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No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters
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No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters
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10/18/2012 1:33:20 PM
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Store and each condo in the Condo Development; provided that the Developer not transfer <br />ownership of or allow a lien or mortgage to be imposed upon said divided parcels until the <br />Commission issues its Project Certificate of Completion, or with respect to the Parking Facility, the <br />Commission issues its Parking Facility Certificate of Completion and the Developer elects or waives <br />its Commission Purchase Option under the Development Agreement. <br />Any subdivision under this section must also be approved by any other local government agencies <br />whose action is required for such subdivision under local or state law. <br />B. Mortgagee Not Obligated to Construct. Notwithstanding any of the provisions of this <br />Contract any mortgage holder authorized by the Contract shall not be obligated by this Contract to <br />construct or complete the Project or to guarantee such construction or completion. No covenants or <br />provisions in the Deed shall be construed so to obligate such holder unless the holder assumes <br />ownership of the Project. Nothing in this Contract shall be construed to permit or authorize any such <br />holder to use the Property in any manner not provided for or permitted in the Plan or this Contract or <br />to construct any improvements other than those provided for or permitted in the Plan or this <br />Contract. <br />C. Copy of Notice of Default to Mortgagee. Whenever the Commission delivers a notice <br />or demand to the Developer with respect to any breach or default under this Contract the <br />Commission shall at the same time forward a copy of such notice or demand to each holder of any <br />mortgage authorized by the Contract at the last address of such holder as shown in the records of the <br />Commission. <br />D. Mortgagee's Option to Cure Defaults. After any breach or default referred to in <br />subsection C, above, each such holder shall have the right at its option: <br />to cure or remedy such breach or default to the extent that it relates to the part <br />of the Property covered by its mortgage; and <br />2. to add the cost of doing so to the mortgage debt and the lien of its mortgage. <br />Such holder shall not undertake or continue the construction beyond the extent necessary to conserve <br />or protect those improvements or construction already made without first having expressly assumed <br />the obligation to complete the construction on the property. <br />This assumption shall be made by written agreement pursuant to terms and conditions <br />satisfactory to the Commission. Any holder who properly completes the Project shall be entitled to <br />request a Certificate of Completion under the same terms and conditions provided for the Developer <br />under Section VI. <br />
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