PC 2000-49 - Laserfiche WebLink

10.4 Notice of Breach. If City receives a notice from a Mortgagee requesting a copy of any notice of breach given Property Owner hereunder and specifying the address for service ~f, the City shall deliver to such M0rt~ag,e,~ co?urrently with service thereon to Property O'~'~er, Imy not,ce given to Property Owher unth respect to any clmm by City that Property Owner has committed an event of default or breach of its obligations or covenants under this Ag~w-wn~t or the other Project Approvals, .and if City makes a determination of noncompliance ~ in conjunction with the ~nnllal Review process described in Section 6.4, City shall likewise serve notice of such noncompliance on such Mortgagee concurrently with service thereon on Property Owner. In addition, if such breach or default remains uncured for the period allowed for cure with respect thereto under this Agreement, City shall deliver a notice of such failure to cure to each such Mortgagee. Delay or failure by City to provide any Mortgagee with a notice reqnimd by this subsection shall not be the basis for any claims by the Mortgagee for money damage~ from the City, but shall, to the extent to which the failure to give notice has impaired the Mortgagee's ability to cure, extend the time for that Mortgagee's cure period and delay the rights of the City against that mortgaged property with respect to the breach or default or finding of noncompliance that is the subject of the notice. 1!).5 Mortgagee's Rimht to Cure Defaults bv Project S~onsor. A Mortgagee shall have the right, at its option, to cure any default or breach by Property Owner under this Agreement or the other Project Approvals within the same period as Project Owner has to remedy or cause to be remedied any default or breach, plus an additional petiod of (A) thirty (30) days to cure a default or breach by Property Owner to pay any sum of money required to be paid hereunder; and (B) ninety (90) days to cure or commence cure of a non-monetary default or breach and tlm-eaf~ to pursue such cure diligently to completion. If the breach or default is with respect to the con~l~aa~.-ction of the improvements on the Property, nothing contained in this subsection or el~ewh~e in this Agreement shall be deemed to permit or authorize such Mortgagee, either b~fore or after foreclosure or action in lieu thereof or other remedial measure, to undertake or cootinue the construction or completion of the improvements (beyond the extent necessary to conserve or protect improvements or construction already made) without first having expressly assumed the obligation to City, by written agreement reasonably satisfactory to City, to complete in the mmmer provided in this Agreement and the other Project Approvals, the improvements on the Property or the part thereof to which the lien or title of such Mortgagee relates. 10.6 Multil>le Mortgagees. If at any time there is more than one Mortgage constituting a lien on any portion of the Property, the lien of the Mortgagee prior in lien to all others on that portion of the mortgaged property shall be vested with the rights under this Article 10, to the exclusion of the holder of any junior Mortgage; provided that if the holder of the senior Mortgage notifies City that it elects not to exercise the tights set forth in this Section, then each holder of a Mortgage junior in lien in the order of the priority of their respective liens shall have the right to exercise those tights to the exclusion of junior lien holders. Neither any failure by the senior Mortgagee to exercise its tights under this Agreement nor any delay in the response of a Mortgagee to any notice by City shall extend Property Owner's or any Mortgagee's tights under this Article 10. For purposes of this Article, in the absence of an order of a court of competent jurisdiction that is served on the City, a then current title report of a title company licensed to do business in the State of California and having an office in Alameda County setting forth the order of priority of lien of the Mortgages may be reasonably relied upon by City as evidence of priority. 3~90/849375v5 = 28 - 08/04/00