Default by Xxxxxxxx. In the event that Xxxxxxxx fails to make any payment when due hereunder or has failed to substantially perform any other obligations under this Lease, then Xxxxxxxx shall, upon fourteen (14) days’ written notice and an opportunity to cure such failed performance, be in default hereunder and Lessee may without further notice or demand declare this Lease to be in default and Lessee may pursue one or more of the following as its remedies as a result thereof:
Default by Xxxxxxxx. Xxxxxxxx shall be in default of this Agreement upon: (a) failure to make timely payment (i.e., on or before August 1, 2015) of the Settlement Payment, or any portion thereof, including but not limited to the return of a check or money order from the issuing financial institution for insufficient funds; (b) the breach of any representation, warranty, covenant or other term of this Agreement including the truthfulness and accuracy of financial information provided to the Receiver; or (c) any proceeding is instituted by or against Xxxxxxxx under the Bankruptcy Code or other insolvency laws, or a trustee or receiver is appointed for Xxxxxxxx, or if Xxxxxxxx makes any assignment for the benefit of creditors and such proceeding, appointment or assignment is not vacated within sixty (60) days. Upon Xxxxxxxx’x default, in addition to any other rights and remedies available to the Receiver at law or in equity, the Receiver may pursue foreclosure of the Deed of Trust and seek satisfaction of any unpaid portion of the Settlement Payment from the Real Property. In the event Xxxxxxxx fails to timely pay the Settlement Amount, then the Receiver shall send notice of default to Xxxxxxxx pursuant to the notice procedures provided in Section 9.
Default by Xxxxxxxx. Xxxxxxxx shall be in default if it breaches any of the provisions of this Agreement, whether by action or inaction, and such breach shall continue and not be remedied within sixty (60) days after City shall have given notice specifying the breach, or in case of a breach which cannot with due diligence be cured within a period of sixty (60) days, if Xxxxxxxx shall not within such sixty (60) day period commence the cure of the breach and thereafter diligently prosecute to completion such cure within a reasonable time after the notice from City. A default shall occur if Xxxxxxxx shall have made any assignment for the benefit of creditors, or shall have become adjudicated bankrupt, or shall have had a receiver, trustee or creditor’s committee appointed over it. Xxxxxxxx shall not be deemed to be in default hereunder for failure to pay any tax, assessment, lien or other charge if Xxxxxxxx, in good faith, is contesting the same and, if necessary to avoid foreclosure, has furnished an appropriate bond or other undertaking to assure payment in the event Xxxxxxxx’x contest is unsuccessful.
Default by Xxxxxxxx. If Xxxxxxxx should default under this Agreement in any way, MHG may in its sole discretion (i) accelerate all of Xxxxxxxx'x obligations under this Agreement and xxx for specific performance and damages, or (ii) terminate this Agreement.
Default by Xxxxxxxx. Lender may pay and expend such sums of money as Lender, in its sole discretion, deems necessary for any such purpose, including, but not limited to the payment of any rental amounts or other sums due under the Ground Lease, and Lender may proceed to perform any and all obligations of the Borrower contained in the Ground Lese and exercise any and all rights of Borrower therein contained as fully as the Borrower itself could, and upon so doing shall be subrogated to any and all rights of Borrower as Lessee under the Ground Lease, and Xxxxxxxx hereby agrees to pay to Xxxxxx immediately and without demand, all such sums so paid and expended by Xxxxxx, together with interest thereon from the date of such payment at the default rate set forth in the Note, which sums shall be secured by this Mortgage. Borrower hereby appoints and constitutes Lender as Xxxxxxxx's duly authorized attorney in fact to make advances under this Mortgage for any purpose described in this paragraph and to take any other action referenced in this Mortgage, and such power is coupled with an interest and is irrevocable by death or otherwise.
Default by Xxxxxxxx. The Lender’s primary responsibilities in Default are to act reasonably and expeditiously, to work with the Bor- rower to bring the account current or cure the Default through restructuring if a realistic plan can be developed, or to accelerate the account and conduct a liquidation in a manner that will minimize any potential loss. The Lend- er may initiate liquidation in accord- ance with § 4287.357.
