Common use of Default and Cure Rights Clause in Contracts

Default and Cure Rights. During the existence of an event of default by the Ground Lessee hereunder, the Ground Lessor shall accept any curative acts undertaken by or at the instigation of the Leasehold Mortgagee in accordance with the terms of this Section as if the same had been undertaken by the Ground Lessee. If the Ground Lessor shall elect to terminate this Facility Site Lease by reason of any event of default of the Ground Lessee, the Leasehold Mortgagee shall have the right to postpone and extend the specified date for the termination of this Facility Site Lease as fixed by the Ground Lessor in its notice of termination, and in the event the Leasehold Mortgagee fully complies with its obligations and fully cures such event of default within the time periods specified below, no such termination shall be effected by the Ground Lessor, so long as such Leasehold Mortgagee shall (and shall agree with the Ground Lessor by giving a notice to that effect to the Ground Lessor) prior to the effective date of termination, to commence and diligently pursue to completion the following within the times hereinafter provided and shall, in fact, accomplish the following within such time periods: (i) cure or cause to be cured within thirty (30) days of such notice any then-existing monetary defaults of which the Leasehold Mortgagee has knowledge; and (ii) pay or cause to be paid any future or ongoing payment or other monetary obligations of the Ground Lessee hereunder, as the same fall due; provided, the Leasehold Mortgagee shall have such period of time (not to exceed thirty (30) days after written notice thereof to the Leasehold Mortgagee) as is reasonably necessary to cure any failure to pay any such amount when due; and (iii) promptly cure or cause to be cured within thirty (30) days any other defaults of which the Leasehold Mortgagee has knowledge and which the Leasehold Mortgagee is capable of curing; provided the Leasehold Mortgagee shall have an additional period (not to exceed an additional one hundred eighty (180) days) as is reasonably necessary beyond such initial thirty (30) day period to cure such default so long as the Leasehold Mortgagee diligently pursues the cure of such default to completion; and (iv) take steps to acquire or sell the Ground Lessee's interest in this Facility Site Lease by foreclosure of the Leasehold Lien or otherwise, and diligently prosecute to completion such steps, and in any event diligently prosecute such steps to completion within two hundred forty (240) days after notice of such proposed termination; provided, however that the Leasehold Mortgagee shall have an additional period (not to exceed an additional three hundred sixty-five (365) days) to complete such steps equal to the number of days that the Leasehold Mortgagee is under any statutory or judicial restraint restricting the taking or completion of such steps.

Default and Cure Rights. During the existence of an event a Site Lease Event of default Default by the Ground Site Lessee hereunder, the Ground Site Lessor shall accept any curative acts undertaken by or at the instigation of the a Leasehold Mortgagee in accordance with the terms of this Section as if the same had been undertaken by the Ground Site Lessee. If Subject to the Ground proviso in Section 13.2(a), if Site Lessor shall elect to terminate this Facility Site Lease by reason of any event Site Lease Event of default Default of the Ground Site Lessee, the Leasehold Mortgagee shall have the right to postpone and extend the specified date for the termination of this Facility Site Lease as fixed by the Ground Site Lessor in its notice of termination, and in the event the Leasehold Mortgagee fully complies with its obligations and fully cures such event Site Lease Event of default Default within the time periods specified below, no such termination shall be effected by the Ground Site Lessor, so long as such Leasehold Mortgagee shall (and shall agree with the Ground Site Lessor by giving a notice to that effect to the Ground Site Lessor) prior to the effective date of termination, to commence and diligently pursue to completion the following within the times hereinafter provided and shall, in fact, accomplish the following within such time periods: (ia) cure or cause to be cured within thirty (30) 30 days of such receiving notice of any then-existing monetary defaults of which the Leasehold Mortgagee has knowledgeActual Knowledge; and (iib) pay or cause to be paid any future or ongoing payment or other monetary obligations of the Ground Site Lessee hereunder, as the same fall due; provided, provided that the Leasehold Mortgagee shall have such period of time (not to exceed thirty (30) 30 days after written notice thereof to the Leasehold Mortgagee) as is reasonably necessary to cure any failure to pay any such amount when due; and (iiic) promptly cure or cause to be cured within thirty (30) 30 days any other defaults of which the Leasehold Mortgagee has knowledge Actual Knowledge and which the Leasehold Mortgagee is capable of curing; provided that the Leasehold Mortgagee shall have an additional period (not to exceed an additional one hundred eighty (180) 180 days) as is reasonably necessary beyond such initial thirty (30) 30 day period to cure such default so long as the Leasehold Mortgagee diligently pursues the cure of such default to completion; and (ivd) take steps to acquire or sell the Ground Site Lessee's ’s interest in this Facility Site Lease by foreclosure of the Leasehold Lien or otherwise, and diligently prosecute to completion such steps, and in any event diligently prosecute such steps to completion within two hundred forty (240) 240 days after notice of such proposed termination; provided, however however, that the Leasehold Mortgagee shall have an additional period (not to exceed an additional three hundred sixty-five (365) 365 days) to complete such steps equal to the number of days that the Leasehold Mortgagee is under any statutory or judicial restraint restricting the taking or completion of such steps.