Common use of Default; Right to Cure Clause in Contracts

Default; Right to Cure. If Master Tenant shall default in the performance or observance of any material term, covenant or condition of the Franchise Agreement on the part of Master Tenant to be performed or observed, past any applicable notice and grace period, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, upon ten (10) days prior written notice to Master Tenant (except in the case of an emergency of if failure to make such payment may result in the termination of the Franchise Agreement), Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of the Franchise Agreement on the part of Master Tenant or Borrower to be performed or observed to be promptly performed or observed on behalf of Master Tenant or Borrower, to the end that the rights of Master Tenant in, to and under the Franchise Agreement shall be kept unimpaired and free from default. Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the Property at any time and from time to time for the purpose of taking any such action. If Franchisor shall deliver to Lender a copy of any notice sent to Master Tenant of default under the Franchise Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. Any sums expended by Lender pursuant to this Section 4.1.18 shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the Mortgage and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefore.

Default; Right to Cure. If Master Tenant Operating Lessee shall default in the performance or observance of any material term, covenant or condition of the Franchise Agreement on the part of Master Tenant Operating Lessee to be performed or observed, past any applicable notice and grace period, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower Operating Lessee from any of its obligations hereunder, upon ten (10) days prior written notice to Master Tenant Operating Lessee (except in the case of an emergency of or if failure to make such payment may result in the termination of the Franchise Agreement), Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of the Franchise Agreement on the part of Master Tenant Operating Lessee or Borrower to be performed or observed to be promptly performed or observed on behalf of Master Tenant Operating Lessee or Borrower, to the end that the rights of Master Tenant Operating Lessee in, to and under the Franchise Agreement shall be kept unimpaired and free from default. Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the Property at any time and from time to time for the purpose of taking any such action. If Franchisor shall deliver to Lender a copy of any notice sent to Master Tenant Operating Lessee of default under the Franchise Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. Operating Lessee shall exercise each individual option, if any, to extend or renew the term of the Franchise Agreement upon demand by Lender made at any time within one (1) year of the last day upon which any such option may be exercised, and Operating Lessee hereby expressly authorizes and appoints Lender as its attorney-in-fact to exercise any such option in the name of and upon behalf of Operating Lessee, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest. Any sums expended by Lender pursuant to this Section 4.1.18 5.22 shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the Mortgage Security Instrument and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefore.. In the event that the Franchise Agreement expires or is terminated (without limiting any obligation of Operating Lessee to obtain Lender’s consent to any termination or modification of the Franchise Agreement in accordance with the terms and provisions of this Agreement), Operating Lessee shall promptly replace the Franchisor with a Qualified Franchisor approved by Lender on terms and conditions satisfactory to Lender. 63

Default; Right to Cure. If Master Tenant Operating Lessee Owner or Operating Lessee shall default in the performance or observance of any material term, covenant or condition of the Franchise Agreement on the part of Master Tenant Operating Lessee Owner or Operating Lessee to be performed or observed, past any applicable notice and grace period, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower Operating Lessee Owner from any of its obligations hereunder, upon ten (10) days prior written notice to Master Tenant Operating Lessee Owner (except in the case of an emergency of or if failure to make such payment may result in the termination of the Franchise Agreement), unless Mortgage Lender is exercising similar rights under Section 5.22.5 of the Mortgage Loan Agreement, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of the Franchise Agreement on the part of Master Tenant Operating Lessee, Operating Lessee Owner, Mortgage Borrower or Borrower to be performed or observed to be promptly performed or observed on behalf of Master Tenant Operating Lessee, Operating Lessee Owner, Mortgage Borrower or Borrower, to the end that the rights of Master Tenant Operating Lessee in, to and under the Franchise Agreement shall be kept unimpaired and free from default. Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the Property at any time and from time to time for the purpose of taking any such action. If Franchisor shall deliver to Lender a copy of any notice sent to Master Tenant Operating Lessee or Operating Lessee Owner of default under the Franchise Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. Operating Lessee Owner shall cause Operating Lessee to exercise each individual option, if any, to extend or renew the term of the Franchise Agreement upon demand by Lender made at any time within one (1) year of the last day upon which any such option may be exercised, and Operating Lessee Owner, on behalf of itself and Operating Lessee, hereby expressly authorizes and appoints Lender as its attorney-in-fact to exercise (or cause Operating Lessee to exercise) any such option in the name of and upon behalf of Operating Lessee, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest. Any sums expended by Lender pursuant to this Section 4.1.18 5.22 shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the Mortgage Pledge and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefore. In the event that the Franchise Agreement expires or is terminated (without limiting any obligation of Operating Lessee Owner to obtain Lender’s consent to any termination or modification of the Franchise Agreement in accordance with the terms and provisions of this Agreement), Operating Lessee Owner shall promptly cause Operating Lessee to replace the Franchisor with a Qualified Franchisor approved by Lender on terms and conditions satisfactory to Lender.

Default; Right to Cure. If Master Tenant shall default in the performance or observance of any material term, covenant or condition of the Franchise Agreement on the part of Master Tenant to be performed or observed, past any applicable notice and grace period, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, upon ten (10) days prior written notice to Master Tenant (except in the case of an emergency of if failure to make such payment may result in the termination of the Franchise Agreement), Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of the Franchise Agreement on the part of Master Tenant or Borrower to be performed or observed to be promptly performed or observed on behalf of Master Tenant or Borrower, to the end that the rights of Master Tenant in, to and under the Franchise Agreement shall be kept unimpaired and free from default. Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the Property at any time and from time to time for the purpose of taking any such action. If Franchisor shall deliver to Lender a copy of any notice sent to Master Tenant of default under the Franchise Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. Any sums expended by Lender pursuant to this Section 4.1.18 5.22 shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the Mortgage and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefore.

Default; Right to Cure. If Master Tenant Operating Lessee shall default in the performance or observance of any material term, covenant or condition of the Franchise Agreement on the part of Master Tenant Operating Lessee to be performed or observed, past any applicable notice and grace period, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower Operating Lessee from any of its obligations hereunder, upon ten (10) days prior written notice to Master Tenant Operating Lessee (except in the case of an emergency of or if failure to make such payment may result in the termination of the Franchise Agreement), Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of the Franchise Agreement on the part of Master Tenant Operating Lessee or Borrower to be performed or observed to be promptly performed or observed on behalf of Master Tenant Operating Lessee or Borrower, to the end that the rights of Master Tenant Operating Lessee in, to and under the Franchise Agreement shall be kept unimpaired and free from default. Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the Property at any time and from time to time for the purpose of taking any such action. If Franchisor shall deliver to Lender a copy of any notice sent to Master Tenant Operating Lessee of default under the Franchise Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. Operating Lessee shall exercise each individual option, if any, to extend or renew the term of the Franchise Agreement upon demand by Lender made at any time within one (1) year of the last day upon which any such option may be exercised, and Operating Lessee hereby expressly authorizes and appoints Lender as its attorney-in-fact to exercise any such option in the name of and upon behalf of Operating Lessee, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest. Any sums expended by Lender pursuant to this Section 4.1.18 5.22 shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the Mortgage Security Instrument and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefore. In the event that the Franchise Agreement expires or is terminated (without limiting any obligation of Operating Lessee to obtain Lender’s consent to any termination or modification of the Franchise Agreement in accordance with the terms and provisions of this Agreement), Operating Lessee shall promptly replace the Franchisor with a Qualified Franchisor approved by Lender on terms and conditions satisfactory to Lender.

Default; Right to Cure. If Master Tenant Mortgage Borrower shall default in the performance or observance of any material term, covenant or condition of the Franchise Agreement on the part of Master Tenant Mortgage Borrower to be performed or observed, past any applicable notice and grace period, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, upon ten (10) days prior written notice to Master Tenant (except in the case of an emergency of if failure to make such payment may result in the termination of the Franchise Agreement), Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of the Franchise Agreement on the part of Master Tenant or Mortgage Borrower to be performed or observed to be promptly performed or observed on behalf of Master Tenant or Mortgage Borrower, to the end that the rights of Master Tenant Mortgage Borrower in, to and under the Franchise Agreement shall be kept unimpaired and free from default. Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the Property at any time and from time to time for the purpose of taking any such action. If Franchisor shall deliver to Lender a copy of any notice sent to Master Tenant Borrower and/or Mortgage Borrower of default under the Franchise Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. Borrower shall cause Mortgage Borrower, from time to time, to use its best efforts to obtain from Franchisor such certificates of estoppel with respect to compliance by Mortgage Borrower with the terms of the Franchise Agreement as may be requested by Lender. Borrower shall cause Mortgage Borrower to exercise each individual option, if any, to extend or renew the term of the Franchise Agreement upon demand by Lender made at any time within one (1) year of the last day upon which any such option may be exercised. Any sums expended by Lender pursuant to this Section 4.1.18 paragraph shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by the lien Lien of the Mortgage Pledge Agreement and the other Loan Documents and shall be immediately due and payable upon demand by Lender thereforetherefor.