Common use of Failure to Perform Covenants Clause in Contracts

Failure to Perform Covenants. The failure of Borrower to fully perform any and all covenants and agreements hereunder or under any of the other Loan Documents, and, with respect to covenants and agreements other than those specifically referenced in this Section 7.01, or for which another cure period is provided, such failure is not cured by Borrower within thirty (30) days after Lender gives notice to Borrower thereof, unless (i) such failure, by its nature, is not capable of being cured within such period, (ii) within fifteen (15) days after delivery of such notice, Borrower commences to cure such failure and thereafter diligently prosecutes the cure thereof, and (iii) Borrower causes such failure to be cured no later than ninety (90) days after the date of such notice from Lender.

Appears in 3 contracts

Samples: Term Loan Agreement (Rexford Industrial Realty, Inc.), Term Loan Agreement (Rexford Industrial Realty, Inc.), Term Loan Agreement (Rexford Industrial Realty, Inc.)

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Failure to Perform Covenants. The failure of Borrower to fully perform any and all covenants and agreements hereunder or under any of the other Loan Documents, and, with respect to covenants and agreements other than those specifically referenced in this Section 7.018.01, or for which another cure period is provided, such failure is not cured by Borrower within thirty (30) days after Lender Administrative Agent gives notice to Borrower thereof; provided that, unless (i) if cure of such failure, by its nature, is failure cannot capable of being cured reasonably be effected within such 30-day period, (ii) within fifteen (15) days after delivery of such notice, Borrower commences to cure such failure shall not be a Default hereunder so long as Borrower promptly commences cure, and thereafter diligently prosecutes the such cure thereof, and (iii) Borrower causes such failure to be cured no later completion within a period of not more than ninety (90) days after the date of such notice from Lenderdays.

Appears in 2 contracts

Samples: Term Loan and Security Agreement (KBS Growth & Income REIT, Inc.), Term Loan and Security Agreement (KBS Growth & Income REIT, Inc.)

Failure to Perform Covenants. The failure of Borrower to fully perform any and all covenants and agreements hereunder under this Agreement or under any of the other Loan Documents, and, with respect to covenants and agreements other than those specifically referenced in this Section 7.016.01, or for which another cure period is provided, such failure (“other default”) is not cured by Borrower within thirty (30) days after Lender gives notice to Borrower thereofBorrower, unless (i) such failureother default, by its nature, is not capable of being cured within such period, and (ii) within fifteen (15) days after delivery of such noticeperiod, Borrower commences to cure such failure other default and thereafter diligently prosecutes the cure thereofcure, and (iii) Borrower causes such failure other default to be cured no later than ninety (90) days after the date of such notice from Lender.; or

Appears in 1 contract

Samples: Term Loan Agreement (Strategic Student & Senior Housing Trust, Inc.)

Failure to Perform Covenants. The failure of Borrower to fully perform any and all covenants and agreements hereunder under this Agreement or under any of the other Loan Documents, and, with respect to covenants and agreements other than those specifically referenced in this Section 7.016.01, or for which another cure period is ​ ​ ​ ​ 32 ​ ​ ​ ​ ​ ​ provided, such failure (“other default”) is not cured by Borrower within thirty (30) days after Lender gives notice to Borrower thereofBorrower, unless (i) such failureother default, by its nature, is not capable of being cured within such period, and (ii) within fifteen (15) days after delivery of such noticeperiod, Borrower commences to cure such failure other default and thereafter diligently prosecutes the cure thereofcure, and (iii) Borrower causes such failure other default to be cured no later than ninety (90) days after the date of such notice from Lender.

Appears in 1 contract

Samples: Construction Loan Agreement (Indus Realty Trust, Inc.)

Failure to Perform Covenants. The failure of Borrower to fully perform any and all covenants and agreements hereunder or under any of the other Loan Documents, and, with respect to covenants and agreements other than those specifically referenced in this Section 7.018.01, or for which another cure period is provided, such failure is not cured by Borrower within thirty (30) days after Lender Administrative Agent gives notice to Borrower thereof; provided that, unless in the event that such failure cannot be remedied with reasonable diligence during such thirty (i30) such failure, by its nature, is not capable of being cured within such day period, (ii) within fifteen (15) days after delivery of such notice, failure shall not constitute a Default so long as Borrower commences to cure such failure during such thirty (30) day period, and thereafter diligently prosecutes the such cure thereof, to completion and completes such cure within an additional thirty (iii) Borrower causes such failure to be cured no later than ninety (9030) days after the date of such notice from Lenderperiod.

Appears in 1 contract

Samples: Revolving Loan and Security Agreement (Cottonwood Communities, Inc.)

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Failure to Perform Covenants. The failure of any Borrower to fully perform any and all covenants and agreements hereunder or under any of the other Loan Documents, and, with respect to covenants and agreements other than those specifically referenced in this Section 7.018.01, or for which another cure period is provided, such failure is not cured by Borrower within thirty (30) days after Lender Administrative Agent gives notice to Borrower thereof, unless (i) such failure, by its nature, is not capable of being cured within such thirty (30) day period, (ii) within fifteen thirty (1530) days after the delivery of such notice, Borrower commences to cure such failure and thereafter diligently prosecutes the cure thereof, and (iii) Borrower causes such failure to be cured no later than ninety (90) days after the date of such notice from Lender.Administrative Agent. 110

Appears in 1 contract

Samples: Credit Agreement (CIM Commercial Trust Corp)

Failure to Perform Covenants. The failure of Borrower to fully perform any and all covenants and agreements hereunder or under any of the other Loan Documents, and, with respect to covenants and agreements other than those specifically referenced in this Section 7.018.01, or for which another cure period is provided, such failure is not cured by Borrower within thirty (30) days after Lender gives notice to Borrower thereof, unless (i) provided that, if such failure, by its nature, is failure cannot capable of being reasonably be cured within such period, thirty (ii) within fifteen (1530) days after delivery of such noticeprior, the same shall not constitute a Default as long as Borrower commences to promptly undertakes and diligently pursues each cure and does cure such failure and thereafter diligently prosecutes the cure thereof, and (iii) Borrower causes such failure to be cured no later than within ninety (90) days after the date of such notice from Lender.notice; or

Appears in 1 contract

Samples: Loan and Security Agreement (Inland Real Estate Income Trust, Inc.)

Failure to Perform Covenants. The failure of Borrower to fully perform any and all covenants and agreements hereunder or under any of the other Loan Documents, and, with respect to covenants and agreements other than those specifically referenced in this Section 7.018.01, or for which another cure period is provided, such failure is not cured by Borrower within thirty (30) days after Lender gives notice to Borrower thereof, unless (i) provided that, if such failure, by its nature, is failure cannot capable of being reasonably be cured within such period, thirty (ii) within fifteen (1530) days after delivery of such noticeprior, the same shall not constitute a Default as long as Borrower commences to promptly undertakes and diligently pursues each cure and does cure such failure and thereafter diligently prosecutes the cure thereof, and (iii) Borrower causes such failure to be cured no later than within ninety (90) days after the date of such notice from Lendernotice.

Appears in 1 contract

Samples: Loan and Security Agreement (Inland Real Estate Income Trust, Inc.)

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