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CCP 06-15-1992
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CCP 06-15-1992
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5/8/2007 1:09:07 PM
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<br /> C this Section or any other Section of this Agreement shall be deeme~ <br /> to permit or authorize such Holder, either before or afte <br /> foreclosure or action in lieu thereof, to undertake or cant inue the <br /> construction or completion of the Minimum Improvements (beyond the <br /> extent necessary to conserve or .protect Minimum Improvements or <br /> construction already made) without first having expressly assumed <br /> the obligation to the City, by written agreement satisfactory to <br /> the City, to complete, in the manner provided in the Agreement, the <br /> Minimum Improvements on the Development Property or the part <br /> thereof to which the lien or title of such Holder relates. Any <br /> such Holder who shall properly complete the Minimum Improvements <br /> relating to the Development Property or applicable part thereof <br /> sha 11 be entitled, upon written request made to the City, to a <br /> certification by the City to such effect in the manner provided in <br /> Section 3.4 of this Agreement. If the Holder elects to cure the <br /> default, as above stated, it will not be bound by the Developers <br /> equity requirements described in Section 6.2 of this Agreement and <br /> further if the Holder completes the Minimum Improvements and the <br /> Certificate of Completion is granted, the lender, and any trans- <br /> fe ree of the lender (provided the transferee is approved by the <br /> City in accordance with Section 7. 2) will continue to receive tax <br /> increment assistance as provided in Section 5.3 of this Agreement. <br /> L . <br /> - <br /> C . <br /> 15 <br />
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