6200 12TH DR SE 2020-10-22 - Laserfiche WebLink

201803290406.019 the default if Mortgagee gives notice of its intent to cure or cause such default to be cured, and thereafter proceeds promptly with and prosecutes with all due diligence all steps necessary to cure the same If the breach or default is with respect to construction of the Project or other Improvements, nothing contained in this Covenant shall be deemed to prohibit such Mortgagee, either before or after foreclosure or action in lieu thereof,from undertaking or continuing the construction or completion of the Project or other Improvements,provided that the Mortgagee notifies City in writing that it will complete the Project according to this Covenant and the Approved Plans and Specs Any Mortgagee who undertakes to complete the Project shall be treated as a successor- in-interest to Developer hereunder either before or after foreclosure or action in lieu thereof, and if such Mortgagee shall properly complete the Project, it shall be entitled, upon written request made to City, to issuance of a Certificate of Completion in accordance with Section 7 above Notwithstanding anything to the contrary contained herein, after foreclosure or action in lieu thereof the Mortgagee or successors may elect to not complete the Project,in which case (A) the Mortgagee and its successors shall have no liability to the City under this Covenant for such election, and (B) this Covenant remains m full force and effect, with the Property remaining restricted under Section 3 1 above solely to uses directly in connection with the Project Accordingly, the Mortgagee or its successors' election to not complete the Project means that no improvement of any kind can be built on the Property unless the City agrees to amend this Covenant to allow non- Project uses, which amendment is at the City's sole discretion 14 3 Provisions Surviving Termination Upon termination of this Covenant, the indemnification obligation set forth in Section 6 4 shall remain with the parties then obligated thereunder, and such obligation shall not be assumed or deemed assumed by any subsequent owner of all or any portion of the Property Section 15 Representations and Warranties Each party hereby represents and warrants to the other that (a) it has full statutory right, power and authority to enter into this Covenant and perform in accordance with its terms and provisions,(b)the individuals signing this Covenant on its behalf have the authority to bind and to enter into this transaction, and (c) it has taken all requisite action to legally authorize the execution, delivery, and performance of this Covenant