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201706687
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Last modified
12/9/2019 6:11:16 PM
Creation date
10/3/2017 2:00:57 PM
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DEEDS
Inst Number
201706687
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23 <br />201706687 <br />payment of money or the performance of some other action for the account of and at the <br />expense of the Defaulting Party; provided, however, that in the event the default shall <br />constitute an emergency condition involving an immediate and imminent threat of substantial <br />injury or harm to persons or property, the non - defaulting Party, acting in good faith, shall have <br />the right to cure such default upon such advance notice as is reasonably possible under the <br />circumstances or, if necessary, due to such emergency, without advance notice, so long as notice <br />is given as soon as possible thereafter. To effectuate any such cure, the non - defaulting Party <br />shall have the right to enter upon the Parcel of the Defaulting Party (but not into any Building) to <br />perform any necessary work or furnish any necessary materials or services to cure the default of <br />the Defaulting Party. Each Party shall be responsible for the non - performance or default of its <br />occupants and lessees. <br />In the event any non - defaulting Party shall cure a default, the Defaulting Party shall <br />reimburse the non - defaulting Party for all costs and expenses incurred in connection with such <br />curative action, plus interest at the Default Rate, within ten (10) business days of receipt of <br />demand, together with reasonable documentation supporting the expenditures made. <br />Section 7.2a Mortgagee's Right to Cure. Each Party shall provide the Mortgagee with a <br />concurrent copy of any notice of default it sends to any other Party. The Mortgagee shall have the <br />right, but not the obligation, to cure on behalf of the Defaulting Party any default or event of default <br />hereunder within thirty (30) days after the expiration of the time of any notice or cure period <br />provided to such Defaulting Party hereunder, provided that if Mortgagee, acting with diligence, <br />cannot cure such event of default within such 30 -day period, then Mortgagee's commencement of <br />such cure within such 30 -day period will be sufficient to prevent the non - defaulting Party's <br />enforcement of remedies so long as a cure is effected within a reasonable time, and provided further <br />that the Parties each agree that if the default is a non - monetary default which could only be cured by <br />Mortgagee acquiring possession and/or ownership of the subject portion of the Land, then a <br />"reasonable time" means the time required for Mortgagee to complete the acquisition of such <br />portion of the Land, through foreclosure or other appropriate proceedings, and all redemption <br />periods having expired. Each Party agrees not to exercise any of its remedies in connection with <br />this Declaration until the expiration of the cure period provided to Mortgagee by this Section, and <br />each Party hereby agrees to accept any cure from such Mortgagee as if made by the Defaulting <br />
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