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1981-108 CRA
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1981-108 CRA
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Last modified
1/3/2012 12:22:46 PM
Creation date
3/8/2005 12:28:25 PM
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City Clerk
Doc Type
Resolution
Doc #
CRA 1981-108
Date
10/26/1981
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<br />. <br /> <br />. <br /> <br />. <br /> <br />willing to amend said agreement for such purposes. <br /> <br />WHEREFORE, for and in consideration of their <br /> <br />mutual covenants and promises herein set forth, and subject <br />to all the terms, conditions, limitations and other <br /> <br />provisions of this Agreement hereinafter set forth, the <br /> <br />parties hereto do hereby agree as follows: <br /> <br />A. <br /> <br />Subsection E of Section V, entitled "Defaults, <br /> <br />Remedies and Termination" is hereby amended by adding the <br /> <br />following thereto: <br /> <br />"4. <br /> <br />Agency's Option to Cure Mortgage Default <br /> <br />In the event of a default or breach prior to the <br /> <br />completion of the improvements by Redeveloper, or any <br /> <br />successor in interest, in or of any of its obligations <br /> <br />under, and to the holder of, any mortgage or other instru- <br /> <br />ment creating an encumbrance or lien upon the property or <br /> <br />parts thereof, Agency may, at its option, cure such default <br /> <br />or breach, in which case Agency shall be entitled, in <br /> <br />addition to and without limitation upon any other rights or <br /> <br />remedies to which it.shall be entitled by this Agreement, <br />operation of law, or otherwise, to reimbursement from <br /> <br />Redeveloper, or its successor in interest, of all costs and <br /> <br />expenses incurred by Agency in curing such default or <br /> <br />breach, and to a lien upon the property, or the parts <br /> <br />thereof to which the mortgage, encumbrance, or lien relates, <br /> <br />-2- <br /> <br />5C <br /> <br />,4-~1 <br />
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