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75A - 301 EAST JEANETTE LANE
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75A - 301 EAST JEANETTE LANE
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1/3/2012 4:23:09 PM
Creation date
2/24/2009 2:29:24 PM
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City Clerk
Doc Type
Agenda Packet
Item #
75A
Date
3/2/2009
Destruction Year
2014
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bankruptcy/dissolution event) it will commence and diligently pursue cure of such Owner Event <br />of Default promptly following its obtaining possession and; (ii) said Mortgagee shall proceed <br />diligently to obtain possession of the Sky Lofts Property (including possession by receiver) <br />(subject to such delays as maybe incident to obtaining a relief from stay in the case of a <br />bankruptcy/dissolution event) and, upon obtaining such possession, shall proceed diligently to <br />cure such Owner Event of Default; and <br />(b) In the case of an Owner Event of Default that is not susceptible to <br />being cured by the Mortgagee, the Mortgagee shall institute foreclosure proceedings and <br />diligently prosecute the same to completion (subject to such delays as maybe incident to <br />obtaining a relief from stay in the case of a bankruptcy/dissolution event) (unless in the meantime <br />it shall acquire the Owner's right, title and interest hereunder, either in its own name or through a <br />nominee, by assignment in lieu of foreclosure) and upon such completion of acquisition or <br />foreclosure such Owner Event of Default shall be deemed to have been cured. <br />The Mortgagee shall not be required to obtain possession or to continue in <br />possession as Mortgagee of the Sky Lofts Property pursuant to Subsection 8.4(a) above, or to <br />continue to prosecute foreclosure proceedings pursuant to Subsection 8.4(b) above, if and when <br />such Owner Event of Default shall be cured. Nothing herein shall preclude the City from <br />exercising any of its rights or remedies with respect to any other Owner Event of Default during <br />any period of such forbearance, but in such event the Mortgagee shall have all of its rights <br />provided f'or herein. If the Mortgagee, its nominee, or a purchaser in a foreclosure sale, shall <br />acquire title to Owner's right, title and interest hereunder and shall cure all Owner Events of <br />Defaults t11at are susceptible of being cured by the Mortgagee or by said purchaser, as the case <br />maybe, then prior Owner Events of Default that are not susceptible to being cured by the <br />Mortgagee or by said purchaser shall no longer be deemed Owner Events of Default hereunder. <br />Except as set forth herein, nothing contained herein shall require any Mortgagee <br />to cure any Owner Event of Default. <br />8.5 Foreclosure. Foreclosure of any Mortgage, or any sale thereunder, <br />whether by judicial proceedings or by virtue of any power contained in a Mortgage, or any <br />conveyance of the Sky Lofts Property from the Owner to a Mortgagee or its designee through, or <br />in lieu of foreclosure or other appropriate proceedings in the nature thereof, shall not require the <br />consent o f the City or constitute a breach of any provision of or a default under this First <br />Amendment; and upon such foreclosure, sale or conveyance the City shall recognize the <br />purchaser or other transferee in connection therewith as the Owner hereunder provided that such <br />purchaser or transferee assumes, subject to the terms of Section 8.4 above, each and all of the <br />obligations of the Owner hereunder pursuant to an assumption First Amendment satisfactory to <br />the City. If any Mortgagee or its nominee or assignee shall acquire the Owner's right, title and <br />interest hereunder as a result of a judicial or nonjudicial foreclosure under any Permitted <br />Mortgage, or by means of a deed in lieu of foreclosure, or through settlement of or arising out of <br />any pending or contemplated foreclosure action, such Mortgagee shall thereafter have the right to <br />assign or transfer the Owner's right, title and interest hereunder to an assignee upon obtaining the <br />City's consent with respect thereto, which consent shall not be unreasonably withheld or delayed. <br />13 <br />75A-197 <br />
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