Common use of Leasehold Mortgagee Opportunity to Remedy Default Clause in Contracts

Leasehold Mortgagee Opportunity to Remedy Default. Any Leasehold Mortgagee who is entitled to notice as provided in Section 16(d)(ii) shall have the right, but not the obligation, to remedy the default or acts or omissions of Lessee within the period and in the manner specified in this provision. Upon Lessee’s default and subsequent expiration of the applicable cure period in Section 18, a Leasehold Mortgagee shall be permitted to remedy such default(s) at any time within fifteen (15) calendar days (for nonmonetary defaults) and five (5) calendar days (for monetary defaults) following the expiration of the Lessee’s cure period; provided, however, Lessor shall not be required to furnish any further notice(s) of default(s) to said Leasehold Mortgagee.