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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters
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iii. all expense with respect to the foreclosure; <br />iii. the net expense, if any, exclusive of general overhead, incurred by <br />such holder in and as a direct result of the subsequent management of <br />the Property; <br />iv. the costs of any improvements made by such holder; and <br />V. an amount equivalent to the interest that would have accrued on the <br />aggregate of such amounts had all such amounts become part of the <br />mortgage debt and such debt had continued in existence. <br />F. Commission's Option to Cure Mortgage Default. Prior to the Commission's issuance <br />of a Certificate of Completion, if the Developer or any successor in interest defaults or breaches any <br />of its obligations under any mortgage or other instrument creating an encumbrance or lien upon any <br />part of the Property, the Commission at its option may cure such default or breach. If this occurs, the <br />Developer or successor in interest shall reimburse the Commission for all costs incurred by the <br />Commission in curing such default or breach. Such reimbursement shall be in addition to and <br />without limitation upon any other rights or remedies to which the Commission is entitled. Any such <br />lien shall be subject always to the lien (including any lien contemplated, because of advances yet to <br />be made) of any then existing mortgages on the Property authorized by the Agreement, including any <br />lien contemplated, because of advances yet to be made. <br />G. Mortgage and Holder. For the purposes of this Agreement, the term "mortgage" shall <br />include a deed of trust or other instrument creating an encumbrance or lien upon any part of the <br />Property as security for a loan to construct and otherwise finance the Project; the term "holder" in <br />reference to a mortgage shall include any insurer or guarantor of any obligation or condition secured <br />by such mortgage or deed of trust, including, but not limited to, the Federal Housing Commissioner, <br />the Administrator of Veterans Affairs, and any successor in office of either such official. <br />SECTION X. REMEDIES. <br />A. In General. Except as otherwise provided in the Agreement, upon any default in or <br />breach of the Agreement by either party or any successor to such party, such party (or successor), <br />upon written notice from the other, shall proceed immediately to cure or remedy such default or <br />breach within thirty (30) days after receiving the notice. If action is not taken or not diligently <br />pursued, or the default or breach is not cured or remedied within a reasonable time, the aggrieved <br />party may institute proceedings necessary or desirable in its opinion to cure and remedy the default or <br />breach, including, but not limited to, proceedings to compel specific performance by the party in <br />default or breach of its obligations. <br />B. Termination by Developer Prior to Conveyance. <br />1. If the Commission does not tender conveyance or possession of the Property <br />
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