Common use of LESSOR'S RIGHT TO CURE Clause in Contracts

LESSOR'S RIGHT TO CURE. 10.1 In the event of breach, default, or noncompliance hereunder by Lessor, Lessee shall, before exercising any right or remedy available to it, give Lessor written notice of the claimed breach, or noncompliance. If prior to its giving such notice Lessee has been notified in writing by way of Notice of Assignment of Rents and Leases, or otherwise to the address of a lender which has furnished financing that is secured by a mortgage or deed of Trust on the Demised Premises concurrently with giving the aforesaid notice to Lessor, Lessee shall, by Certified Mail, transmit a copy thereof to such lender. For the thirty (30) days following such notice (or such longer period of time as may be reasonably required to cure a matter which, due to its nature, cannot reasonable be remedied within thirty (30) days), Lessor shall have the right to cure the breach, default or noncompliance involved. If Lessor has failed to cure a Default within said period, any such lender shall have an additional thirty (30) days within which to cure the same or, if such default cannot be cured within that period, such additional time as may be necessary if within such thirty (30) day period said lender has commenced and is diligently pursuing the actions or remedies necessary to cure the breach, Default or noncompliance involved (including, but not limited to, commencement and prosecution of proceedings to foreclose or otherwise exercise its rights under its mortgage or other security instrument if necessary to effect such cure, in which event this Lease shall not be terminated by Lessee so long as such actions or remedies are being diligently pursued by said lender.) 10.2 Anything in this Lease to the contrary notwithstanding, Lessee agrees that it shall look solely to the estate and property of Lessor in the land and buildings comprising the Demised Premises and subject to prior rights of any mortgagee of the Demised Premises or any part thereof, for the collection of any judgment (or other judicial process) requiring the payment of money by Lessor in the event of any default or breach by Lessor with respect to any terms, covenants, and conditions of this Lease to be observed and/or performed by Lessor, and no other assets of Lessor shall be subject to levy, execution or other procedures for the satisfaction of Lessee's remedies.

LESSOR'S RIGHT TO CURE. 10.1 Lessee's Mortgage Defaults. (a) Every mortgage of the Lessee's interests under this Lease shall provide that: (i) In case of Lessee's default under such mortgage, should the event Leasehold Mortgagee determine to institute foreclosure proceedings, the Leasehold Mortgagee shall give notice of breachsuch intended foreclosure to the Lessor and Lessee, by registered mail sent to Lessor's and Lessee's last known addresses, at least sixty (60) days prior to the commencement of such foreclosure proceedings (i.e., filing of the complaint for foreclosure with a court of competent jurisdiction), and Lessor may, but shall not be obligated to, cure any such default then capable of being cured by Lessor in accordance with Section 5.9(b) below; and (ii) If Lessor commences to cure all current defaults of Lessee then curable by Lessor (including bringing all monetary defaults immediately current to date) and diligently prosecutes such cure, then Leasehold Mortgagee shall waive its right to foreclose (including any right to accelerate the note secured by the mortgage, it being understood that Lessor shall have the foregoing right to cure all monetary and other defaults before the Leasehold Mortgagee accelerates the note secured by the mortgage) and any default under the mortgage shall be deemed cured; and (iii) If Lessor cures such default and succeeds to the Lessee's right, title and interest in and to this Lease and the Hotel in accordance with Section 5.9(b) below, then the Leasehold Mortgagee shall thereafter, and without changing the terms and conditions of the mortgage, treat Lessor as the mortgagor under the mortgage and Lessor shall execute such reasonable documents that the Leasehold Mortgagee may require. (b) If the Lessor elects to cure such default, or noncompliance hereunder by then: (i) Lessor shall notify Lessee of Lessor, Lessee shall, before exercising any right or remedy available 's intent to it, give Lessor written notice of the claimed breach, or noncompliance. If prior to its giving cure such notice Lessee has been notified in writing by way of Notice of Assignment of Rents and Leases, or otherwise to the address of a lender which has furnished financing that is secured by a mortgage or deed of Trust on the Demised Premises concurrently with giving the aforesaid notice to Lessor, Lessee shall, by Certified Mail, transmit a copy thereof to such lender. For the default at least thirty (30) days following prior to the commencement of such notice cure; (ii) If Lessee decides to contest in good faith the Leasehold Mortgagee's foreclosure proceedings, Lessee shall notify Lessor of such intent at least ten (10) days prior to the commencement of such foreclosure proceedings; and (iii) If Lessee fails to notify Lessor of Lessee's intent to contest in good faith the Leasehold Mortgagee's foreclosure proceedings in accordance with Section 5.9(b)(ii) above, Lessor may, fifteen (15) days after the filing of the complaint of foreclosure, commence to cure such default (including bringing all monetary defaults immediately current to date) and the Leasehold Mortgagee shall stipulate to a dismissal of the foreclosure proceedings (including waiving any right to accelerate the note secured by the mortgage because of such default) and any default under the mortgage shall be deemed cured; and (iv) If Lessee fails to pay or otherwise cause to be cured any final judgment filed against Lessee in a foreclosure proceeding contested in good faith by Lessee within ten (10) days after such longer period final judgment is filed, Lessor may, fifteen (15) days after the filing of time such final judgment, commence to cure such default (including bringing any monetary default immediately current to date) and in such event and notwithstanding such final judgment, the Leasehold Mortgagee shall waive any acceleration of the note secured by the mortgage arising because of the default and shall stipulate to a satisfaction of the final judgment and any default shall be deemed cured; and (v) If Lessor is entitled to cure Lessee's default pursuant to this Section 5.9(b) and does cure such default, then Lessor shall by written demand to Lessee require Lessee to pay to Lessor all sums paid by Lessor to the Leasehold Mortgagee or others to cure such default plus all costs and expenses, including reasonable attorney's fees, paid or incurred by Lessor in connection therewith, including but not limited to all costs of Lessor's defense to such foreclosure proceeding or in any such action as well as all costs for research regarding settlement or other preventive measures which Lessor may take prior to the filing of such an action, or to attempt to prevent the filing of such an action, together with interest at Lessor's Cost of Money from the date Lessor actually paid such sums; and (vi) If payment is not made by Lessee to Lessor within fourteen (14) days from the date of such written demand, then: (1) Lessee shall be deemed to have assigned to Lessor all the Lessee's right, title and interest in and to this Lease, the Hotel and the Tennis Center subject to the mortgage; and (2) In such event, Lessor shall, in the name of the Lessee (and for this purpose Lessor is hereby appointed the attorney-in-fact of the Lessee and this power of attorney shall be deemed to be a power of attorney coupled with an interest), execute such documents as may be reasonably required to cure a matter whichassign all of the Lessee's right, due title and interest in and to its naturethis Lease, cannot reasonable be remedied within thirty the Hotel, and the Tennis Center subject to the mortgage (30) days)including all of the Hotel's and Tennis Center's furniture, Lessor shall have the right to cure the breachfurnishings, default or noncompliance involved. If Lessor has failed to cure a Default within said periodequipment and at Lessor's option, any such lender shall have an additional thirty (30) days within which to cure the same orsublease, if such default cannot be cured within that period, such additional time as may be necessary if within such thirty (30) day period said lender has commenced and is diligently pursuing the actions license or remedies necessary to cure the breach, Default or noncompliance involved (including, but not limited to, commencement and prosecution of proceedings to foreclose or otherwise exercise its rights under its mortgage or other security instrument if necessary to effect such cure, in which event this Lease shall not be terminated by Lessee so long as such actions or remedies are being diligently pursued by said lender.) 10.2 Anything in this Lease contract related to the contrary notwithstanding, Lessee agrees that it shall look solely Hotel including the Hotel Operating Agreement or to the estate and property of Lessor in the land and buildings comprising the Demised Premises and subject Tennis Center) to prior rights of any mortgagee of the Demised Premises or any part thereof, for the collection of any judgment (or other judicial process) requiring the payment of money by Lessor in the event of any default or breach by Lessor with respect to any terms, covenants, and conditions of this Lease to be observed and/or performed by Lessor, and no other assets of Lessor shall be subject to levy, execution or other procedures for the satisfaction of Lessee's remedies.

LESSOR'S RIGHT TO CURE. 10.1 In the event of breachWhenever Lessee shall fail to comply with and perform any term, defaultcovenant, or noncompliance hereunder by Lessorcondition of this Lease, Lessee shallthen, before exercising any right or remedy available to it, give Lessor following (a) fifteen (15) days prior written notice of the claimed breach, as to any monetary default; or noncompliance. If prior to its giving such notice Lessee has been notified in writing by way of Notice of Assignment of Rents and Leases, or otherwise to the address of a lender which has furnished financing that is secured by a mortgage or deed of Trust on the Demised Premises concurrently with giving the aforesaid notice to Lessor, Lessee shall, by Certified Mail, transmit a copy thereof to such lender. For the thirty (30b) days following such notice (or such longer period of time as may be reasonably required to cure a matter which, due to its nature, cannot reasonable be remedied within thirty (30) days)’ prior written notice as to other defaults; or (c) following shorter notice if reasonably necessary to meet an emergency situation or governmental time limitation, Lessor may perform, or cause to be performed, such term, covenant or condition, and take such other steps, including entry onto the Demised Premises, as it may deem advisable, to achieve such performance or compliance, in which event Lessee shall reimburse Lessor upon demand for all costs and expenses suffered or incurred by it in connection therewith, together with interest at the Interest Rate. Acting in accordance with the immediately preceding sentence shall not be deemed to obligate Lessor to commence or complete the curing of any term, covenant, or condition which is in default within said time limits or otherwise. Lessee hereby waives any claim and releases Lessor and Lessor’s agents, contractors and employees from all liability for damage occasioned by any action taken by Lessor pursuant to this Section. Such action by Lessor shall not constitute or be deemed a waiver or release of Lessee from any obligation of Lessee contained in this Lease or from any default by Lessee and without waiving Lessor’s right to take such action as may be permissible under this Lease as a result of such default. Any sum of money (other than Base Rent) accruing from Lessee to Lessor pursuant to this Section, may, at Lessor's option, be deemed Additional Rent, and Lessor shall have the right same remedies as are available for Lessee's failure to cure pay any installment of Base Rent when due. Lessee's obligations under this Article shall survive the breach, default or noncompliance involved. If Lessor has failed to cure a Default within said period, any such lender shall have an additional thirty (30) days within which to cure the same or, if such default cannot be cured within that period, such additional time as may be necessary if within such thirty (30) day period said lender has commenced and is diligently pursuing the actions or remedies necessary to cure the breach, Default or noncompliance involved (including, but not limited to, commencement and prosecution expiration of proceedings to foreclose or otherwise exercise its rights under its mortgage or other security instrument if necessary to effect such cure, in which event this Lease shall not be terminated by Lessee so long as such actions or remedies are being diligently pursued by said lender.) 10.2 Anything in this Lease to the contrary notwithstanding, Lessee agrees that it shall look solely to the estate and property of Lessor in the land and buildings comprising the Demised Premises and subject to prior rights of any mortgagee sooner termination of the Demised Premises or any part thereof, for the collection of any judgment (or other judicial process) requiring the payment of money by Lessor in the event of any default or breach by Lessor with respect to any terms, covenants, and conditions of this Lease to be observed and/or performed by Lessor, and no other assets of Lessor shall be subject to levy, execution or other procedures for the satisfaction of Lessee's remediesTerm.

LESSOR'S RIGHT TO CURE. 10.1 In the event of breachWhenever Lessee shall fail to comply with and perform any term, defaultcovenant, or noncompliance hereunder by Lessorcondition of this Lease, Lessee shallthen, before exercising any right or remedy available to it, give Lessor following (a) ten (10) days prior written notice of the claimed breach, as to any monetary default; or noncompliance. If prior to its giving such notice Lessee has been notified in writing by way of Notice of Assignment of Rents and Leases, or otherwise to the address of a lender which has furnished financing that is secured by a mortgage or deed of Trust on the Demised Premises concurrently with giving the aforesaid notice to Lessor, Lessee shall, by Certified Mail, transmit a copy thereof to such lender. For the thirty (30b) days following such notice (or such longer period of time as may be reasonably required to cure a matter which, due to its nature, cannot reasonable be remedied within thirty (30) days)’ prior written notice as to other defaults; or (c) following shorter notice if reasonably necessary to meet an emergency situation or governmental time limitation, Lessor may perform, or cause to be performed, such term, covenant or condition, and take such other steps, including entry onto the Demised Premises and the Improvements, as it may deem advisable, to achieve such performance or compliance, in which event Lessee shall reimburse Lessor upon demand for all costs and expenses suffered or incurred by it in connection therewith, together with interest at the Interest Rate. Acting in accordance with the immediately preceding sentence shall not be deemed to obligate Lessor to commence or complete the curing of any term, covenant, or condition which is in default within said time limits or otherwise. Lessee hereby waives any claim and releases Lessor and Lessor’s agents, contractors and employees from all liability for damage occasioned by any action taken by Lessor pursuant to this Section. Such action by Lessor shall not constitute or be deemed a waiver or release of Lessee from any obligation of Lessee contained in this Lease or from any default by Lessee and without waiving Lessor’s right to take such action as may be permissible under this Lease as a result of such default. Any sum of money (other than Net Rent) accruing from Lessee to Lessor pursuant to this Section, may, at Lessor's option, be deemed Additional Rent, and Lessor shall have the right same remedies as are available for Lessee's failure to cure pay any installment of Net Rent when due. Lessee's obligations under this Article shall survive the breach, default or noncompliance involved. If Lessor has failed to cure a Default within said period, any such lender shall have an additional thirty (30) days within which to cure the same or, if such default cannot be cured within that period, such additional time as may be necessary if within such thirty (30) day period said lender has commenced and is diligently pursuing the actions or remedies necessary to cure the breach, Default or noncompliance involved (including, but not limited to, commencement and prosecution expiration of proceedings to foreclose or otherwise exercise its rights under its mortgage or other security instrument if necessary to effect such cure, in which event this Lease shall not be terminated by Lessee so long as such actions or remedies are being diligently pursued by said lender.) 10.2 Anything in this Lease to the contrary notwithstanding, Lessee agrees that it shall look solely to the estate and property of Lessor in the land and buildings comprising the Demised Premises and subject to prior rights of any mortgagee sooner termination of the Demised Premises or any part thereof, for the collection of any judgment (or other judicial process) requiring the payment of money by Lessor in the event of any default or breach by Lessor with respect to any terms, covenants, and conditions of this Lease to be observed and/or performed by Lessor, and no other assets of Lessor shall be subject to levy, execution or other procedures for the satisfaction of Lessee's remediesTerm.