15.3.2.050 Right of First Refusal

(a) In the event of default by the Borrower on any Mortgage or other loan agreement for which a Lease is pledged as security, the Lessor shall have the Right of First Refusal to acquire the Borrower's interest in the premises, subject to all valid liens and encumbrances, upon:

(1) Payment of all sums then in arrears and either payment of the balance of the loan or assumption of the Mortgage.

(b) The Right of First Refusal may be exercised at any time after the Lessor receives notice from the Lender of the Borrower's default in writing, by certified mail with return receipt requested, up to the date the Lender commences a Mortgage Foreclosure Proceeding. The Notice of the Lessor's intent to exercise its Right of First Refusal shall be provided in writing from the Lessor to Lender, with a copy to the Borrower and, all Subordinate Lienholders.

(c) Notwithstanding subsection (b) of this Section, even upon the Lessor's exercising of the Right of First Refusal, the Borrower may cure the default at any time up to the date the Lender commences a Mortgage Foreclosure Proceeding.

(d) The estate acquired by the Lessor through exercise of its Right of First Refusal shall not merge with any other estate or title held by the Lessor as long as the Lease is mortgaged or otherwise pledged as security for any loan.

(e) Under no circumstances shall the Lessor exercise its Right of First Refusal unless the Borrower has first been advised of Forbearance Relief that may be available, if any, and the Lender has found the Borrower to be ineligible.