Common use of Cure Rights Upon Assignee Default Clause in Contracts

Cure Rights Upon Assignee Default. Notwithstanding anything to the contrary set forth in Article XXIII of this Lease or otherwise (other than any Tenants and their respective Tenant Guarantors that have been released from liability under this Lease in accordance with Section 17.4), upon the occurrence of an event or circumstance which would, with the giving of notice or passage of time, or both, constitute a Tenant Event of Default, Landlord shall not declare a Tenant Event of Default or exercise any rights or remedies on account of such Tenant Event of Default unless and until Landlord gives notice of such default to all prior Tenants and their respective Tenant Guarantors (other than any Tenants and their respective Tenant Guarantors that have been released from liability under this Lease in accordance with Section 17.4) and provides an opportunity to cure such default, within the period of time permitted under Section 23.1 of this Lease for curing such event or circumstance, but with such cure period as to such prior Tenant and such prior Tenant Guarantor beginning only upon receipt by such prior Tenant(s) or its Tenant Guarantor(s), as applicable, of such notice.

Appears in 3 contracts

Samples: Purchase and Sale Agreement (Energy XXI LTD), Purchase and Sale Agreement (CorEnergy Infrastructure Trust, Inc.), Lease Agreement (CorEnergy Infrastructure Trust, Inc.)

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Cure Rights Upon Assignee Default. Notwithstanding anything to the contrary set forth in Article XXIII of this Lease or otherwise (other than any Tenants and their respective Tenant Guarantors that have been released from liability under this Lease in accordance with Section 17.417.4 ), upon the occurrence of an event or circumstance which would, with the giving of notice or passage of time, or both, constitute a Tenant Event of Default, Landlord shall not declare a Tenant Event of Default or exercise any rights or remedies on account of such Tenant Event of Default unless and until Landlord gives notice of such default to all prior Tenants and their respective Tenant Guarantors (other than any Tenants and their respective Tenant Guarantors that have been released from liability under this Lease in accordance with Section 17.417.4 ) and provides an opportunity to cure such default, within the period of time permitted under Section 23.1 of this Lease for curing such event or circumstance, but with such cure period as to such prior Tenant and such prior Tenant Guarantor beginning only upon receipt by such prior Tenant(s) or its Tenant Guarantor(s), as applicable, of such notice.

Appears in 1 contract

Samples: Lease Agreement (Energy XXI LTD)

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