Common use of Landlord's Right to Draw on Letter of Credit Clause in Contracts

Landlord's Right to Draw on Letter of Credit. The LOC shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term. The LOC shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord If, after notice and failure to cure within any applicable period provided in this Lease. Tenant defaults on any provision of this Lease. Landlord may, without prejudice to all or any other remedy it has, draw on that portion of the LOC necessary to (a) pay Rent or other sum in default: (b) pay or reimburse Landlord for any amount that Landlord may spend or become obligated to spend in exercising Landlord's rights under Paragraph 30 (Right of Landlord to Perform Tenant's Covenant): and/or (c) compensate Landlord for any expense, loss, or damage that Landlord may suffer because of Tenant's default. The use, application or retention of the LOC, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to proceed against the LOC and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. If Tenant falls to renew or replace the LOC at least thirty (30) days before its expiration. Landlord may, without prejudice to any other remedy it has, draw on the entire amount of the LOC.

Landlord's Right to Draw on Letter of Credit. The LOC Landlord shall be held by Landlord hold the Letter of Credit as security for the faithful performance by Tenant of all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term. The LOC shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord If, after notice and failure to cure within any applicable period provided in Tenant's obligations under this Lease. If Tenant defaults on under any provision of this Lease. Lease and fails to cure such default after any required notice and prior to the expiration of any applicable cure period, Landlord or Landlord's mortgagee or assignee may, without prejudice to all or any other remedy it has, draw on that all or any portion of the LOC necessary to Letter of Credit and apply the proceeds to: (a) pay any Rent or other sum in default: ; (b) pay or reimburse Landlord for any amount that Landlord may spend or become obligated to spend in exercising Landlord's rights under Paragraph 30 (Right of Landlord to Perform Tenant's Covenant): and/or Article 23; or (c) compensate Landlord for any expense, loss, loss or damage that Landlord may suffer because of Tenant's default. The use, application or retention of the LOC, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to proceed against the LOC and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. If Tenant falls fails to renew or replace the LOC Letter of Credit at least thirty forty-five (3045) days before its expiration. , Landlord may, without prejudice to any other remedy it has, draw on all or the entire Letter of Credit. Landlord may draw upon the Letter of Credit by notice to the Bank that (i) Tenant has defaulted under the Lease and that any applicable cure period has expired, or (ii) that Tenant has failed to renew or replace the Letter of Credit within the time periods set forth in the Lease. Landlord's notice shall contain the amount which Landlord is drawing under the Letter of Credit. No further documentation shall be required and the LOCBank shall be entitled to rely on Landlord's notice.

Landlord's Right to Draw on Letter of Credit. The LOC shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Tease Term. The LOC shall not be he mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. Landlord shall hold the LOC as security for the performance of Tenant’s obligations under this Lease. If, after notice and failure to cure within any applicable period provided in this Lease. , Tenant defaults on any provision of this Lease. , Landlord may, without prejudice to all or any other remedy it has, draw on that all or any portion of the LOC necessary to (a) pay Rent or other sum in default: ; (b) pay or reimburse Landlord for any amount that Landlord may spend or become obligated to spend in exercising Landlord's ’s rights under Paragraph 30 17 (Right of Landlord to Perform Tenant's Covenant): Remedies); and/or (c) compensate Landlord for any expense, loss, or damage that Landlord may suffer because of Tenant's ’s default. The use, application or retention of the LOC, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this the Lease or by law, it being intended that Landlord shall not first be required to proceed against the LOC and shall not operate as a limitation on any recovery to which Landlord landlord may otherwise be entitled. If Tenant falls fails to renew or replace the LOC at least thirty (30) days before its expiration. , Landlord may, without prejudice to any other remedy it has, draw on the entire amount of the LOC.

Landlord's Right to Draw on Letter of Credit. The LOC shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term. The LOC shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. Landlord shall hold the LOC as security for the performance of Tenant's obligations under this Lease. If, after notice and failure to cure within any applicable period provided in this Lease. , Tenant defaults on any provision of this Lease. , Landlord may, without prejudice to all or any other remedy it has, draw on that all or any portion of the LOC necessary to (a) pay Rent or other sum in default: ; (b) pay or reimburse Landlord for any amount that Landlord may spend or become obligated to spend in exercising Landlord's rights under Paragraph 30 (Right of Landlord to Perform Tenant's Covenant): 17(d)(ii); and/or (c) compensate Landlord for any expense, loss, or damage that Landlord may suffer because of Tenant's default. The use, application or retention of the LOC, or any portion thereofthere of, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to proceed against the LOC and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. If Tenant falls fails to renew or replace the LOC at least thirty (30) days before its expiration. , Landlord may, without prejudice to any other remedy it has, draw on the entire amount of the LOC.

Landlord's Right to Draw on Letter of Credit. The LOC shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term. The LOC shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. Landlord shall hold the LOC as security for the performance of Tenant's obligations under this Lease. If, after notice and failure to cure within any applicable period provided in this Lease. , Tenant defaults on any provision of this Lease. , Landlord may, without prejudice to all or any other remedy it has, draw on that all or any portion of the LOC necessary to (a) pay Rent or other sum in default: ; (b) pay or reimburse Landlord for any amount that Landlord may spend or become obligated to spend in exercising Landlord's rights under Paragraph 30 (Right of Landlord to Perform Tenant's Covenant): ); and/or (c) compensate Landlord for any expense, loss, or damage that Landlord may suffer because of Tenant's default. The use, application or retention of the LOC, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to proceed against the LOC and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. If Tenant falls fails to renew or replace the LOC at least thirty (30) days before its expiration. , Landlord may, without prejudice to any other remedy it has, draw on the entire amount of the LOC.

Landlord's Right to Draw on Letter of Credit. The LOC Landlord shall be held by Landlord hold the Better of Credit as security for the faithful performance by Tenant of all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term. The LOC shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord If, after notice and failure to cure within any applicable period provided in Tenant's obligations under this Lease. If Tenant defaults on under any provision of this Lease. Lease and fails to cure such default after any required notice and prior to the expiration of any applicable cure period, Landlord may, without prejudice to all or any other remedy it has, draw on that all or any portion of the LOC necessary to Letter of Credit and apply the proceeds to: (a) pay any Rent or other sum in default: ; (b) pay or reimburse Landlord for any amount that Landlord may spend or become obligated to spend in exercising Landlord's rights under Paragraph 30 (Right of Landlord to Perform Tenant's Covenant): and/or Article 23; or (c) compensate Landlord for any expense, loss, loss or damage that Landlord may suffer because of Tenant's default. The use, application or retention of the LOC, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to proceed against the LOC and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. If Tenant falls fails to renew or replace the LOC Letter of Credit at least thirty forty-five (3045) days before its expiration. , Landlord may, without prejudice to any other remedy it has, draw on all or the entire Letter of Credit. Landlord may draw upon the Letter of Credit by notice to the Bank that (i) Tenant has defaulted under the Lease and that any applicable cure period has expired, or (ii) that Tenant has failed to renew or replace the Letter of Credit within the time periods set forth in the Lease. Landlord's notice shall contain the amount which Landlord is drawing under the Letter of Credit. No further documentation shall be required and the LOCBank shall be entitled to rely on Landlord's notice.