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2018-725-E Housing - Community Home Trust development agreement Lexes Trail
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2018-725-E Housing - Community Home Trust development agreement Lexes Trail
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Last modified
11/14/2018 11:49:13 AM
Creation date
11/6/2018 3:16:25 PM
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Contract
Date
11/5/2018
Contract Starting Date
11/5/2018
Contract Ending Date
11/4/2117
Contract Document Type
Agreement
Amount
$18,000.00
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R 2018-725 Housing - Community Home Trust development agreement Lexes Trail
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\Board of County Commissioners\Contracts and Agreements\Contract Routing Sheets\Routing Sheets\2018
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4. APPROVAL OF AMENDMENTS: Any amendments to this Lease will be <br />subject to the written approval of Permitted Mortgagee, which approval will not be unreasonably <br />withheld or delayed. The passage of thirty (30) days after submittal to Permitted Mortgagee of a <br />proposed amendment without approval or disapproval by Permitted Mortgagee will be deemed <br />approval thereof. <br /> 5. NEW LEASE TO PERMITTED MORTGAGEE: Upon written request of the <br />Permitted Mortgagee made within sixty (60) days of the termination of this Lease or upon its <br />rejection or disaffirmance under bankruptcy law or other law affecting creditors’ rights, Lessor <br />will enter into a new lease of the Leased Premises with the Permitted Mortgagee (or with any <br />party designated by the Permitted Mortgagee, subject to Lessor’s approval, which approval will <br />not be unreasonably withheld). The lease term will be for the remainder of the term of the Lease, <br />effective as of the date of the termination, rejection, or disaffirmance, and upon all the terms and <br />provisions contained in the Lease. The written request will be accompanied by a copy of the <br />new lease, duly executed and acknowledged by the Permitted Mortgagee or the party designated <br />by the Permitted Mortgagee to be the Lessee and the Permitted Mortgagee will have cured all <br />defaults under the Lease which can be cured by the payment of money. Any new lease made <br />pursuant to this Section will have the same priority with respect to other interests in the Leased <br />Premises as this Lease. The provisions of this Section will survive the termination, rejection, or <br />disaffirmance of the Lease and will continue in full effect thereafter to the same extent as if this <br />Section were an independent contract made by Lessor, Lessee and the Permitted Mortgagee. <br /> 6. NO TERMINATION DURING FORECLOSURE: The Lessor will have no right <br />to terminate this Lease once Permitted Mortgagee commences foreclosure in accordance with the <br />provisions hereof and is diligently pursuing the same. <br /> 7. PROVISIONS SUBJECT TO FORECLOSURE: In the event of foreclosure sale <br />by a Permitted Mortgagee or the delivery of a deed to a Permitted Mortgagee in lieu of <br />foreclosure in accordance with the provisions hereof, at the election of the Permitted Mortgagee, <br />the provisions of Sections 10.1 through 10.13 will be deleted and thereupon will be of no further <br />force or effect as to only so much of the Security so foreclosed upon or transferred. <br /> 8. NOTICE: Whenever in this Article notice is to be given to Permitted Mortgagee, <br />the notice will be given in the manner set forth in Section 14.2 at the address which has been <br />given by the Permitted Mortgagee to Lessor. <br /> 9. COSTS OF PERMITTED MORTGAGE: Lessee will pay to Lessor at Lessor’s <br />option, as additional rent hereunder, all fees, costs and expenses, including, without limitation, <br />reasonable attorneys’ fees, incurred by Lessor in connection with any Permitted Mortgage. <br /> <br /> <br />DocuSign Envelope ID: 1C608BEC-B713-4BE4-9E53-CD92D598627F
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