Common use of Lease Default Clause in Contracts

Lease Default. There shall be no forfeiture or termination of the Lease except for (i) the nonpayment of amounts due under the Lease, and (ii) violation of one or more provisions of the Lease addressing the following: (a) prohibition or restrictions on the sale or transfer of the Lessee’s interest (however, non-sale transfers protected under the Xxxx St. Xxxxxxx Act or otherwise permitted under Freddie Mac’s Single-Family Seller/Servicer Guide (“Guide”) (see e.g., Guide Sections 8406.3 and 8406.4), as amended from time to time, may not constitute a basis for default under the Lease, though the Lessor may require such transferee to agree to assume the transferor’s obligations under the Lease when an assumption of the Specified Mortgage would be required under Freddie Mac’s Guide (see e.g., Guide Chapter 8406), and (b) requirement that the Lessee occupy the Leased Premises as primary residence. Provided, however, such forfeiture or termination shall be subject to the Specified Mortgagee’s right to cure a monetary default, or otherwise foreclose or take an assignment of the Leasehold Estate in lieu of foreclosure with respect to the Lessee’s monetary or non-monetary default. Notwithstanding the foregoing, nothing herein shall be construed to require the Specified Mortgagee to cure any non-monetary default. Further, the Specified Mortgagee shall become subrogated to any and all rights of the Lessee with respect to such curing of a default. If the Lessee’s default shall be cured as provided in the Lease, and the Specified Mortgagee shall discontinue its foreclosure or assignment in lieu of foreclosure proceedings, the Lease shall continue in full force and effect as if the Lessee had not defaulted. A default by the Lessee under the Lease shall constitute a default under the Specified Mortgage.

Lease Default. There shall be no forfeiture or termination of the Lease except for (i) the nonpayment of amounts due under the Lease, and (ii) violation of one or more provisions of the Lease addressing the following: (a) prohibition or restrictions on the sale or transfer of the Lessee’s 's interest (however, non-sale transfers protected under the Xxxx St. Xxxxxxx Act resulting from marriage, divorce, death of a spouse, or a transfer otherwise permitted under Freddie Mac’s Single-Family Seller/Servicer Guide (“Guide”) (see e.g., Guide Sections 8406.3 and 8406.4), as amended from time to timeby applicable federal law, may not constitute a basis for default under the Lease, though the Lessor may require such transferee to agree to assume the transferor’s 's obligations under the Lease when an assumption of the Specified Mortgage would be required under Freddie Mac’s Guide (see e.g., Guide Chapter 8406Lease), and (b) requirement that the Lessee occupy the Leased Premises as primary residence. Provided, however, such forfeiture or termination shall be subject to the Specified Mortgagee’s 's right to cure a monetary default, or otherwise foreclose or take an assignment of the Leasehold Estate in lieu of foreclosure with respect to the Lessee’s 's monetary or non-monetary default. Notwithstanding the foregoing, nothing herein shall be construed to require the Specified Mortgagee to cure any non-monetary default. Further, the Specified Mortgagee shall become subrogated to any and all rights of the Lessee with respect to such curing of a default. If the Lessee’s 's default shall be cured as provided in the Lease, and the Specified Mortgagee shall discontinue its foreclosure or assignment in lieu of foreclosure proceedings, the Lease shall continue in full force and effect as if the Lessee had not defaulted. A default by the Lessee under the Lease shall constitute a default under the Specified Mortgage.

Lease Default. There shall be no forfeiture or termination of the Lease except for (i) the nonpayment of amounts due under the Lease, and (ii) violation of one or more provisions of the Lease addressing the following: (a) prohibition or restrictions on the sale or transfer of the Lessee’s 's interest (however, non-sale transfers protected under the Xxxx St. Xxxxxxx Act resulting from marriage, divorce, death of a spouse, or a transfer otherwise permitted under Freddie Mac’s Single-Family Seller/Servicer Guide (“Guide”) (see e.g., Guide Sections 8406.3 and 8406.4), as amended from time to timeby applicable federal law, may not constitute a basis for default under the Lease, though the Lessor Lesssor may require such transferee to agree to assume the transferor’s 's obligations under the Lease when an assumption of the Specified Mortgage would be required under Freddie Mac’s Guide (see e.g., Guide Chapter 8406Lease), and (b) requirement that the Lessee occupy the Leased Premises as primary residence. Provided, however, such forfeiture or termination shall be subject to the Specified Mortgagee’s 's right to cure a monetary default, or otherwise foreclose or take an assignment of the Leasehold Estate estate in lieu of foreclosure with respect to the Lessee’s 's monetary or non-monetary default. Notwithstanding the foregoing, nothing herein shall be construed to require the Specified Mortgagee to cure any non-monetary default. Further, the Specified Mortgagee shall become subrogated to any and all rights of the Lessee with respect to such curing of a default. If the Lessee’s 's default shall be cured as provided in the Lease, and the Specified Mortgagee shall discontinue its foreclosure or assignment in lieu of foreclosure proceedings, the Lease shall continue in full force and effect as if the Lessee had not defaulted. A default by the Lessee under the Lease shall constitute a default under the Specified Mortgage.