12-7-2020 BOC Regular Meeting - Laserfiche WebLink

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Section 4. Notice and Opportunity to Cure. Any defaults by Developer under the MOU shall constitute an immediate Event of Default under the Loan Documents (as that term is defined in the Loan Documents). Prior to exercising any of its rights under the MOU (including, without limitation, any termination or self-help rights) as a result of a default by Developer thereunder,the Municipality agrees to notify the Lender of such default and give the Lender the right and opportunity to cure such default within thirty(30)days of the Lender's receipt of such notice(or, if such default cannot reasonably be cured within such thirty(30)-day period,the Lender shall have such longer time as may be reasonably necessary to cure the default,provided that the Lender has notified the Municipality thereof and is diligently pursuing the cure of such default). It is hereby acknowledged and agreed that, the Lender shall have no duty or obligation to cure or remedy any default under the MOU and any such cure,attempted cure or any other actions taken by the Lender shall in no way constitute an assumption of any of the obligations of the Developer under the MOU. Section 5. Foreclosure by the Lender. The Municipality covenants and agrees that the Lender's exercise of any of its rights under the Deed of Trust or the other Loan Documents shall not result in a default under the MOU for which Municipality may terminate its obligations under the MOU. Upon the Lender's (or other party taking by or through the Lender)acquisition of the Real Property pursuant to a foreclosure of,or power of sale under,the Deed of Trust or deed in lieu of foreclosure and delivery of notice to the Municipality that such party has acquired the Real Property, (i) the Municipality shall recognize the Lender (or other party taking by or through the Lender) as the Developer under the MOU and shall continue to perform as and when required under the MOU, and (ii) the Lender (or other party taking by or through the Lender) shall, from and after taking title to the Real Property assume all obligations of the Developer under the MOU from and after the date of taking title to the Real Property. Section 6. Notices. All notices or other written communications hereunder shall be deemed to have been properly given (i) upon delivery, if delivered in person, (ii) one (1) business day after having been deposited for overnight delivery with any reputable overnight courier service, or (iii) three (3) business days after having been deposited in any post office or mail depository regularly maintained by the U.S.Postal Service and sent by registered or certified mail,postage prepaid,return receipt requested,addressed to the addresses set forth below: If to the Lender: Carter Bank&Trust 1001 S.Horner Boulevard Sanford,North Carolina 27330 Attn: G. Todd Baker If to the Developer: c/o Lee County Growth III LLC P.O. Drawer 9,Zip Code 27331 (U.S.Mail) 603 Carthage Street,Suite 102,(Personal or Courier Deliveries) Sanford,North Carolina 27330 Attn: Kevin Scanlon If to the Municipality: Lee County P.O. Box 1968 Sanford,NC 27331-1968 Attn: John Crumpton, County Manager and to: City of Sanford P.O.Box 3729 Sanford,NC 27331-3729 Attn: Hal Hegwer,City Manager Any party by notice to the others in the manner provided herein may designate additional or different addresses for subsequent notices or communications. 3 WBD(US)50085467