Common use of Cure Rights of Controlling Noteholder Clause in Contracts

Cure Rights of Controlling Noteholder. (a) Subject to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of a liquidated sum of money due on the Mortgage Loan by the end of the applicable grace period (if any) for such payment permitted under the Mortgage Loan Documents (a “Monetary Default”), the Lead Securitization Noteholder (or the Servicer acting on its behalf) shall provide notice of such failure to the Junior Noteholder (while it is the Controlling Noteholder) and its Operating Advisor (while the Junior Noteholder is the Controlling Noteholder) (in each case, a “Monetary Default Notice”). If the Junior Noteholder (while it is the Controlling Noteholder) or its Operating Advisor (while the Junior Noteholder is the Controlling Noteholder) has not cured such Monetary Default within five (5) Business Days after receiving the related Monetary Default Notice, the Lead Securitization Noteholder (or the Servicer acting on its behalf) shall deliver an additional copy of the Monetary Default Notice that contains a statement in boldface font that this is a second notice and that the Junior Noteholder’s or its Operating Advisor’s failure to cure such Monetary Default within five (5) Business Days after receiving such second notice will result in the termination of the right to cure such

Cure Rights of Controlling Noteholder. (a) Subject to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of a liquidated sum of money due principal or interest on the Mortgage Loan by the end of the applicable grace period (if anythe “Grace Period”) for such payment permitted under the applicable Mortgage Loan Documents (a “Monetary Default”), the Lead Securitization Noteholder (or the Servicer acting on its behalf) Note A Holder shall provide notice of such failure to the Junior Noteholder (while it is Note B Holder and the Controlling Noteholder) and its Operating Advisor (while the Junior Noteholder is the Controlling Noteholder) Representative (in each case, unless a Control Appraisal Period has occurred and is continuing) of such default (the “Monetary Default Notice”). If the Junior Note B Holder or Controlling Noteholder Representative (while it in each case, unless a Control Appraisal Period has occurred and is the Controlling Noteholder) or its Operating Advisor (while the Junior Noteholder is the Controlling Noteholdercontinuing) has not cured such Monetary Default within five (5) Business Days after receiving the related Monetary Default Notice, the Lead Securitization Noteholder (or the Servicer acting on its behalf) Note A Holder shall deliver an additional copy of the Monetary Default Notice that contains a statement in boldface font that this is a second notice and that the Junior NoteholderNote B Holder’s or its Operating Advisorthe Controlling Noteholder Representative’s failure to cure such Monetary Default within five (5) Business Days after receiving such second notice will result in the termination of the right to cure suchsuch Monetary Default. The Note B Holder (unless a Control Appraisal Period has occurred and is