Common use of Limitation of Cure Periods Clause in Contracts

Limitation of Cure Periods. Notwithstanding anything contained in Section 12.1 to the contrary, (i) no Event of Default shall exist hereunder upon the occurrence of any failure described in Section 12.1(a) or Section 12.1(b) in the event that the Borrower cures such default within five (5) days following receipt of written notice of such default, provided that no such cure period shall apply to any payments due upon the maturity of the Notes; (ii) no Event of Default shall exist hereunder upon the occurrence of any failure described in Section 12.1(c) as it pertains to Section 7.15 only in the event that the Borrower cures such default within sixty (60) days following receipt of written notice of such default; and (iii) no Event of Default shall exist hereunder upon the occurrence of any failure described in Section 12.1(e) in the event that the Borrower cures such default within forty-five (45) days following receipt of written notice of such default, provided that the provisions of this clause (iii) shall not pertain to any default consisting of a failure to comply with Section 7.4(e), or to any default excluded from any provision of cure of defaults contained in any other of the Loan Documents.

Limitation of Cure Periods. Notwithstanding anything contained in Section 12.1 to the contrary, (i) no Event of Default shall exist hereunder upon the occurrence of any failure described in Section 12.1(a) or Section 12.1(b) in the event that the Borrower cures such default within five (5) days following receipt of written notice of such default, provided, however, that Borrower shall not be entitled to receive more than two (2) notices in the aggregate pursuant to this clause (i) in any period of 365 days ending on the date of any such occurrence of default, and provided further that no such cure period shall apply to any payments due upon the maturity of the Notes; , and (ii) no Event of Default shall exist hereunder upon the occurrence of any failure described in Section 12.1(c) as it pertains to Section 7.15 only in the event that the Borrower cures such default within sixty (60) days following receipt of written notice of such default; and (iii) no Event of Default shall exist hereunder upon the occurrence of any failure described in Section 12.1(e) in the event that the Borrower cures such default within forty-five with thirty (4530) days following receipt of written notice of such default, provided that the provisions of this clause (iiiii) shall not pertain to defaults consisting of a failure to provide insurance as required by Section 7.7, to any default consisting of a failure to comply with Section 7.4(e), Section 8.2(g), Section 8.7(b), Section 8.12 (as to the failure of the Manager, the Member or the Property Owner to comply therewith), Section 8.13, Section 8.14 (as to the failure to deliver any notice of default, acceleration or the exercise or threat of exercise of any remedies under the Mezzanine Mortgage Loan Documents) or to any default excluded from any provision of cure of defaults contained in any other of the Loan Documents; provided, however, that the occurrence of such events under Sections 8.2(g), 8.7(b), 8.12, 8.13 and 8.14 shall be subject to the rights of Borrower pursuant to Paragraph 8(h) of the Assignment of Interests.