Ordinance 1818-91 - Laserfiche WebLink

required to be made under any such Leasehold Mortgage or mortgage, or any of the other loan documents, and punctually fulfill all other obligations required to be fulfilled by the grantor or mortgagor thereunder, so that the same shall always be in good standing and free of default or any threat thereof. Upon request of City, Lessee shall, within five (5) days after any payment is due and payable under any Leasehold Mortgage, or any of the other loan documents, furnish to City a written statement that the same has been paid, together with a copy of the check used in payment therefor. 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 -11- D0T440 91/09/24