Cure of Default. If City shall elect to terminate this Covenant by reason of any Event of Default, and a Mortgagee shall have proceeded in the manner provided for by Section 14.6(c), this Covenant shall not be deemed terminated so long as such Mortgagee shall: (i) Continue its good faith efforts to perform all of PWRF’s other obligations under this Covenant excepting (A) obligations of PWRF to satisfy or otherwise discharge any lien, charge or encumbrance against PWRF’s interest in the Land junior in priority to the lien of the Mortgage held by such Mortgagee, and (B) past non-monetary obligations then in default and not reasonably susceptible of being cured by such Mortgagee; and (ii) If not enjoined or stayed, take steps to acquire or sell PWRF’s interest in the Land by foreclosure of the Mortgage or other appropriate means and prosecute the same with due diligence within the time period described in Section 14.6(c)(iii). Nothing in this Section 14.7(a), however, shall be construed to extend this Covenant beyond the original Term hereof, nor to require a Mortgagee to continue such foreclosure proceedings after the Event of Default has been cured. If the Event of Default shall be cured and the Mortgagee shall discontinue such foreclosure proceedings, this Covenant shall continue in full force and effect as if PWRF had not defaulted under this Covenant.
Appears in 2 contracts
Samples: Public Use Covenant, Public Use Covenant
Cure of Default. If City Landlord shall elect to terminate this Covenant Lease by reason of any Event of Default, and a Leasehold Mortgagee shall have proceeded in the manner provided for by Section 14.6(c), this Covenant Lease shall not be deemed terminated so long as such Leasehold Mortgagee shall:
(i) Continue Pay or cause to be paid the Rent and other monetary obligations of Tenant under this Lease as the same become due, and continue its good faith efforts to perform all of PWRFTenant’s other obligations under this Covenant Lease excepting (A) obligations of PWRF Tenant to satisfy or otherwise discharge any lien, charge or encumbrance against PWRFTenant’s interest in this Lease or the Land Leasehold Estate junior in priority to the lien of the Leasehold Mortgage held by such Leasehold Mortgagee, and (B) past non-monetary obligations then in default and not reasonably susceptible of being cured by such Leasehold Mortgagee, such as, by way of example only, the bankruptcy of Tenant; and
(ii) If not enjoined or stayed, take steps to acquire or sell PWRFXxxxxx’s interest in the Land this Lease by foreclosure of the Leasehold Mortgage or other appropriate means and prosecute the same with due diligence within the time period described in Section 14.6(c)(iii). Nothing in this Section 14.7(a), however, shall be construed to extend this Covenant Lease beyond the original Term hereof, nor to require a Leasehold Mortgagee to continue such foreclosure proceedings after the Event of Default has been cured. If the Event of Default shall be cured and the Leasehold Mortgagee shall discontinue such foreclosure proceedings, this Covenant Lease shall continue in full force and effect as if PWRF Tenant had not defaulted under this CovenantLease.
Appears in 1 contract
Samples: Ground Lease
Cure of Default. If City Landlord shall elect to terminate this Covenant Lease by reason of any Event of Default, and a Leasehold Mortgagee shall have proceeded in the manner provided for by Section 14.6(c), this Covenant Lease shall not be deemed terminated so long as such Leasehold Mortgagee shall:
(i) Continue Pay or cause to be paid the Rent and other monetary obligations of Tenant under this Lease as the same become due, and continue its good faith efforts to perform all of PWRFTenant’s other obligations under this Covenant Lease excepting (A) obligations of PWRF Tenant to satisfy or otherwise discharge any lien, charge or encumbrance against PWRFXxxxxx’s interest in this Lease or the Land Leasehold Estate junior in priority to the lien of the Leasehold Mortgage held by such Leasehold Mortgagee, and (B) past non-monetary obligations then in default and not reasonably susceptible of being cured by such Leasehold Mortgagee, such as, by way of example only, the bankruptcy of Tenant; and
(ii) If not enjoined or stayed, take steps to acquire or sell PWRFXxxxxx’s interest in the Land this Lease by foreclosure of the Leasehold Mortgage or other appropriate means and prosecute the same with due diligence within the time period described in Section 14.6(c)(iii). Nothing in this Section 14.7(a), however, shall be construed to extend this Covenant Lease beyond the original Term hereof, nor to require a Leasehold Mortgagee to continue such foreclosure proceedings after the Event of Default has been cured. If the Event of Default shall be cured and the Leasehold Mortgagee shall discontinue such foreclosure proceedings, this Covenant Lease shall continue in full force and effect as if PWRF Tenant had not defaulted under this CovenantLease.
Appears in 1 contract
Samples: Ground Lease