Section PRP.05.41 — Satisfaction Of Conditions Prior To Commencing Foreclosure

(a) Mortgagee shall provide all written notices and take such other actions as may be required by the Note and Mortgage prior to commencing foreclosure.

(b) Lessor's Option:

(1) Upon the expiration of any right to cure provided in the Mortgage, Mortgagee shall provide a written notice to the Tribe, as Lessor, that (i) identifies the Lessee, the address of the Leased Premises, the amount due under the Note and Mortgage (including, principal, interest, costs and fees, including reasonable attorney fees), and (ii) offers to assign the Lender's interest in the Note, Mortgage and any other documents, judgments or orders, to the Lessor upon payment in full of the outstanding obligations.

(2) Lender shall not accept any assignment of Leasehold Interest in lieu of foreclosure or commence a foreclosure action until thirty (30) days after the delivery of such notice.

(3) Upon receipt of such notice, the Tribe may, but is under no obligation, pay to the Lender the amounts due under the Note and Mortgage. The Tribe may exercise the Lessor's Option at any time prior to the sale or transfer of the Leasehold Interest to a Member or a Tribal Housing Entity under the Ordinance's foreclosure provisions. Upon payment of such amounts, the Lender shall take all such action, and execute all such documents, as may be necessary to immediately transfer all of its interests to the Lessor. Thereafter, the Tribe shall have the same rights as the Lender hereunder. No merger of title of the Tribe shall occur until the Note is paid in full.