KD’s Rights under the Step-In Agreement Sample Clauses

KD’s Rights under the Step-In Agreement. KD’s Retained Rights with respect to the Property shall include the rights granted it with respect to the Increment 1 Property (as the term “Property” is defined in Section 1 of the Increment 1 Purchase Agreement) under the Step In Agreement to step in and assume WBKD’s right, title and interest under the KS Agreements in the event that KS affirmatively terminates WBKD’s rights with respect to Increment 2 under the Lot 4A Lease because of WBKD’s election not to further perform, or WBKD’s default in performing, its obligations under the Lot 4A Lease (but only so long as the Lot 4A Lease includes Increment 2) or Increment 2 lease, as applicable, in each case, with respect to Increment 2 (the “Increment 2 Step-In Rights”). Notwithstanding anything to the contrary herein, in the Increment 1 Purchase Agreement, the Lot 4A Lease, the Step In Agreement or any other document to which KD and WBKD are a party, in no event shall KD have any right to step in and assume WBKD’s right, title and interest under the KS Agreements (whether under the Increment 1 Purchase Agreement, the Lot 4A Lease, the Step In Agreement or otherwise) merely because WBKD does not enter into the Increment 2 lease with KS on or before the Increment 2 Deadline (as defined in the Lot 4A Lease). KD’s Retained Rights shall terminate as of the “Satisfaction Date” (as such term shall be defined in the Increment 2 lease). WBKD’s obligation to re-convey Increment 2 to KD in connection with any exercise by KD of its Increment 2 Step-In Rights shall include, without limitation, the obligation to re-convey to KD all of WBKD’s right, title and interest in Increment 2 including, without limitation, all right, title and interest acquired by WBKD 1 with respect to Increment 2 under the Increment 1 Purchase Agreement as well as under this Agreement, in accordance with the requirements of such Sections 12.2 and 12.3 of the Increment 1 Purchase Agreement, to the extent then applicable. Any mortgagee of WBKD’s interest in Increment 2 shall subordinate its lien and rights to KD’s Retained Rights with respect to Increment 2, subject, however, to such mortgagee’s cure rights, all on similar terms and conditions as set forth in Section 4 of the Step In Agreement with respect to Farallon Enclave, LLC’s subordination to KD’s Increment 1 Retained Rights. The “Retained Rights” retained by KD under the terms of the Increment 1 Purchase Agreement with respect to Increment 1 are not affected by this Agreement and shall con...