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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 />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 for 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 that are susceptible of being cured by the Mortgagee or by said purchaser, as the case <br />may be, 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 to <br />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 of 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 purchaser <br />or other transferee in connection therewith as the Owner hereunder provided that such purchaser <br />or transferee assumes, subject to the terms of Section 8.4 above, each and all of the obligations of <br />the Owner hereunder pursuant to an assumption First Amendment satisfactory to the City. If any <br />Mortgagee or its nominee or assignee shall acquire the Owner's right, title and interest hereunder <br />as a result of a judicial or nonjudicial foreclosure under any Permitted Mortgage, or by means of a <br />deed in lieu of foreclosure, or through settlement of or arising out of any pending or contemplated <br />foreclosure action, such Mortgagee shall thereafter have the right to assign or transfer the <br />Owner's right, title and interest hereunder to an assignee upon obtaining the City's consent with <br />respect thereto, which consent shall not be unreasonably withheld or delayed. Upon such <br />acquisition of the Owner's right, title and interest hereunder as described in the preceding <br />sentence by either Mortgagee, or the assignee or nominee of Mortgagee, or the purchaser from <br />Mortgagee, assignee or nominee, the City shall immediately execute and deliver a new First <br />Amendment or amend this First Amendment with such party, upon the written request therefor by <br />such party given not later than one hundred twenty (120) days after such party's acquisition of the <br />Owner's right, title and interest hereunder. Subject to the terms of Section 8.4 above, such new <br />or amended agreement shall be substantially the same in form and content to the provisions of this <br />First Amendment, except with respect to the parties thereto, and the elimination of any <br />requirements which have been fulfilled by the Owner prior thereto, and said agreement shall have <br />priority equal to the priority of this First Amendment. Upon execution and delivery of such new <br />or amended agreement, the City shall cooperate with the new owner, at the sole expense of said <br />14 <br />75A-88 <br />
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