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I • <br /> the default if Mortgagee gives notice of its intent to cure or cause such default to be cured, <br /> - and thereafter proceeds promptly with and prosecutes with all due diligence all steps <br /> necessary to cure the same. If the breach or default is with respect to construction of the <br /> Project or other Improvements, nothing contained in this Covenant shall be deemed to <br /> prohibit such Mortgagee, either before or after foreclosure or action in lieu thereof,from <br /> undertaking or continuing the construction or completion of the Project or other <br /> Improvements,provided that the Mortgagee notifies City in writing that it will complete <br /> the Project according to this Covenant and the Approved Plans and Specs. <br /> Any Mortgagee who undertakes to complete the Project shall be treated as a successor- <br /> in-interest to Developer hereunder either before or after foreclosure or action in lieu <br /> thereof, and if such Mortgagee shall properly complete the Project, it shall be entitled, <br /> upon written request made to City, to issuance of a Certificate of Completion in <br /> accordance with Section 7 above. Notwithstanding anything to the contrary contained <br /> herein, after foreclosure or action in lieu thereof the Mortgagee or successors may elect <br /> to not complete the Project, in which case: <br /> (A)the Mortgagee and its successors shall have no liability to the City under this <br /> Covenant for such election; and <br /> (B) this Covenant remains in full force and effect, with the Property remaining <br /> restricted under Section 3.1 above solely to uses directly in connection with <br /> the Project. Accordingly, the Mortgagee or its successors' election to not <br /> complete the Project means that no improvement of any kind can be built on <br /> the Property unless the City agrees to amend this Covenant to allow non- <br /> Project uses,which amendment is at the City's sole discretion. <br /> 14.3 Provisions Surviving Termination. Upon termination of this Covenant, <br /> the indemnification obligation set forth in Section 6.4 shall remain with the parties then <br /> obligated thereunder, and such obligation shall not be assumed or deemed assumed by <br /> any subsequent owner of all or any portion of the Property. <br /> Section 15. Representations and Warranties. Each party hereby represents and <br /> warrants to the other that (a) it has full statutory right, power and authority to enter into <br /> this Covenant and perform in accordance with its terms and provisions;(b)the individuals <br /> signing this Covenant on its behalf have the authority to bind and to enter into this <br /> transaction; and (c)it has taken all requisite action to legally authorize the execution, <br /> delivery, and performance of this Covenant. <br /> 16 <br /> 46 <br />