Common use of Mortgagee's Right to Cure Clause in Contracts

Mortgagee's Right to Cure. No act or failure to act on the part of Landlord which would entitle Tenant under the terms of this Lease, or by law, to be relieved of Tenant’s obligations hereunder or to terminate this Lease, shall result in a release or termination of such obligations or termination of this Lease unless: (i) Tenant shall have first given written notice of Landlord’s act of failure to act to Landlord’s mortgagee(s) of record whose identity and address have been provided to Tenant, if any, specifying the act or failure to act on the part of Landlord which could or would give basis to Tenant’s rights; and (ii) such mortgagee(s), after receipt of such notice, have failed or refused to correct or cure the condition complained of within a reasonable time thereafter, provided that nothing contained in this Section shall be deemed to impose any obligation on any such mortgagee(s) to correct or cure any such condition. As used herein, a “reasonable time” includes a reasonable time to obtain title to the mortgaged premises if the mortgagee elects to do so and a reasonable time to correct or cure the condition if such condition is determined to exist, but in no event less than ninety (90) days from the date of the mortgagees receipt of the above described notice.

Mortgagee's Right to Cure. No act or failure to act on the part of Landlord which would entitle Tenant under the terms of this Lease, or by law, to be relieved of Tenant’s obligations hereunder or to terminate this Lease, shall result in a release or termination of such obligations or termination of this Lease unless: (ia) Tenant shall have first given written notice of Landlord’s act of or failure to act to Landlord’s mortgagee(s) mortgagees of record whose identity and address have been provided to Tenantrecord, if any, specifying the act or failure to act on the part of Landlord which could or would give basis to Tenant’s rights; and (iib) such mortgagee(s)mortgagees, after receipt of such notice, have failed or refused to correct or cure the condition complained of within a reasonable time thereafter, provided that nothing contained in this Section shall be deemed to impose any obligation on any such mortgagee(s) mortgagees to correct or cure any such condition. As used herein, a “reasonable time” includes a reasonable time to obtain title to the mortgaged premises if the mortgagee elects to do so and a reasonable time to correct or cure the condition if such condition is determined to exist, but in no event less than ninety one hundred twenty (90120) days from the date of the mortgagees mortgagees’ receipt of the above described notice.

Mortgagee's Right to Cure. No act or failure to act on the part of Landlord which would entitle Tenant under the terms of this Lease, or by law, to be relieved of Tenant’s obligations hereunder or to terminate this Lease, shall result in a release or termination of such obligations or termination of this Lease unless: unless (ia) Tenant shall have first given written notice of Landlord’s act of failure to act to Landlord’s mortgagee(s) mortgagees of record whose identity and address have been provided to Tenantrecord, if any, specifying the act or failure to act on the part of Landlord which could or would give basis to Tenant’s rights; and (iib) such mortgagee(s)mortgagees, after receipt of such notice, have failed or refused to correct or cure the condition complained of within a reasonable time thereafter, provided that nothing contained in this Section shall be deemed to impose any obligation on any such mortgagee(s) mortgagees to correct or cure any such condition. As used herein, a “reasonable time” includes a reasonable time to obtain title to the mortgaged premises if the mortgagee elects to do so and a reasonable time to correct or cure the condition if such condition is determined to exist, but in no event less than ninety thirty (9030) days from the date of the mortgagees mortgagees’ receipt of the above described notice.