Common use of Defaults Requiring Possession Clause in Contracts

Defaults Requiring Possession. If any default by Sublandlord under this Sublease cannot be cured by a Leasehold Mortgagee without its obtaining possession of all or part of the Sublease Premises, then such default shall nonetheless be deemed remedied if: (i) within sixty (60) days after receiving notice from Subtenant, a Leasehold Mortgagee acquires possession of the Sublease Premises, or commences appropriate judicial or nonjudicial proceedings to obtain the same; (ii) the Leasehold Mortgagee is prosecuting any such proceedings to completion with commercially reasonable diligence; and (iii) after gaining possession thereof, the Leasehold Mortgagee performs all other obligations of Sublandlord (other than in connection with Non-Curable Defaults) as and when the same are due in accordance with the terms of this Sublease. If a Leasehold Mortgagee is prohibited by any process or injunction issued by any court or by reason of any action of any court having jurisdiction over any bankruptcy or insolvency proceeding involving Sublandlord from commencing or prosecuting the proceedings described above, then the sixty (60)-day period specified above for commencing such proceedings shall be extended for the period of such prohibition.

Defaults Requiring Possession. If any default or event of default by Sublandlord Tenant under this Sublease Lease cannot be cured by a Leasehold Mortgagee without its obtaining possession of all or part of the Sublease PremisesSite or the Easement Lands, then such default or event of default shall nonetheless be deemed remedied if: (i) within sixty (60) days after receiving notice from SubtenantLandlord as set forth in Section 12(e)(ii), a Leasehold Mortgagee acquires possession of the Sublease PremisesSite and Easement Lands, or commences appropriate judicial or nonjudicial proceedings to obtain the same; (ii) the Leasehold Mortgagee is prosecuting any such proceedings to completion with commercially reasonable diligence; and (iii) after gaining possession thereof, the Leasehold Mortgagee performs all other obligations of Sublandlord Tenant (other than in connection with Non-Curable Defaults) as and when the same are due in accordance with the terms of this SubleaseLease. If a Leasehold Mortgagee is prohibited by any process or injunction issued by any court or by reason of any action of any court having jurisdiction over any bankruptcy or insolvency proceeding involving Sublandlord Tenant or a sublessee, as the case may be, from commencing or prosecuting the proceedings described above, then the sixty (60)-day period specified above for commencing such proceedings shall be extended for the period of such prohibition.