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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 />for such reimbursement, which lien ~hall be subordinate to <br /> <br />. <br /> <br />the lien or encumbrance created by the afore~aid mortgage or <br /> <br />other instrument. <br /> <br />"5. <br /> <br />Construction After Foreclosure <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 <br /> <br />instrument creating an encumbrance or lien upon the property <br /> <br />or parts thereof, and Agency fails to exercise its option <br /> <br />pursuant to hereinabove Section V.E.4. prior to the date of <br /> <br />closure of any foreclosure proceedings with respect to such <br /> <br />. <br /> <br />mortgage, after having been given reasonable notice and <br /> <br />opportunity to do so by such holder (as to which, notice of <br /> <br />default in accord with Sections 2920 et ~ of the <br /> <br />California Civil Code shall be sufficient), any party <br /> <br /> <br />acquiring title to the property by such foreclosure <br /> <br />proceeding or deed in lieu thereof, shall be entitled to <br /> <br />assume, by duly executed written notice of such assumption, <br /> <br />in form suitable for recordation in ~he official records of <br /> <br />Orange County, filed with Agency's Executive Director within <br /> <br /> <br />thirty (30) days after such acquisition of title, the rights <br /> <br />. <br /> <br />and obligations of Redeveloper under this Agreement, in <br /> <br />which event the transfer of title to the property or part <br /> <br /> <br />thereof shall not be deemed a default by Redeveloper under <br /> <br />-3- <br /> <br />/f-d-.I <br /> <br />5C <br />
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