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NS-2741
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Last modified
1/3/2012 1:00:33 PM
Creation date
4/9/2007 4:51:11 PM
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City Clerk
Doc Type
Ordinance
Doc #
NS-2741
Date
4/2/2007
Destruction Year
PERM
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<br />pursue with due diligence the cure or remedy of any such Breach and to add the cost thereof to the <br />mortgage debt and the lien of its mortgage; provided, however if the Mortgagee is legally prevented <br />from curing such Breach because of a bankruptcy by the Owner then the thirty (30) day period shall <br />be tolled until such bankruptcy is confirmed or rejected. Nothing contained in this Agreement shall <br />be deemed to permit or authorize such Mortgagee to take advantage of Owner's rights hereunder, or <br />any portion thereof, without first having expressly assumed Owner's obligations to the City by <br />written agreement reasonably satisfactory to the City. It is understood that a Mortgagee shall be <br />deemed to have satisfied the thirty (30) day time limit set forth above for commencing to cure or <br />remedy a Owner default which requires title and/or possession of the Site (or portion thereot) if and <br />to the extent any such Mortgagee has within such thirty (30) day period commenced proceedings to <br />obtain title and/or possession and thereafter the Mortgagee diligently pursues such proceedings to <br />completion and cures or remedies the Breach, provided that, in such event, all noncurable Defaults <br />shall be waived. <br /> <br />8.3 Mortgagee Not Obligated Under the Agreement. Unless a Mortgagee <br />expressly assumes Owner's Obligations to the City in accordance with 8.2 above, no Mortgagee shall <br />in any way be obligated by the provisions of this Agreement. nor shall any covenant or any other <br />provision in this Agreement be construed so to obligate such Mortgagee. Nothing in this Agreement <br />shall be deemed to construe, permit or authorize any such Mortgagee to devote the Mortgage Parcel <br />to any uses or to construct any improvements thereon, other than those uses or improvements <br />provided for or authorized by this Agreement. <br /> <br />8.4 No Liability. No Mortgagee shall have any personal liability beyond its <br />interest in the Mortgage Parcel acquired by it through enforcement of its Mortgage for the <br />performance or payment of any covenant, liability, warranty or obligation hereunder, and the City <br />agrees that it shall look solely to the interests of such Mortgagee in such Mortgage Parcel for <br />payment or discharge of any such covenant, liability, warranty or obligation. <br /> <br />8.5 No Amendment or Termination. This Agreement shall not, without the <br />prior written consent of all Mortgagees holding Mortgages on each portion of the Property to be <br />affected thereby, be amended so as to (a) terminate this Agreement prior to the expiration of the <br />Term hereof (except as provided in Section 8.4 above with respect to such Property); or (b) change <br />any provision of this Agreement which, by its terms is specifically for the benefit of Mortgagees or <br />specifically confers rights on Mortgagees. No amendment to this Agreement affecting the Property <br />or any part thereof, made without the consent of any Mortgagee holding a Mortgage on such <br />Property, or any part thereof, shall be binding upon such Mortgagee or its successors in interest <br />should it become a party hereto. <br /> <br />8.6 Condemnation or Insnrance Proceeds. Nothing in this Agreement shall <br />impair the rights of any Mortgagee, pursuant to its Mortgage, to receive insurance and/or <br />condemnation proceeds which are otherwise payable to Owner granting such Mortgage. <br /> <br />8.7 Title by ForecIosnre. Except as otherwise set forth herein, all of the <br />provisions contained in this Agreement applicable to any of the Mortgage Parcel shall be binding on <br />and for the benefit of any person who acquires title to the property, or any part thereof, by <br />foreclosure under a Mortgage or transfer by deed in lieu. <br /> <br />8.8 Delegation to Mortgagee. Owner may delegate and/or assign irrevocably to <br />any Mortgagee the non-exclusive authority to exercise any or all of Owner's obligations and/or rights <br /> <br />Ordinance No. NS-2741 <br />Page 190128 <br /> <br />- 15 - <br />
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