Common use of Acquisition of Possession Clause in Contracts

Acquisition of Possession. The Permitted Mortgagee shall, within twenty (20) days after notice of such default notify Landlord of its election to proceed with due diligence promptly to acquire possession of the Premises or to foreclose the Permitted Mortgage or otherwise to extinguish Tenant’s interest in this Lease.

Acquisition of Possession. The Permitted Mortgagee shall, within twenty forty- five (2045) days after receiving notice of such default default, notify Landlord the Town of its the Permitted Mortgagee's election to proceed with due diligence promptly to acquire possession of the Premises Sublease Premises, to commence to cure such default or to foreclose the Permitted Mortgage or otherwise to extinguish Tenant’s 's interest in this LeaseSublease.