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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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DRAFT <br />ENCUMBRANCES AND RELEASES ON PROPERTY. <br />8.1 Discretion to Encumber. This First Amendment shall not prevent or limit <br />Owner, in any manner, at Owner's sole discretion, from encumbering the Sky Lofts Property or <br />any portion of the Sky Lofts Property or any improvement on the Sky Lofts Property by any <br />mortgage, deed of trust, or other security device (or any number of them) securing financing with <br />respect to the Sky Lofts Property or its improvement (any such encumbrance, a "Mortgage"). <br />8.2 Entitlement to Written Notice of Default. The mortgagee of a mortgage <br />or beneficiary of a deed of trust encumbering the Sky Lofts Property or any part thereof and their <br />successors and assigns ("Mortgagee") shall, upon written request to the City, be entitled to <br />receive from the City written notification of any Owner Event of Default. <br />8.3 Performance of Covenants. The Mortgagee shall have the right, but no <br />obligation, to perform any term, covenant or condition and to remedy any Owner Event of <br />Default hereunder within the time periods specified herein, and the City shall accept such <br />performance with the same force and effect as if furnished by the Owner; provided, however, that <br />said Mortgagee shall not thereby or hereby be subrogated to the rights of the City. <br />8.4 Default by the Owner. In the event of an Owner Event of Default that <br />has not been cured by the Owner or as to which there is no cure period hereunder, the City agrees <br />not to terminate this First Amendment (1) unless and until the City provides written notice of such <br />default to any Mortgagee and such Mortgagee shall have failed to cure such Owner Event of <br />Default within ninety business days after the later of delivery of such notice or expiration of any <br />applicable Owner cure period, and (2) as long as: <br />(a) In the case of an Owner Event of Default that cannot practicably be <br />cured by the Mortgagee without taking possession of the Sky Lofts Property (which defaults shall <br />not include defaults "not susceptible of being cured" as defined below), (i) the Mortgagee has <br />delivered to the City, prior to the date on which the City shall be entitled to give notice of <br />termination, a written instrument wherein the Mortgagee unconditionally agrees that (subject to <br />such delays as may be incident to obtaining a relief from stay in the case of a <br />bankruptcy/dissolution event) it will commence and diligently pursue cure of such Owner Event of <br />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 may be 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 may be 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 />13 <br />75A-87 <br />
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