Mortgagee Cures Sample Clauses
The "Mortgagee Cures" clause allows a mortgagee (typically a lender or their agent) to step in and remedy a default or breach by the borrower under a contract, particularly in the context of leases or property agreements. In practice, this means that if the borrower fails to fulfill certain obligations—such as making payments or maintaining the property—the mortgagee has the right to correct the issue within a specified period before the other party can enforce remedies like termination. This clause ensures that the mortgagee's security interest in the property is protected by giving them an opportunity to prevent loss or foreclosure due to the borrower's default.
Mortgagee Cures. Each Permitted Mortgagee will have the same period after receipt of the notice as provided in Section 15.4 to it for remedying the default or causing the same to be remedied as is given Tenant after notice to it plus thirty (30) days thereafter and Landlord agrees to accept such performance on the part of a Permitted Mortgagee as though the same had been done or performed by Tenant. At the expiration of the period provided in such notice plus thirty (30) days, Landlord will take no action to effect a termination of this Lease by reason of any default (except a default in the payment of Base Rent or Additional Rent or a default under any other provision of this Lease which requires Tenant to pay money) without first giving to each Permitted Mortgagee reasonable time within which either (i) to obtain possession of the Premises (including possession by a receiver) and thereafter to cure such default, or (ii) to institute foreclosure proceedings and to complete such foreclosure, or otherwise to acquire Tenant’s interest under this Lease with diligence and without unreasonable delay. In either such case, the default of which notice shall have been given shall be deemed cured. The Permitted Mortgagee shall not be required to continue such foreclosure proceedings if the default shall be cured by Tenant; provided, further, that nothing herein shall preclude Landlord from exercising any rights or remedies under this Lease with respect to any other default by Tenant during any period of such forbearance. The provisions of this Section 15.5 are conditioned on the following provisions: