Common use of Landlord's Loan Defaults Clause in Contracts

Landlord's Loan Defaults. If either: (a) Landlord defaults under any loans the lender of which is the beneficiary under the Letter of Credit, and as a result of Landlord's default such lender/beneficiary draws under the Letter of Credit (not including any draws of the type described in Sections 24.17(b) or (e)), and Landlord's default did not arise as a result of Tenant's breach of its obligations under this Lease (e.g., Tenant's failure to pay rent in full when due hereunder) and at the time of Landlord's default Tenant is not in default under this Lease; or (b) Landlord defaults under any mortgage loan secured by the Premises or any portion thereof and the Letter of Credit is not drawn as a result thereof, and Landlord's default did not arise as a result of Tenant's breach of its obligations under this Lease and at the time of Landlord's default Tenant is not in default under this Lease (e.g., Tenant's failure to pay rent in full when due hereunder), and Tenant exercises its rights to cure Landlord's default; or (c) The beneficiary of the Letter of Credit draws under the Letter of Credit and such draws are deemed to be LC Advances under Section 24.17(f); THEN, if and to the extent that Landlord does not reimburse Tenant for the amounts drawn under the Letter of Credit as set forth in Subsection (a) above and/or the amounts paid by Tenant to the mortgagee to cure Landlord's default as set forth in Subsection (b) above and/or pay to Tenant as and when required amounts due under the LC Note (including for purposes of this Section only amounts, if any, that remain due under the LC Note after funds from a permanent loan have been received by Landlord and used to prepay Tenant as provided under the LC Note) as described in Section 24.17(f) (collectively, the "Cure Payments"), notwithstanding anything to the contrary in this Lease: (i) as described in Section 3 of Addendum #3, Net Proceeds first will be distributed to Tenant to repay the unrepaid Cure Payments; and (ii) if there are any unrepaid Cure Payments as of the date that the loan secured by the Letter of Credit and the mortgage loan and any refinancing thereof are fully paid, Tenant may offset against base rent an amount equal to the difference between the monthly base rent due from Tenant, less the monthly debt service (multiplied by 1.2) due to any then-existing Landlord's Mortgagees, until the Cure Payments have been repaid in full. For purposes of this Section, Landlord's default under the applicable loan(s) shall be deemed to be a breach of Landlord's obligations under the applicable loan(s) which is not cured within applicable notice and cure periods under such loans. Such loans shall provide that: (A) the lender(s) shall deliver notices of such defaults to Tenant concurrently with delivery to Landlord; and (B) that the lender(s) will accept a cure of such defaults by Tenant (if and to the extent that such defaults are curable by Tenant) within the cure periods for such defaults granted to Landlord under such loans.

Landlord's Loan Defaults. If either:: ------------------------ (a) Landlord defaults under any loans the lender of which is the beneficiary under the Letter of Credit, and as a result of Landlord's default such lender/beneficiary draws under the Letter of Credit (not including any draws of the type described in Sections 24.17(b) or (e)), and Landlord's default did not arise as a result of Tenant's breach of its obligations under this Lease (e.g., Tenant's failure to pay rent in full when due hereunder) and at the time of Landlord's default Tenant is not in default under this Lease; or (b) Landlord defaults under any mortgage loan secured serviced by the Premises or any portion thereof and the Letter of Credit is not drawn as a result thereof, and Landlord's default did not arise as a result of Tenant's breach of its obligations under this Lease and at the time of Landlord's default Tenant is not in default under this Lease (e.g., Tenant's failure to pay rent in full when due hereunder), and Tenant exercises its rights to cure Landlord's default; or (c) The beneficiary of the Letter of Credit draws under the Letter of Credit and such draws are deemed to be LC Advances under Section 24.17(f); THEN, if and to the extent that Landlord does not reimburse Tenant for the amounts drawn under the Letter of Credit as set forth in Subsection (a) above and/or the amounts paid by Tenant to the mortgagee to cure Landlord's default as set forth in Subsection (b) above and/or pay to Tenant as and when required amounts due under the LC Note (including for purposes of this Section only amounts, if any, that remain due under the LC Note after funds from a permanent loan have been received by Landlord and used to prepay Tenant as provided under the LC Note) as described in Section 24.17(f) (collectively, the "Cure Payments"), notwithstanding anything to the contrary in this Lease: (i) as described in Section 3 of Addendum #3, Net Proceeds first will be distributed to Tenant to repay the unrepaid Cure Payments; and (ii) if there are any unrepaid Cure Payments as of the date that the loan secured by the Letter of Credit and the mortgage loan and any refinancing thereof are fully paid, Tenant may offset against base rent an amount equal to the difference between the monthly base rent due from Tenant, less the monthly debt service (multiplied by 1.2) due to any then-existing Landlord's Mortgagees, until the Cure Payments have been repaid in full. For purposes of this Section, Landlord's default under the applicable loan(sloans) shall be deemed to be a breach of Landlord's obligations under the applicable loan(sloans) which is not cured within applicable notice and cure periods under such loans. Such loans shall provide that: (A) the lender(slenders) shall deliver notices of such defaults to Tenant concurrently with delivery to Landlord; and (B) that the lender(slenders) will accept a cure of such defaults by Tenant (if and to the extent that such defaults are curable by Tenant) within the cure periods for such defaults granted to Landlord under such loans.

Landlord's Loan Defaults. If either:: ------------------------ (a) Landlord defaults under any loans the lender of which is the beneficiary under the Letter of Credit, and as a result of Landlord's default such lender/beneficiary draws under the Letter of Credit (not including any draws of the type described in Sections 24.17(b) or (e)), and Landlord's default did not arise as a result of Tenant's breach of its obligations under this Lease (e.g., Tenant's failure to pay rent in full when due hereunder) and at the time of Landlord's default Tenant is not in default under this Lease; or (b) Landlord defaults under any mortgage loan secured by the Premises or any portion thereof and the Letter of Credit is not drawn as a result thereof, and Landlord's default did not arise as a result of Tenant's breach of its obligations under this Lease and at the time of Landlord's default Tenant is not in default under this Lease (e.g., Tenant's failure to pay rent in full when due hereunder), and Tenant exercises its rights to cure Landlord's default; or (c) The beneficiary of the Letter of Credit draws under the Letter of Credit and such draws are deemed to be LC Advances under Section 24.17(f); THEN, if and to the extent that Landlord does not reimburse Tenant for the amounts drawn under the Letter of Credit as set forth in Subsection (a) above and/or the amounts paid by Tenant to the mortgagee to cure Landlord's default as set forth in Subsection (b) above and/or pay to Tenant as and when required amounts due under the LC Note (including for purposes of this Section only amounts, if any, that remain due under the LC Note after funds from a permanent loan have been received by Landlord and used to prepay Tenant as provided under the LC Note) as described in Section 24.17(f) (collectively, the "Cure Payments"), notwithstanding anything to the contrary in this Lease: (i) as described in Section 3 of Addendum #3, Net Proceeds first will be distributed to Tenant to repay the unrepaid Cure Payments; and (ii) if there are any unrepaid Cure Payments as of the date that the loan secured by the Letter of Credit and the mortgage loan and any refinancing thereof are fully paid, Tenant may offset against base rent an amount equal to the difference between the monthly base rent due from Tenant, less the monthly debt service (multiplied by 1.2) due to any then-existing Landlord's Mortgagees, until the Cure Payments have been repaid in full. For purposes of this Section, Landlord's default under the applicable loan(s) shall be deemed to be a breach of Landlord's obligations under the applicable loan(s) which is not cured within applicable notice and cure periods under such loans. Such loans shall provide that: (A) the lender(s) shall deliver notices of such defaults to Tenant concurrently with delivery to Landlord; and (B) that the lender(s) will accept a cure of such defaults by Tenant (if and to the extent that such defaults are curable by Tenant) within the cure periods for such defaults granted to Landlord under such loans.