Common use of Lender’s Right to Perform Clause in Contracts

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Pledge Agreement and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower).

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein or in the other Loan Documents and such failure shall continue continues for a period of five (5) Business Days 30 days after Borrower’s receipt of written notice thereof from Lenderof such failure by Lender to Borrower, or if such failure is not reasonably susceptible of cure within such 30 day period and if Borrower promptly commences such cure within such 30 day period and diligently prosecutes the same to completion, then the cure period shall be extended for such period of time as may be reasonably necessary to effect a cure but in no event shall such period exceed 90 days, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender reasonably incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations Indebtedness (and to the extent permitted under applicable laws, secured by the Pledge Agreement and the other Loan Documents) and shall bear interest thereafter from the date expended at the Default Interest Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to any Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower)failure.

Lender’s Right to Perform. If Borrower or Leasehold Pledgor Operating Lessee fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Pledge Agreement Mortgage and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower).

Lender’s Right to Perform. If any Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s Borrowers' receipt of written notice thereof from Lender, without in any way limiting Lender’s 's right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower Borrowers to Lender upon demand and if not paid shall be added to the Obligations Debt (and to the extent permitted under applicable laws, secured by the Pledge Agreement Mortgage and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to any Borrower of any such failure failure. Additionally, during the continuance of an Event of Default, Lender shall have the right, but not the obligation, to make any Protective Advance (provided hereinafter defined) (provided, however, that Lender will only make such Protective Advance from its own funds if Lender elects to exercise its right there are insufficient funds in the preceding sentence it Cash Management Accounts), and the same shall notify Borrower be added to the Debt (and to the extent permitted under applicable laws, secured by the Mortgage and other Loan Documents) and shall bear interest thereafter at the Default Rate. As used herein, "PROTECTIVE ADVANCE" means all sums advanced for the purpose of such exercise; providedpayment of real estate taxes (including special payments in lieu of real estate taxes), that maintenance costs, insurance premiums, operating expenses, trade payables or other items with respect to the Property (including capital items) reasonably necessary to protect the Property or any other security given for the Loan or to preserve any of Lender’s failure to so notify Borrower shall not invalidate such action 's rights or give rise to any liability on remedies under the part of Lender or defense, effect or counterclaim on the part of Borrower)Loan Documents.

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Pledge Agreement Mortgage and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower).

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Pledge Agreement and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower).

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails Borrowers fail to perform any monetary covenant or obligation contained herein or in the other Loan Documents and such failure shall continue continues for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lenderof such failure by Lender to Borrowers, or if Borrowers fail to perform any non-monetary covenant or obligation contained herein or in the other Loan Documents and such failure continues for a period of 20 days after written notice of such failure by Lender to Borrowers, or if such failure is not reasonably susceptible of cure within such 20 day period and if Borrowers promptly commence such cure within such 20 day period and diligently prosecutes the same to completion, then the cure period shall be extended for such period of time as may be reasonably necessary to effect a cure but in no event shall such period exceed 60 days, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower Borrowers to Lender upon demand and if not paid shall be added to the Obligations Indebtedness (and to the extent permitted under applicable laws, secured by the Pledge Agreement and the other Loan Documents) and shall bear interest thereafter from the date expended at the Default Interest Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower any Borrowers of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower)failure.

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations Debt (and to the extent permitted under applicable laws, secured by the Pledge Agreement and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure failure. Additionally, during the continuance of an Event of Default, Lender shall have the right, but not the obligation, to make any Protective Advance (provided hereinafter defined) (provided, however, that Lender will only make such Protective Advance from its own funds if Lender elects to exercise its right there are insufficient funds in the preceding sentence it Cash Management Accounts), and the same shall notify Borrower be added to the Debt (and to the extent permitted under applicable laws, secured by the Pledge Agreement and other Loan Documents) and shall bear interest thereafter at the Default Rate. As used herein, “Protective Advance” means all sums advanced for the purpose of such exercise; providedpayment of real estate taxes (including special payments in lieu of real estate taxes), that maintenance costs, insurance premiums, operating expenses, trade payables or other items with respect to the Property (including capital items) or the Collateral reasonably necessary to protect the Property, the Collateral or any other security given for the Loan or to preserve any of Lender’s failure to so notify Borrower shall not invalidate such action rights or give rise to any liability on remedies under the part of Lender or defense, effect or counterclaim on the part of Borrower)Loan Documents.

Lender’s Right to Perform. If any Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s 's receipt of written notice thereof from Lender, without in any way limiting Lender’s 's right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations Debt (and to the extent permitted under applicable laws, secured by the Pledge Agreement Mortgage and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to any Borrower of any such failure failure. Additionally, during the continuance of an Event of Default, Lender shall have the right, but not the obligation, to make any Protective Advance (provided hereinafter defined) (provided, however, that Lender will only make such Protective Advance from its own funds if Lender elects to exercise its right there are insufficient funds in the preceding sentence it Cash Management Accounts), and the same shall notify Borrower be added to the Debt (and to the extent permitted under applicable laws, secured by the Mortgage and other Loan Documents) and shall bear interest thereafter at the Default Rate. As used herein, "PROTECTIVE ADVANCE" means all sums advanced for the purpose of such exercise; providedpayment of real estate taxes (including special payments in lieu of real estate taxes), that maintenance costs, insurance premiums, operating expenses, trade payables or other items with respect to the Property (including capital items) reasonably necessary to protect the Property or any other security given for the Loan or to preserve any of Lender’s failure to so notify Borrower shall not invalidate such action 's rights or give rise to any liability on remedies under the part of Lender or defense, effect or counterclaim on the part of Borrower)Loan Documents.

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such failure to perform may likely result, in Lender's good faith opinion, in imminent harm to the Property, other property or persons using the Property, forfeiture of the Property, closure of all or any material portion of the Hotel, loss of insurance coverage, or may materially and adversely affect the Loan (or Borrower's ability to repay it) and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon written demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Pledge Agreement Mortgage and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send written notice to Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower)failure.

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s 's receipt of written notice thereof from Lender, without in any way limiting Lender’s 's right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations Debt (and to the extent permitted under applicable laws, secured by the Pledge Agreement Mortgage and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure failure. Additionally, during the continuance of an Event of Default, Lender shall have the right, but not the obligation, to make any Protective Advance (provided hereinafter defined) (provided, however, that Lender will only make such Protective Advance from its own funds if Lender elects to exercise its right there are insufficient funds in the preceding sentence it Cash Management Accounts), and the same shall notify Borrower be added to the Debt (and to the extent permitted under applicable laws, secured by the Mortgage and other Loan Documents) and shall bear interest thereafter at the Default Rate. As used herein, "PROTECTIVE ADVANCE" means all sums advanced for the purpose of such exercise; providedpayment of real estate taxes (including special payments in lieu of real estate taxes), that maintenance costs, insurance premiums, operating expenses, trade payables or other items with respect to the Property (including capital items) reasonably necessary to protect the Property or any other security given for the Loan or to preserve any of Lender’s failure to so notify Borrower shall not invalidate such action 's rights or give rise to any liability on remedies under the part of Lender or defense, effect or counterclaim on the part of Borrower)Loan Documents.

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations Debt (and to the extent permitted under applicable laws, secured by the Pledge Agreement Mortgage and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure failure. Additionally, during the continuance of an Event of Default, Lender shall have the right, but not the obligation, to make any Protective Advance (provided hereinafter defined) (provided, however, that Lender will only make such Protective Advance from its own funds if Lender elects to exercise its right there are insufficient funds in the preceding sentence it Cash Management Accounts), and the same shall notify Borrower be added to the Debt (and to the extent permitted under applicable laws, secured by the Mortgage and other Loan Documents) and shall bear interest thereafter at the Default Rate. As used herein, “Protective Advance” means all sums advanced for the purpose of such exercise; providedpayment of real estate taxes (including special payments in lieu of real estate taxes), that maintenance costs, insurance premiums, operating expenses, trade payables or other items with respect to the Property (including capital items) reasonably necessary to protect the Property or any other security given for the Loan or to preserve any of Lender’s failure to so notify Borrower shall not invalidate such action rights or give rise to any liability on remedies under the part of Lender or defense, effect or counterclaim on the part of Borrower)Loan Documents.

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein or in the other Loan Documents and such failure shall continue continues for a period of five (5) Business Days 30 days after Borrower’s receipt of written notice thereof from Lenderof such failure by Lender to Borrower, or if such failure is not reasonably susceptible of cure within such 30 day period and if Borrower promptly commences such cure within such 30 day period and diligently prosecutes the same to completion, then the cure period shall be extended for such period of time as may be reasonably necessary to effect a cure but in no event shall such period exceed 90 days, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender reasonably incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations Indebtedness (and to the extent permitted under applicable laws, secured by the Pledge Agreement Security Instrument and the other Loan Documents) and shall bear interest thereafter from the date expended at the Default Interest Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower)failure.

Lender’s Right to Perform. If any Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein or in the other Loan Documents and such failure shall continue continues for a period of five (5) Business Days 30 days after Borrower’s receipt of written notice thereof from Lenderof such failure by Lender to Borrower, or if such failure is not reasonably susceptible of cure within such 30 day period and if Borrower promptly commences such cure within such 30 day period and diligently prosecutes the same to completion, then the cure period shall be extended for such period of time as may be reasonably necessary to effect a cure but in no event shall such period exceed 90 days, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender reasonably incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations Indebtedness (and to the extent permitted under applicable laws, secured by the Pledge Agreement and the other Loan Documents) and shall bear interest thereafter from the date expended at the Default Interest Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to any Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower)failure.

Lender’s Right to Perform. If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein that (a) adversely affects the security interests granted Lender or the priority thereof, (b) creates a danger to public health or safety or (c) creates possible criminal or statutory liability to Lender or forfeiture of its collateral, and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand within five (5) Business Days after written notice by Lender and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Pledge Agreement Mortgage and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender or defense, effect or counterclaim on the part of Borrower)failure.

Lender’s Right to Perform. If Borrower or Leasehold Pledgor In the event Bayshore Landing fails to perform any covenant of the terms, covenants and conditions required to be performed or observed by the tenant under the City Lease, then even though the existence of such default or the nature thereof be questioned or denied by Bayshore Landing or by any person on behalf of Bayshore Landing, Lender may, but without obligation contained herein to do so and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof without relieving Borrowers from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder, obligation hereunder or under any of the other Loan Documents, take any action Lender maydeems necessary or desirable to prevent or cure any such default. Lender agrees to attempt to provide Bayshore Landing a curtsey notice of the initial action taken by Lender, but shall have no obligation to, perform, or cause provided that the performance of, such covenant or obligation, and all costs, expenses, liabilities, penalties and fines failure of Lender incurred or paid in connection therewith shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted under applicable laws, secured by the Pledge Agreement and the other Loan Documents) and shall bear interest thereafter at the Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send provide such curtsey notice to Borrower of any such failure (provided that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on to Lender, nor shall it provide any Borrower with any claims, defenses, offsets, rights or remedies of any nature against Lender. Borrowers hereby expressly grants to Lender the absolute and immediate right to enter in and upon the Mortgaged Property or any part thereof to such extent and as often as Lender in its sole discretion deems necessary or desirable to prevent or cure any such default by Bayshore Landing. All costs, charges and expenses incurred or paid by Lender in conjunction therewith, together with interest thereon, at the Default Rate from the date incurred until paid by Borrowers, shall become indebtedness secured by the Mortgage and other Loan Documents and shall be paid by Borrowers to Lender not later than thirty (30) days after demand. The performance or observance of any such covenant or condition by the Lender shall not prevent the Borrowers' failure so to perform or defense, effect or counterclaim on the part observe from constituting an Event of Borrower)Default.