach is curable but cannot be cured within such time period, (i)Mortgagee <br /> has failed to notify City within such ninety (90) day time period that Mortgagee intends to <br /> cure such default or breach, (ii) Mortgagee fails to commence to cure such default or breach <br /> within such ninety (90) day period,or(iii) Mortgagee fails to diligently prosecute such cure to <br /> completion. It is expressly understood and agreed that no Mortgagee shall have any obligation <br /> -26- <br />
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