Ordinance 1858-92 - Laserfiche WebLink

16. 2 Notice. If any Leasehold Mortgagee provides City with a written notice that such Leasehold Mortgagee claims the status of a Leasehold Mortgagee, and in such notice provides City with the address of such Leasehold Mortgagee and a copy of its recorded Leasehold Mortgage, then, in the event City at any time sends a notice of default under this Ground Lease to the Lessee, City shall also send a copy of such notice to the Leasehold Mortgagee at the address of such Leasehold Mortgagee specified in such notice. The Leasehold Mortgagee shall have, after its receipt of such notice, the same period of time as is afforded to Lessee under this Ground Lease to cure any such default, and City agrees to accept performance from any such Leasehold Mortgagee of any obligation of Lessee under this Ground Lease. 16.3 Default by Lessee. Notwithstanding any other provi- sion of this Ground Lease, in the event of any default by Lessee hereunder, City will not take any action to terminate this Ground Lease, or to deprive Lessee of its possession of the Leased Premises, if, (a) within thirty (30) days after the receipt by any Leasehold Mortgagee of notice of such default, such Leasehold Mortgagee (i) cures any default of Lessee which is susceptible of cure by the payment of a sum of money, and (ii) notifies City in writing of its intent to institute proceedings, judicial or non- judicial, to foreclose its Leasehold Mortgage, and thereafter diligently prosecutes such action to completion within one (1) year of the occurrence of such event of default; and (b) expressly undertakes and assumes and thereafter performs or causes the performance of all of obligations and undertakings of Lessee under the Construction Contract (including, but not limited to construction of the Improvements) and this Ground Lease as of the time the Leasehold Mortgagee commences its foreclosure proceedings. 16.4 Successors and Assigns of Leasehold Mortgagee. The making of a Leasehold Mortgage shall not be deemed to constitute an assignment or transfer of this Ground Lease, nor shall any Leasehold Mortgagee, as such, be deemed to be an assignee or transferee of this Ground Lease so as to require such Leasehold Mortgagee, as such, to assume the performance of any of the terms, covenants, or conditions on the part of the Lessee to be performed hereunder, but the purchaser at any sale of this Ground Lease in any proceedings for the foreclosure of any Leasehold Mortgage, or the assignee or transferee of this Ground Lease under any instrument of assignment or transfer in lieu of the foreclosure of any Leasehold Mortgage including Leasehold Mortgagee, shall be deemed to be an assignee or transferee and shall be deemed to have agreed to perform all of the terms, covenants and conditions on the part of the Lessee to be performed hereunder. A-14 KR172 92/01/27