Common use of Landlord Event of Default Clause in Contracts

Landlord Event of Default. Landlord shall be deemed in default of its obligations under this Lease if Landlord shall fail to perform, in a timely manner in accordance with the terms of this Lease, any obligation under this Lease required to be performed by Landlord, and such failure shall continue for thirty (30) days after Landlord’s receipt of written notice of such failure from Tenant (a “Landlord Event of Default”). Notwithstanding the foregoing, Landlord shall have such additional period as may be reasonably required to cure such failure, if the same, by its nature, may not be reasonably cured within thirty (30) days, so long as Landlord commences such cure within thirty (30) days after Landlord’s receipt of notice thereof and thereafter diligently prosecutes the same to completion. If Landlord fails to complete such cure as provided above, then subject to the provisions of any Permitted Leasehold Mortgage, Tenant shall thereupon be entitled to exercise any and all remedies available to Tenant for such default under this Lease or at law or in equity; provided, however, Tenant shall have no right to exercise any “self help” right or remedy, to set off against Rents payable hereunder or to obtain any consequential damages against Landlord. In the event Landlord or a creditor thereof files a petition for relief naming Landlord as a debtor under Title 11 of the United States Code, Landlord hereby acknowledges and agrees that Tenant’s possessory interest under this Lease and ownership of the Improvements are unique interests and cannot be converted into a cash claim under Section 363 of Title 11 of the United States Code unless Tenant expressly consents to the same. Notwithstanding anything in this Lease to the contrary, the Lease will not be terminated by Tenant without the prior written consent of the Permitted Leasehold Mortgagees and, during the applicable fifteen (15)-year tax credit compliance period under the LIHTC Housing Requirements, as well as any other applicable time period under other applicable requirements, the Investor Limited Partner. Any termination without such consent shall be void ab initio.

Landlord Event of Default. The Landlord shall be deemed in default of its obligations under this Lease if the Landlord shall fail to perform, in a timely manner in accordance with the terms of this Lease, any obligation under this Lease required to be performed by the Landlord, and such failure or if any Landlord representation made herein is false in any material respect, or Landlord is the subject of a bankruptcy proceeding under the U.S. Bankruptcy Code (each a “Landlord Event of Default”). If a Landlord Event of Default shall continue for thirty (30) days after Landlord’s receipt of written notice of such failure from Tenant (a “Landlord Event of Default”). Notwithstanding Default from the foregoingTenant, the Landlord shall have such be permitted an additional period as may be reasonably required to cure such failure, Landlord Event of Default if the same, by its nature, same may not be reasonably cured within thirty (30) days, days so long as the Landlord commences such cure within thirty ten (3010) days after Landlord’s receipt of notice thereof and thereafter diligently prosecutes the same to completion, but in any event such cure must be completed to the Tenant’s reasonable satisfaction within ninety (90) days of the Tenant’s notice to the Landlord subject to the parties’ mutual agreement to extend such time period and subject to delays caused directly by force majeure, or Acts of God, and matters outside the reasonable control of the Landlord so long as the Landlord has acted diligently, with dispatch, and in good faith to prevent or shorten any such delays. In no event shall the Landlord be entitled to any cure period for any failure to repay the Rent under the terms and conditions set forth in subsection 4.1.1 hereof. If the Landlord fails to complete such cure as provided above, then subject to the provisions of any Permitted Leasehold Mortgage, the Tenant shall thereupon be entitled to exercise any and all remedies available to the Tenant for such default under this Lease or at law or in equity; provided. Without waiving or limiting any other remedies available to the Tenant, howeverupon such default by the Landlord (and subject to the notice and cure rights of the Landlord), the Tenant shall have no right be entitled (but not obligated) to exercise any “self help” right perform or remedycause such obligations to be so performed on behalf of the Landlord, to set off against Rents payable hereunder or to obtain any consequential damages against and the Landlord shall reimburse the Tenant for its reasonable third party out-of-pocket costs and expenses incurred by the Tenant in doing so, which amount shall be due within thirty (30) days of the Landlord’s receipt of a written statement of the costs and expenses so incurred by the Tenant. In the event the Landlord or a creditor thereof files a petition for relief naming the Landlord as a debtor under Title 11 of the United States Code, the Landlord hereby acknowledges and agrees that the Tenant’s possessory interest under this Lease and ownership of the Improvements are unique interests and cannot be converted into a cash claim under Section 363 of Title 11 of the United States Code unless the Tenant expressly consents to the same. Notwithstanding anything in the foregoing, during the term of any Permitted Leasehold Mortgage, Tenant shall not terminate this Lease to in the contraryevent of the Landlord’s bankruptcy under Section 365(h)(A)(i) of Chapter 11 of the U.S. Bankruptcy Code, the Lease will not be terminated by Tenant without the prior written consent of the Permitted Leasehold Mortgagees andand any termination without the prior written consent of the Permitted Leasehold Mortgagees shall be deemed void ab initio. Notwithstanding anything to the contrary in this provision, during Tenant may not terminate this Lease without the applicable fifteen (15)-year tax credit compliance period under the LIHTC Housing Requirements, as well as any other applicable time period under other applicable requirements, consent of the Investor Limited Partner. Any termination without such consent shall be void ab initioPartner and the Permitted Leasehold Mortgagees during the Compliance Period.

Landlord Event of Default. Landlord shall be deemed in default of its obligations under this Lease if Landlord shall fail to perform, in a timely manner in accordance with the terms of this Lease, any obligation under this Lease required to be performed by Landlord, and such failure shall continue for thirty (30) days after Landlord’s receipt of written notice of such failure from Tenant (a “Landlord Event of Default”). Notwithstanding the foregoing, Landlord shall have such additional period as may be reasonably required to cure such failure, if the same, by its nature, may not be reasonably cured within thirty (30) days, days so long as Landlord commences such cure within thirty (30) days after Landlord’s receipt of notice thereof and thereafter diligently prosecutes the same to completion. If Landlord fails to complete such cure as provided above, then subject to the provisions of any Permitted Leasehold Mortgage, Tenant shall thereupon be entitled to exercise any and all remedies available to Tenant for such default under this Lease or at law or in equity; provided, however, Tenant shall have no right to exercise any “self help” right or remedy, to set off against Rents payable hereunder or to obtain any consequential damages against Landlord. Without waiving or limiting any other remedies available to Tenant, upon such default by Landlord (and subject to the notice and cure rights of Landlord), Tenant shall be entitled (but not obligated) to perform or cause such obligations to be so performed on behalf of Landlord, and Landlord shall reimburse Tenant, as additional rent hereunder, for its reasonable third party out- of-pocket costs and expenses incurred by Tenant in doing so, which amount shall be due within thirty (30) days of Landlord’s receipt of a written statement of the costs and expenses so incurred by Xxxxxx. In the event Landlord or a creditor thereof files a petition for relief naming Landlord as a debtor under Title 11 of the United States Code, Landlord hereby acknowledges and agrees that TenantXxxxxx’s possessory interest under this Lease and ownership of the Improvements are unique interests and cannot be converted into a cash claim under Section 363 of Title 11 of the United States Code unless Tenant expressly consents to the same. Notwithstanding anything in this Lease to the contrary, the Lease will not be terminated by Tenant without the prior written consent of the Permitted Leasehold Mortgagees and, during the applicable fifteen (15)-year tax credit compliance period under the LIHTC Housing Requirements, as well as any other applicable time period under other applicable requirements, the Investor Limited Partner. Any termination without such consent shall be void ab initio.

Landlord Event of Default. Landlord A. The occurrence of any one or more of the following events shall be deemed in constitute a default of its obligations under this Lease if Landlord shall fail to perform, in a timely manner in accordance with the terms of this Lease, any obligation under this Lease required to be performed by Landlord, and such failure which if not cured within any applicable time permitted for cure below, shall continue for thirty (30) days after Landlord’s receipt of written notice of such failure from Tenant (constitute a “Landlord Event of Default”). Notwithstanding the foregoing“ or a “Landlord Default“ and shall give rise to Tenant’s remedies set forth herein: (i) failure by Landlord to make when due any payment to Tenant, Landlord unless such failure is cured within ten (10) business days after Tenant shall have delivered to Landlord a written notice specifying such additional period as may Landlord Default; or (ii) failure by Landlord to observe or perform any of the terms or conditions of this Lease to be reasonably required to cure observed or performed by Landlord other than the payment of money, unless such failure, if the same, by its nature, may not be reasonably failure is cured within thirty (30) days, so long as Landlord commences such cure within thirty (30) days after Tenant shall have delivered to Landlord a written notice specifying such failure (provided that, if the nature of Landlord’s receipt failure is such that more time is reasonably required to cure same or Landlord is delayed in or prevented from effecting such cure due to Unavoidable Delay or Tenant Delay, a Landlord Event of notice thereof Default shall not be deemed to have occurred if Landlord commences such cure within said thirty (30) day period and thereafter diligently prosecutes the same to completion. If Landlord fails to complete pursues such cure to completion and in fact effects said cure within an additional period of one hundred twenty (120) days), subject to extension for Unavoidable Delay or Tenant Delay. B. If a Landlord Event of Default occurs, in addition to those other rights and remedies expressly specified herein, Tenant shall have all of the rights and remedies available at law and in equity, except as otherwise expressly limited herein, including without limitation the right to seek any declaratory, injunctive or other equitable relief, any and all of which rights and remedies may be exercised, except as otherwise expressly provided aboveherein, then with or without further notice and with or without demand whatsoever, concurrently or successively, and at such time or times and in such order as Tenant may from time to time determine, subject to the provisions of any Permitted Leasehold Mortgage, Tenant shall thereupon be entitled to exercise any and all remedies available to Tenant for such default under this Lease or at law or in equity; provided, however, Tenant shall have no right to exercise any “self help” right or remedy, to set off against Rents payable hereunder or to obtain any consequential damages against Landlord. In the event Landlord or a creditor thereof files a petition for relief naming Landlord as a debtor under Title 11 of the United States Code, Landlord hereby acknowledges and agrees that Tenant’s possessory interest under this Lease and ownership the terms of the Improvements are unique interests and cannot be converted into a cash claim under Section 363 of Title 11 of the United States Code unless Tenant expressly consents to the same. Notwithstanding anything in this Lease to the contrary, the Lease will not be terminated by Tenant without the prior written consent of the Permitted Leasehold Mortgagees and, during the applicable fifteen (15)-year tax credit compliance period under the LIHTC Housing Requirements, as well as any other applicable time period under other applicable requirements, the Investor Limited Partner. Any termination without such consent shall be void ab initioSNDA.