Common use of Cures - Rights, Costs and Damages Clause in Contracts

Cures - Rights, Costs and Damages. If Lessee fails to make any payment required under this Lease beyond the expiration of all applicable notice and grace periods, or shall default in the performance of any material covenant, term, provision, limitation, or condition contained in this Lease beyond the expiration of all applicable notice and grace periods (hereafter, collectively, a “Triggering Event”), Lessor, without being under any obligation to do so and without waiving such default, may make such payment and/or remedy such other default for the account and at the expense of Lessee, immediately upon notice in the case of emergency or if necessary to protect public health or safety, or to avoid forfeiture of a material right, or in any other case only provided Lessee shall fail to make such payment within sixty (60) days or remedy such default within sixty (60) days, or such longer period as may be required due to the nature of such default (provided Lessee has commenced and is diligently prosecuting a cure), after Lessor notifies Lessee in writing of such default. Except in the case of an emergency or other event which requires an immediate response, Lessor’s performance of Lessee’s obligations in this Section 7.1 is subordinate to the right of any Leasehold Mortgagee to first cure such Lessee obligations, as provided in Section 15.4.b.