Common use of Notice and Cure Rights Clause in Contracts

Notice and Cure Rights. In the event that Tenant ever notifies Landlord of a default or claimed default by Landlord under the Lease, Tenant shall send a copy of the written notice or a reasonably detailed written explanation of any oral notice (the “Tenant Notice”) concurrently therewith to Interim Landlord, Successor Head Landlord and Lender at the addresses set forth below and no such notice of default shall be deemed given to Landlord pursuant to the Lease unless and until such Tenant Notice has been delivered to Interim Landlord, Successor Head Landlord and to Lender. Interim Landlord, Successor Head Landlord and Lender shall be permitted (but shall have no obligation) to remedy any such default or claimed default specified in the Tenant Notice within an equal period of time, commencing on the date Interim Landlord, Successor Head Landlord and Lender receive or are deemed to have received such Tenant Notice, that Landlord would be permitted to remedy the same pursuant to the terms of the Lease. Notwithstanding the foregoing, Interim Landlord, Successor Head Landlord and Lender shall have a minimum of thirty (30) days after its receipt of the Tenant Notice to remedy the default or claimed default, provided, however, that if such default or claimed default cannot be remedied with reasonable diligence by Interim Landlord, Successor Head Landlord or Lender, as the case may be, within thirty (30) days, Interim Landlord, Successor Head Landlord and Lender shall have such additional time as is reasonably necessary to remedy the default with reasonable diligence and continuity. Furthermore, if a default can be reasonably remedied only if Interim Landlord, Successor Head Landlord or Lender, as the case may be, first obtains possession of the Property or any part thereof or if any default is not curable by Successor Head Landlord or Lender, as the case may be, Interim Landlord, Successor Head Landlord and Lender shall have any additional time as is reasonably necessary under the circumstances to obtain possession of the Property or part thereof and, if such default is curable by Interim Landlord, Successor Head Landlord or Lender, as the case may be, to remedy the default with reasonable diligence and continuity thereafter.

Notice and Cure Rights. In Landlord shall provide any and all Leasehold Mortgagees with copies of all notices of breach or default that are delivered to Tenant contemporaneously with the event furnishing of such notices to Tenant. Landlord agrees that Tenant ever notifies Landlord of a default or claimed default by Landlord no notice given under the Lease, Tenant this Lease shall send be effective against any Leasehold Mortgagee unless a copy of the written notice or a reasonably detailed written explanation of any oral notice (the “Tenant Notice”) concurrently therewith to Interim Landlord, Successor Head Landlord and Lender at the addresses set forth below and no such notice of default shall be deemed given to Landlord pursuant to the Lease unless and until such Tenant Notice has been delivered to Interim Landlord, Successor Head Landlord and to Lender. Interim Landlord, Successor Head Landlord and Lender shall be permitted (but shall have no obligation) to remedy any such default or claimed default specified Leasehold Mortgagee in the Tenant Notice within an equal period of time, commencing on the date Interim Landlord, Successor Head Landlord and Lender receive or are deemed to have received such Tenant Notice, that Landlord would be permitted to remedy the same pursuant to accordance with the terms of the Leasethis Section 26.8. Notwithstanding the foregoingLandlord shall not take any action to terminate this Lease as a result of said default, Interim Landlord, Successor Head Landlord and Lender shall have a minimum of thirty provided (30a) Leasehold Mortgagee commences action (within sixty (60) days after its of the receipt of such notice) (i) to cure (or cause the Tenant Notice to remedy cure) of) the default or claimed default, provided, however, (ii) to foreclose upon the Premises and (b) Leasehold Mortgagee diligently pursues such cure or foreclosure. Landlord acknowledges and agrees that if such default the cure of certain defaults may require possession or claimed default cannot be remedied with reasonable diligence by Interim Landlord, Successor Head Landlord or Lender, as the case may be, within thirty (30) days, Interim Landlord, Successor Head Landlord and Lender shall have such additional time as is reasonably necessary to remedy the default with reasonable diligence and continuity. Furthermore, if a default can be reasonably remedied only if Interim Landlord, Successor Head Landlord or Lender, as the case may be, first obtains possession control of the Property Premises, and the exercise of rights and remedies under the Leasehold Mortgage shall constitute diligent action by Leasehold Mortgagee to cure the default. Any default which by its nature is incapable of being cured by Leasehold Mortgagee or any part thereof other third party who acquires title to the leasehold estate under this Lease pursuant to a foreclosure sale or if any default is not curable a deed in lieu of foreclosure shall be waived by Successor Head Landlord upon such foreclosure or Lenderdeed in lieu thereof. Any notice, demand, request, or other instrument given by Landlord to Leasehold Mortgagee shall be delivered to Leasehold Mortgagee at such address as the case Leasehold Mortgagee may be, Interim Landlord, Successor Head provide to Landlord and Lender shall have any additional in writing from time as is reasonably necessary under the circumstances to obtain possession of the Property or part thereof and, if such default is curable by Interim Landlord, Successor Head Landlord or Lender, as the case may be, to remedy the default with reasonable diligence and continuity thereaftertime.

Notice and Cure Rights. In The Mortgage Lender hereby agrees with and for the event that Tenant ever notifies Landlord benefit of the Agent and the Holding Company Lenders that, when giving notice to the Mortgage Borrower with respect to a default or claimed default by Landlord Event of Default under the LeaseMortgage Loan Documents or an acceleration of the Mortgage Loan, Tenant shall send the Mortgage Lender will also give a copy of the written notice or a reasonably detailed written explanation of any oral notice (the “Tenant Notice”) concurrently therewith to Interim Landlord, Successor Head Landlord and Lender at the addresses set forth below and no such notice of default shall be deemed given to Landlord pursuant to the Lease unless and until such Tenant Notice has been delivered Agent and, except in connection with the Mortgage Borrower's failure to Interim Landlord, Successor Head Landlord and to Lender. Interim Landlord, Successor Head Landlord and Lender shall be permitted repay the Mortgage Loan in full on the Scheduled Maturity Date (but shall have no obligation) to remedy any such default or claimed default specified as defined in the Tenant Notice within Mortgage Note), the Agent and the Holding Company Lenders shall thereafter be afforded an equal period of timeop- portunity, commencing on the date Interim Landlord, Successor Head Landlord and Lender receive or are deemed to have received such Tenant Notice, that Landlord would be permitted to remedy the same pursuant prior to the terms acceleration of the Lease. Notwithstanding Mortgage Loan by the foregoing, Interim Landlord, Successor Head Landlord and Lender shall have a minimum of thirty (30) days after its receipt of the Tenant Notice to remedy the default or claimed default, provided, however, that if such default or claimed default cannot be remedied with reasonable diligence by Interim Landlord, Successor Head Landlord or Mortgage Lender, as but without waiving the case may beEvent of Default, within thirty (30) daysdays of the giving of such notice by the Mortgage Lender to the Agent, Interim Landlordto cure curable monetary and non-monetary Events of Default under the Mortgage Loan Documents, Successor Head Landlord subject, in the case of any non-monetary default that is not susceptible of being cured within such thirty (30) day period, to an extension of such thirty (30) day period provided that the cure of such non-monetary default is being diligently and continuously pursued to completion by or on behalf of the Holding Company Lenders. Throughout such thirty (30) day cure period (as the same may be extended in accordance with the immediately preceding sentence in the case of certain non-monetary defaults) and for so long as the cure of the Mortgage Borrower's default is being diligently and continuously pursued to completion by the Agent or the Holding Company Lenders, the Mortgage Lender shall have such additional time as is reasonably necessary to remedy forbear from acceler- ating the default with reasonable diligence and continuityMortgage Loan. Furthermore, if a default can be reasonably remedied only if Interim Landlord, Successor Head Landlord In the event that the Agent or Lender, as the case may be, first obtains possession Holding Company Lenders shall cure any Event of the Property or any part thereof or if any default is not curable by Successor Head Landlord or Lender, as the case may be, Interim Landlord, Successor Head Landlord and Lender shall have any additional time as is reasonably necessary Default under the circumstances Mortgage Loan Documents pursuant to obtain possession of the Property or part thereof andcure rights granted to such parties hereunder, if such default is curable then the same shall constitute a Permitted Cure as defined in and contemplated by Interim Landlord, Successor Head Landlord or Lender, as the case may be, to remedy the default with reasonable diligence and continuity thereafterCash Management Agreement.

Notice and Cure Rights. The Senior Agent hereby agrees with and for the benefit of the Subordinated Agent and each Subordinated Lender that, when giving notice to the Senior Borrowers with respect to a "default," "Default," "event of default" or "Event of Default" under the Senior Loan Documents or an acceleration of the Senior Credit, the Senior Agent will also simultaneously give a copy of any such notice to the Subordinated Agent and that the Subordinated Agent and the Subordinated Lenders shall be afforded the period of time, if any, remaining to the Senior Borrowers under the Senior Loan Documents, or, if longer, specified in any notice provided to the Senior Borrowers to cure any such "default," "Default," "event of default" or "Event of Default" prior to the acceleration of or exercise of other rights with respect to the Senior Credit by the Senior Agent. Notwithstanding the preceding sentence, in no event shall the period for cure applicable to the Subordinated Agent and the Subordinated Lenders expire prior to the period for cure applicable to the Senior Borrowers. In the event that Tenant ever notifies Landlord the Subordinated Agent and the Subordinated Lenders shall cure any "default", "Default", "event of a default default" or claimed default by Landlord "Event of Default" under the Lease, Tenant shall send a copy of the written notice or a reasonably detailed written explanation of any oral notice (the “Tenant Notice”) concurrently therewith to Interim Landlord, Successor Head Landlord and Lender at the addresses set forth below and no such notice of default shall be deemed given to Landlord Senior Loan Documents pursuant to the Lease unless cure rights granted to such parties hereunder, then the Senior Agent shall promptly and until completely accept said curative action and shall not thereafter take or institute, or cause to be taken or instituted, any action with respect to such Tenant Notice has been delivered to Interim Landlord, Successor Head Landlord and to Lender. Interim Landlord, Successor Head Landlord and Lender shall be permitted (but shall have no obligation) to remedy any such default "default," "Default," "event of default" or claimed default specified in "Event of Default" so cured by the Tenant Notice within an equal period of time, commencing on Subordinated Agent or the date Interim Landlord, Successor Head Landlord and Lender receive or are deemed to have received such Tenant Notice, that Landlord would be permitted to remedy the same pursuant to the terms of the LeaseSubordinated Lenders. Notwithstanding the foregoing, Interim Landlord, Successor Head Landlord and Lender shall have a minimum of thirty (30) days after its receipt the Senior Agent acknowledges that neither the Subordinated Agent nor any of the Tenant Notice Subordinated Lenders shall be obligated to remedy cure any such "default", "Default", "event of default" or "Event of Default". The Subordinated Agent hereby agrees with and for the default or claimed default, provided, however, that if such default or claimed default cannot be remedied with reasonable diligence by Interim Landlord, Successor Head Landlord or Lender, as the case may be, within thirty (30) days, Interim Landlord, Successor Head Landlord and Lender shall have such additional time as is reasonably necessary to remedy the default with reasonable diligence and continuity. Furthermore, if a default can be reasonably remedied only if Interim Landlord, Successor Head Landlord or Lender, as the case may be, first obtains possession benefit of the Property Senior Agent that when giving notice to the REIT with respect to a "default", "Default," "event of default" or any part thereof or if any default is not curable by Successor Head Landlord or Lender, as the case may be, Interim Landlord, Successor Head Landlord and Lender shall have any additional time as is reasonably necessary "Event of Default" under the circumstances to obtain possession Subordinated Loan Documents or an acceleration of the Property Subordinated Loan, or part thereof andexercise of any rights under the Pledges, if the Subordinated Agent will also simultaneously give a copy of any such default is curable by Interim Landlord, Successor Head Landlord or Lender, as notice to the case may be, to remedy the default with reasonable diligence and continuity thereafterSenior Agent.

Notice and Cure Rights. In The DDA shall give the event that Tenant ever notifies Landlord of a default or claimed default by Landlord under the LeaseConstruction Lender and Permanent Lender, Tenant shall send a copy of the written notice or a reasonably detailed written explanation of any oral notice (the “Tenant Notice”) concurrently therewith to Interim Landlord, Successor Head Landlord Developer Default and such Construction Lender at the addresses set forth below and no such notice of default shall be deemed given to Landlord pursuant to the Lease unless and until such Tenant Notice has been delivered to Interim Landlord, Successor Head Landlord and to Lender. Interim Landlord, Successor Head Landlord and Permanent Lender shall be permitted have the right (but shall have no not the obligation) to remedy any cure such default or claimed default specified in the Tenant Notice Developer Default within an equal period of time, commencing on the date Interim Landlord, Successor Head Landlord and Lender receive or are deemed to have received such Tenant Notice, that Landlord would be permitted to remedy the same pursuant to the terms of the Lease. Notwithstanding the foregoing, Interim Landlord, Successor Head Landlord and Lender shall have a minimum of thirty (30) days after its receipt of such written notice, unless the Tenant Notice to remedy the default or claimed default, provided, however, that if such default or claimed default Developer Default cannot be remedied with reasonable cured within such thirty (30) days through the exercise of good faith and due diligence (including the expenditure of necessary funds), in which event such Construction Lender or Permanent Lender shall be entitled to an additional period of time to cure as reasonably determined by Interim Landlordthe DDA, Successor Head Landlord or Lenderbut in no event beyond ninety (90) days, provided and so long as the case may beConstruction Lender or Permanent Lender has diligently commenced the cure within such thirty (30) day period, completion of the cure within thirty (30) daysdays was not avoidable by the exercise of due diligence, Interim Landlord, Successor Head Landlord and the Construction Lender shall have such additional time as is reasonably necessary or Permanent Lender continues to remedy prosecute the default cure with reasonable due diligence and continuityin good faith (“Lender’s Cure Right”). FurthermoreThe DDA shall not exercise any of its remedies under this Development Agreement against the Construction Lender, Permanent Lender or Developer, during such cure period or if such Lender timely cures such Developer Default, but such cure period shall not restrict, limit or delay the payment or collection of the Deferred Payment or the enforcement of any rights or remedies of the r DDA against the Developer for any other Developer Default for which the Construction Lender or Permanent Lender has not exercised the Lender’s Cure Right. If requested by any Construction Lender or Permanent Lender (each a “Lender”), the DDA agrees to negotiate in good faith and upon commercially reasonable terms a so-called “tri-party” agreement with the Lender and Developer providing for the relative rights of the DDA and such Lender with respect to this Agreement and the Project, including, without limitation: (a) the notice and cure provisions set forth in this Section 8.3, (b) the rights and obligations described in Section 7.5 hereof, if applicable, (c) a default can be reasonably remedied only if Interim Landlord, Successor Head Landlord restriction on amendment or modification of provisions of this Development Agreement which grant specific rights or remedies to the Lender by the joint action of the DDA and Developer without the prior consent in writing of the Lender, (d) the manner in which the proceeds from any insurance policies or arising from a condemnation are to be used by the parties, and (e) such other terms as are customarily contained in similar agreements governing similar transactions, all of which shall be subject to the case may be, first obtains possession reasonable approval of the Property DDA and Developer. Notwithstanding the foregoing, in no event shall the DDA be required to enter into a tri-party agreement which: (aa) modifies or alters the Project Site Plan, the nature and scope of the Project, the components of the Project and any part thereof of the obligations of the Developer under this Developer Agreement to acquire, finance and develop and construct the Project or if any default is not curable by Successor Head Landlord (bb) materially and adversely limits or Lenderaffects the rights and remedies available to the DDA hereunder, as solely determined by the DDA, in which case may be, Interim Landlord, Successor Head Landlord and Lender the DDA shall have any additional time as is reasonably necessary under provide the circumstances Developer with its written objections to obtain possession of the Property or part thereof and, if such default is curable by Interim Landlord, Successor Head Landlord or Lender, as the case may be, to remedy the default with reasonable diligence and continuity thereaftertri-party agreement.