Common use of New Lease with Lender Clause in Contracts

New Lease with Lender. If this Lease terminates because of Tenant’s default or if the leasehold estate is foreclosed, or if the Lease is rejected or disaffirmed pursuant to bankruptcy law or other law affecting creditors’ rights, Landlord shall, upon written request from any Lender within ninety (90) days after such event, enter into a new lease (the “New Lease”) for the Property, on the following terms and conditions: (i) The terms of the New Lease shall commence on the date of termination, foreclosure, rejection, or disaffirmance and shall continue for the remainder of the term of this Lease, subject to the same terms and conditions set forth in this Lease, as if this Lease had not been terminated. (ii) The New Lease shall be executed within thirty (30) days after receipt (i) pays Landlord all rent and other monetary charges payable by Tenant under the terms of the Lease up to the date of execution of the New Lease, as if the Lease had not been terminated, foreclosed, rejected, or disaffirmed; (ii) performs all other obligations of Tenant under the terms of the Lease, to the extent performance is then due and susceptible of being cured and performed by the Lender within one-hundred twenty (120) days of the termination, foreclosure, rejection, or disaffirmance; and (iii) agrees in writing to perform, or cause to be performed within a reasonable period of time, all non-monetary obligations which have not been performed by Tenant and which should have been performed under this Lease up to the date of commencement of the New Lease, except those obligations which constitute non-monetary defaults not susceptible to cure, as described in (ii) above. Any New Lease granted to the Lender shall enjoy the same priority as this Lease over any lien, encumbrances, or other interest created by Landlord. At the option of the Lender, the New Lease may be executed by a new Tenant designated by such Lender, without the Lender assuming the burdens and obligations of Tenant thereunder provided that the conditions of Section have been satisfied by such new Tenant. (iii) If more than one Lender makes a written request for a New Lease pursuant hereto, the New Lease shall be delivered to the Lender requesting such New Lease whose Leasehold Encumbrance is prior in lien. The provisions of this Section 13 shall survive the termination, rejection, or disaffirmance of the Lease and shall continue in full force and effect thereafter to the same extent as if this Section 13 were a separate and independent contract made by Landlord, Tenant, and such Lender, and, from the date of such termination, rejection, or disaffirmation of the Lease to the date of execution and delivery of such New Lease, such Lender may use and enjoy said Property without hindrance by Landlord or any person claiming by, through or under Landlord, provided that all of the conditions for a New Lease as set forth herein are complied with.

New Lease with Lender. If Notwithstanding any other provision of this Lease terminates lease, should this lease terminate because of Tenant’s the insolvency or bankruptcy of Lessee or because of any default under or if the leasehold estate is foreclosedbreach of this lease by Lessee, or if the Lease is rejected or disaffirmed pursuant to bankruptcy law or other law affecting creditors’ rights, Landlord shall, upon written request from any Lender within ninety (90) days after such event, enter into Lessor will execute a new lease (for said premises to the “New Lease”) for the PropertyLender under an encumbrance incurred by Lessee pursuant to Section 6.01 of this lease as Lessee, on the following terms and conditionsprovided: (i1) A written request for the new lease is served on Lessor by Lender within 30 days after service on Lender of the notice described in Section 6.10 of this lease. (2) The terms of the New Lease shall commence new lease is for a term ending on the same date of termination, foreclosure, rejection, or disaffirmance and shall continue for the remainder of the term of this Leaselease would have ended had not this lease been terminated, subject to provides for the payment of rent at the same terms and conditions set forth in rate that would have been payable under this Lease, as if lease during the remaining term of this Lease lease had not been terminated. (ii) The New Lease shall be executed within thirty (30) days after receipt (i) pays Landlord all rent and other monetary charges payable by Tenant under the terms of the Lease up to the date of execution of the New Lease, as if the Lease had this lease not been terminated, foreclosedand contains the same terms, rejectedcovenants, conditions, and provisions as are contained in this lease. (3) Lender, on execution of the new lease by Lessor, shall pay any and all sums that would at the time of the execution of the new lease be due under this lease but for its termination and shall otherwise fully remedy, or disaffirmed; (ii) performs all other obligations of Tenant under the terms of the Lease, to the extent performance is then due and susceptible of being cured and performed by the Lender within one-hundred twenty (120) days of the termination, foreclosure, rejection, or disaffirmance; and (iii) agrees agree in writing to performremedy, any other defaults under or cause to breaches of this lease committed by Lessee that can be performed within a reasonable period of time, all non-monetary obligations which have not been performed by Tenant and which should have been performed under this Lease up to the date of commencement of the New Lease, except those obligations which constitute non-monetary defaults not susceptible to cure, as described in (ii) above. Any New Lease granted to the Lender shall enjoy the same priority as this Lease over any lien, encumbrances, or other interest created by Landlord. At the option of the Lender, the New Lease may be executed by a new Tenant designated by such Lender, without the Lender assuming the burdens and obligations of Tenant thereunder provided that the conditions of Section have been satisfied by such new Tenantremedied. (iii4) If more than one Lender makes a written request for a New Lease pursuant heretoLender, on execution of the New Lease new lease, shall pay all reasonable costs and expenses, including attorney’s fees and court costs, incurred in terminating this lease, recovering possession of said premises from Lessee or the representative of Lessee, and preparing the new lease. (5) The new lease shall be delivered subject to all existing subleases under which the sublessees are not in default and shall be assignable by Lender but not by any assignee of Lender without the consent of Lessor. (6) The new lease shall: (a) Extend the time for performance of any unperformed acts required by Article 5 of this lease for such period as is equal to the Lender requesting such New Lease whose Leasehold Encumbrance is prior delay in lien. The provisions performance of the act caused by Lessee’s inability or failure to perform the act and the time required to terminate this lease and execute a new lease to Lender; and (b) Excuse the performance of any act required by Article 5 of this Section 13 lease that has already been performed but Lender, and Lender’s assignee as Lessee under the new lease, shall survive be liable for payment of all costs and expenses incurred in the terminationperformance of any act required by Article 5 of this lease, rejection, whether performed before or disaffirmance after execution of the Lease and shall continue in full force and effect thereafter to the same extent new lease, that might be alleged or claimed as if this Section 13 were a separate and independent contract made by Landlord, Tenant, and such Lender, and, from the date of such termination, rejection, or disaffirmation of the Lease to the date of execution and delivery of such New Lease, such Lender may use and enjoy lien against said Property without hindrance by Landlord or any person claiming by, through or under Landlord, provided that all of the conditions for a New Lease as set forth herein are complied withpremises.