9080-19 18100 Detroit Purchase - Laserfiche WebLink

Home Browse Search

In the event Emerald fails to perform any specific item of maintenance, repair or replacement reasonably required by it to perform pursuant to this Article and fails to cure such default within thirty (30) after notice f-orn Lakewood specifying such default (or within such longer period as may be reasonable if such default will reasonably take more than thirty (30) days to cure, provided Emerald commences to cure same within thirty (30) days and thereafter continuously and diligently prosecutes such cure to completion), then Lakewood will have the right and license, during the continuance of such default, at Lakewood's sole election, to enter upon the Emerald Driveway Easement Area to perform the specific item of maintenance, repair or replacement, and upon the performance of such specific item of maintenance, repair or replacement Lakewood will be entitled to the reimbursement by Emerald of the reasonable costs and expenses incurred by Lakewood in performing the specific item of maintenance, repair or replacement, which reimbursement will be payable within thirty (30) days after the receipt by Emerald of a statement therefor accompanied by copies of such back -up information as may be necessary for Emerald to verify the amount of such costs and expenses. ARTICLE V. MISCELLANEOUS 5.1 Estoppel Certificate. Each party to the Agreement agrees that upon written request of any other patty to this Agreement from time to fine, it will issue to such requesting party, or its prospective mortgagee or successor, an estoppel certificate stating to the best of the issuer's knowledge as of such date: (i) whether it knows of any default under this Agreement by the requesting party, and if there are known defaults, specifying the nature and date thereof; (ii) whether this Agreement has been assigned, modified or amended in any respect by it and if so, then stating the nature thereof, (iii) whether this Agreement is in full force and effect; and (iv) whether such other factual information as may be reasonably requested is true and correct. Such statement will act as a waiver of any claim by the party furnishing it to the extent such claim is based upon facts contrary to those asserted in the statement and to the extent the claim is asserted against a bona fide encumbrancer or purchaser for value without knowledge of facts to the contrary of those contained in the statement; and who has acted in reasonable reliance upon the statement. The issuance of an estoppel certificate will in no event subject the party furnishing it to any liability for the negligent or inadvertent failure of such party to disclose correct and /or relevant information, nor will such issuance be construed to waive any rights of the issuer to either request an audit of the expenses for any year it is entitled to do so, or challenge acts committed by other parties for which approval by the other party was required but not sought or obtained. 5.2 Notices. All notices required or permitted to be given under this Agreement must be in writing and will be deemed to have been given as of the date such notice is (i) received by the party intended, (ii) delivered to the then designated address of the party intended, (iii) rejected 4 Active 29774149v8 999900.944285