Common use of Notice of Default and Cure Rights Clause in Contracts

Notice of Default and Cure Rights. Senior Lender shall deliver to Subordinate Lender a default notice within five Business Days in each case where Senior Lender has given a default notice to Borrower (provided that Senior Lender shall have no liability to Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of Senior Lender to send a default notice to Subordinate Lender shall not prevent the exercise of Senior Lender’s right and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that Subordinate Xxxxxx shall have the opportunity, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of Default within 30 days following the date of such notice, or any time prior to an assignment of the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such period described above to continue to pursue its remedies under the Senior Loan Documents. Subordinate Lender shall have the opportunity to cure a Covenant Event of Default during such period described above so long as there is no Monetary Event of Default under the Senior Loan Documents. All amounts paid by Subordinate Lender to Senior Lender to cure any default under the Senior Loan Documents shall be deemed to have been advanced by Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

Notice of Default and Cure Rights. Senior Lender shall deliver to Subordinate Lender a default notice within five (5) Business Days in each case where Senior Lender has given a default notice to Borrower (provided that Senior Lender shall have no liability to Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of Senior Lender to send a default notice to Subordinate Lender shall not prevent the exercise of Senior Lender’s right and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that Subordinate Xxxxxx shall have the opportunity, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of Default within 30 thirty (30) days following the date of such notice, or any time prior to an assignment of the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such period described above to continue to pursue its remedies under the Senior Loan Documents. Subordinate Lender shall have the opportunity to cure a Covenant Event of Default during such period described above so long as there is no Monetary Event of Default under the Senior Loan Documents. All amounts paid by Subordinate Lender to Senior Lender to cure any default under the Senior Loan Documents shall be deemed to have been advanced by Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

Notice of Default and Cure Rights. The Senior Lender shall deliver to the Subordinate Lender a default notice Default Notice within five ten (10) Business Days in each case where the Senior Lender has given a default notice Default Notice to Borrower (provided that Senior Lender shall have no liability to the Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of the Senior Lender to send a default notice Default Notice to the Subordinate Lender shall not prevent the exercise of the Senior Lender’s right 's rights and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that The Subordinate Xxxxxx Lender shall have the opportunityright, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of any such Senior Loan Default within 30 ninety (90) days following the date of such notice; provided, or any time prior to an assignment of however, that the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such 90-day period described above to continue to pursue its remedies under the Senior Loan Documents. Subordinate Lender shall may have up to ninety (90) days from the opportunity date of the Default Notice to cure a Covenant Event nonmonetary default, capable of Default being cured by Subordinate Lender as determined by Senior Lender, if during such 90-day period described above so long as there is no Monetary Event of Default under Subordinate Lender keeps current all payments required by the Senior Loan Documents. In the event that such a non-monetary default creates an unacceptable level of risk relative to the Property, or Senior Lender's secured position relative to the Property, as determined by Senior Lender in its sole discretion, then Senior Lender may exercise during such 90-day period all available rights and remedies to protect and preserve the Property and the rents, revenues and other proceeds from the Property. All amounts paid by the Subordinate Lender to the Senior Lender to cure any default under the a Senior Loan Documents Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

Notice of Default and Cure Rights. The Senior Lender shall deliver to the Subordinate Lender a default notice Default Notice within five ten (10) Business Days in each case where the Senior Lender has given a default notice Default Notice to Borrower (provided that Senior Lender shall have no liability to the Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of the Senior Lender to send a default notice Default Notice to the Subordinate Lender shall not prevent the exercise of the Senior Lender’s right 's rights and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that The Subordinate Xxxxxx Lender shall have the opportunityright, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of any such Senior Loan Default within 30 ninety (90) days following the date of such notice; provided, or any time prior to an assignment of however, that the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such 90-day period described above to continue to pursue its remedies under the Senior Loan Documents. Subordinate Lender shall may have up to ninety (90) days from the opportunity date of the Default Notice to cure a Covenant Event nonmonetary default, capable of Default being cured by Subordinate Lender as determined by Senior Lender, if during such 90-day period described above so long as there is no Monetary Event of Default under Subordinate Lender keeps current all payments required by the Senior Loan Documents. In the event that such a non-monetary default creates an unacceptable level of risk relative to the Property, or Senior Xxxxxx's secured position relative to the Property, as determined by Senior Lender in its sole discretion, then Senior Lender may exercise during such 90-day period all available rights and remedies to protect and preserve the Property and the rents, revenues and other proceeds from the Property. All amounts paid by the Subordinate Lender to the Senior Lender to cure any default under the a Senior Loan Documents Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

Notice of Default and Cure Rights. Senior Lender shall deliver to Subordinate Lender Lenders a default notice within five Business Days in each case where Senior Lender has given a default notice to Borrower (provided that Senior Lender shall have no liability to Borrower, Subordinate Lender Lenders or to any other Entity for failure to timely give such notice). Failure of Senior Lender to send a default notice to Subordinate Lender Lenders shall not prevent the exercise of Senior LenderXxxxxx’s right and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that Subordinate Xxxxxx Xxxxxxx shall have the opportunity, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of Default within 30 days following the date of such notice, or any time prior to an assignment of the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges Lenders acknowledge that Senior Lender shall be entitled during such period described above to continue to pursue its remedies under the Senior Loan Documents. Subordinate Lender Lenders shall have the opportunity to cure a Covenant Event of Default during such period described above so long as there is no Monetary Event of Default under the Senior Loan Documents. All amounts paid by Subordinate Lender Lenders to Senior Lender to cure any default under the Senior Loan Documents shall be deemed to have been advanced by Subordinate Lender Lenders pursuant to, and shall be secured by the lien of, the Subordinate MortgageMortgages.

Notice of Default and Cure Rights. The Subordinate Lender agrees to deliver a Default Notice to the Senior Lender shall deliver to within three (3) Business Days after any Subordinate Loan Default, but only in those instances where (i) the Subordinate Lender actually has given notice to the Borrower or (ii) the Subordinate Lender is not required to provide notice to the Borrower in order to exercise its remedies available upon a default notice within five Business Days Subordinate Loan Default; provided, that in each case where the event the Subordinate Loan Default was already included in the Default Notice, the Subordinate Lender shall not be obligated to provide any additional Default Notice. Upon the date of delivery by the Subordinate Lender to the Senior Lender has given of a default notice Default Notice (or the expiration of the three (3) day period in which the Subordinate Lender is required to Borrower (provided that provide such Default Notice), a Standstill Period shall commence without further action by any party. The Senior Lender shall have no liability to Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of Senior Lender to send a default notice to Subordinate Lender shall not prevent the exercise of Senior Lender’s right and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that Subordinate Xxxxxx shall have the opportunityright, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of any Subordinate Loan Default within 30 days following the same time period for curing a default which is given to the Borrower under the Subordinate Loan Documents, except that the Senior Lender's time period for cure shall begin on the date of such noticeon which it receives the Default Notice from the Subordinate Lender; provided, or any time prior to an assignment of however that the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such period described above to continue under the Subordinate Loan Documents to pursue its rights and remedies under to the Senior Loan Documents. Subordinate Lender shall have fullest extent of the opportunity to cure a Covenant Event of Default during such period described above so long law (except as there is no Monetary Event of Default under the Senior Loan Documentsprovided otherwise herein). All amounts paid advanced or expended by Subordinate Lender to the Senior Lender to cure any default under in accordance with the Senior Loan Documents to cure a Subordinate Loan Default shall be deemed to have been advanced by Subordinate the Senior Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.Senior Security Instrument. (b)

Notice of Default and Cure Rights. The Senior Lender shall deliver to the Subordinate Lender a default notice Default Notice within five Business Days in each case where the Senior Lender has given a default notice Default Notice to the Borrower (provided that Senior Lender shall have no liability to Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice)and Investor. Failure of the Senior Lender to send a default notice Default Notice to the Subordinate Lender shall not prevent the exercise of the Senior Lender’s right rights and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that The Subordinate Xxxxxx Lender shall have the opportunityright, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of any such Senior Loan Default within 30 sixty (60) days following the date of such notice; provided, or any time prior to an assignment of however, that the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such 60-day period described above to continue to pursue its remedies under the Senior Loan Documents. The Subordinate Lender shall may have up to sixty (60) days from the opportunity date of the Default Notice to cure a Covenant Event of Default non-monetary default if during such 60-day period described above so long as there is no Monetary Event of Default under such Lender keeps current all payments required by the Senior Loan Documents. In the event that such a non-monetary default creates an unacceptable level of risk relative to the Property, or to Senior Xxxxxx’s secured position relative to the Property, as determined by Senior Lender in its sole but reasonable discretion, then Senior Lender may exercise during such 60-day period all available rights and remedies to protect and preserve the Property and the rents, revenues and other proceeds from the Property. All amounts paid by the Subordinate Lender to the Senior Lender to cure any default under the a Senior Loan Documents Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Loan Mortgage.

Notice of Default and Cure Rights. Senior Lender shall deliver to Subordinate Lender a default notice within five Business Days in each case where Senior Lender has given a default notice to Borrower Borrower. (provided that Senior Lender shall have no liability to Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of Senior Lender to send a default notice to Subordinate Lender shall not prevent the exercise of Senior Lender’s right and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that Subordinate Xxxxxx shall have the opportunity, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of Default within 30 days following the date of such notice, or any time prior to an assignment of the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such period described above to continue to pursue its remedies under the Senior Loan Documents. Subordinate Lender shall Xxxxxx xxxxxxxx have the anthe opportunity to cure a Covenant Event of Default during such period described above so long as there is no Monetary Event of Default under the Senior Loan DocumentsSubordinate Lender keeps current all payments required by the Senior Loan Documents. All amounts paid by Subordinate Lender to Senior Lender to cure any default Monetary Defaultdefault under the Senior Loan Documents shall be deemed to have been advanced by Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

Notice of Default and Cure Rights. The Senior Lender shall deliver to the Subordinate Lender a default notice Default Notice within five Business Days in each case where the Senior Lender has given a default notice Default Notice to Borrower (provided that Senior Lender shall have no liability to the Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of the Senior Lender to send a default notice Default Notice to the Subordinate Lender shall not prevent the exercise of the Senior Lender’s right rights and remedies under the Senior First Mortgage Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that The Subordinate Xxxxxx Lender shall have the opportunityright, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of any such First Mortgage Loan Default within 30 60 days following the date of such notice; provided, or any time prior to an assignment of however, that the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such 60-day period described above to continue to pursue its remedies under the Senior First Mortgage Loan Documents. Subordinate Lender shall may have up to 90 days from the opportunity date of the Default Notice to cure a Covenant Event of Default non-monetary default if during such 90-day period described above so long as there is no Monetary Event of Default under Subordinate Lender keeps current all payments required by the Senior First Mortgage Loan Documents. In the event that such a non-monetary default creates an unacceptable level of risk relative to the Property, or Senior Lender’s secured position relative to the Property, as determined by Senior Lender in its sole discretion, then Senior Lender may exercise during such 90-day period all available rights and remedies to protect and preserve the Property and the rents, revenues and other proceeds from the Property. All amounts paid by the Subordinate Lender to the Senior Lender to cure any default under the Senior a First Mortgage Loan Documents Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

Notice of Default and Cure Rights. The Senior Lender shall deliver to the Subordinate Lender a default notice Default Notice within five three (3) Business Days after notice of the Senior Loan Default has been given to the Borrower, but only in each case those instances where (i) the Senior Lender actually has given a default notice to the Borrower or (provided ii) the Senior Lender is not required to provide notice to the Borrower in order to exercise its remedies available upon a Senior Loan Default; provided, that the Senior Lender shall have no liability to Borrower, Subordinate Lender or not deliver a Default Notice (x) with respect to any Event of Default under the Senior Loan Documents other Entity for failure to timely give such notice)than a payment default more than 3 times in any 365 consecutive days or (y) on the basis of any Event of Default that existed as of the date of the giving of a prior Default Notice. Failure of the Senior Lender to send a default notice Default Notice to the Subordinate Lender shall not prevent the exercise of the Senior Lender’s right 's rights and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees Upon the date of delivery by the Senior Lender to the Subordinate Lender of a Default Notice (or the expiration of the three (3) day period in which the Senior Lender is required to provide such Default Notice), a Standstill Period shall commence without further action by any party; provided, that no such Standstill Period shall commence if the Event of Default giving rise to the Default Notice was the basis of a previous Standstill Period which has expired. The Subordinate Xxxxxx Lender shall have the opportunityright, but not the obligation, during such Standstill Period, to cure either a Monetary Event of Default or a Covenant Event of Default within 30 days following any such Senior Loan Default; provided, however, that the date of such notice, or any time prior to an assignment of the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled entitled, during such period described above Standstill Period, to continue to pursue its initiate remedies under the Senior Loan DocumentsDocuments without notice to or consultation with the Subordinate Lender. If the Subordinate Lender shall have the opportunity elects to cure a Covenant Event such default, upon completion of Default during such period described above so long as there is no Monetary Event of Default under cure the Senior Loan Documents shall be reinstated, nunc pro tunc, and any judicial proceedings initiated against the Property shall be dismissed. Senior Lender further agrees that any non-monetary default by the Borrower that the Subordinate Lender has initiated action to cure such Borrower default but that cannot be cured within the Standstill Period will be suspended for an additional six (6) month if Subordinate Lender keeps current all payments required by the Senior Loan Documents. All amounts paid by the Subordinate Lender to the Senior Lender to cure any default under the a Senior Loan Documents default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate MortgageSecurity Instrument.

Notice of Default and Cure Rights. The Subordinate Lender agrees to deliver a Default Notice to the Senior Lender shall deliver to within three (3) Business Days after any Subordinate Loan Default, but only in those instances where (i) the Subordinate Lender actually has given notice to the Borrower or (ii) the Subordinate Lender is not required to provide notice to the Borrower in order to exercise its remedies available upon a default notice within five Business Days Subordinate Loan Default; provided, that in each case where the event the Subordinate Loan Default was already included in the Default Notice, the Subordinate Lender shall not be obligated to provide any additional Default Notice. Upon the date of delivery by the Subordinate Lender to the Senior Lender has given of a default notice Default Notice (or the expiration of the three (3) day period in which the Subordinate Lender is required to Borrower (provided that provide such Default Notice), a Standstill Period shall commence without further action by any party. The Senior Lender shall have no liability to Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of Senior Lender to send a default notice to Subordinate Lender shall not prevent the exercise of Senior Lender’s right and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that Subordinate Xxxxxx shall have the opportunityright, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of any Subordinate Loan Default within 30 days following the same time period for curing a default which is given to the Borrower under the Subordinate Loan Documents, except that the Senior Lender's time period for cure shall begin on the date of such noticeon which it receives the Default Notice from the Subordinate Lender; provided, or any time prior to an assignment of however that the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such period described above to continue under the Subordinate Loan Documents to pursue its rights and remedies under to the Senior Loan Documents. Subordinate Lender shall have fullest extent of the opportunity to cure a Covenant Event of Default during such period described above so long law (except as there is no Monetary Event of Default under the Senior Loan Documentsprovided otherwise herein). All amounts paid advanced or expended by Subordinate Lender to the Senior Lender to cure any default under in accordance with the Senior Loan Documents to cure a Subordinate Loan Default shall be deemed to have been advanced by Subordinate the Senior Lender pursuant to, and shall be secured by the lien of, the Subordinate MortgageSenior Security Instrument.

Notice of Default and Cure Rights. The Senior Lender shall deliver to the Subordinate Lender a default notice Default Notice within five Business Days in each case where the Senior Lender has given a default notice Default Notice to Borrower (provided that Senior Lender shall have no liability to the Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of the Senior Lender to send a default notice Default Notice to the Subordinate Lender shall not prevent the exercise of the Senior Lender’s right rights and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that The Subordinate Xxxxxx Lender shall have the opportunityright, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of any such Permanent Loan Default within 30 sixty (60) days following the date of such notice; provided, or any time prior to an assignment of however, that the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such 60-day period described above to continue to pursue its remedies under the Senior Permanent Loan Documents. Subordinate Lender shall may have up to sixty (60) days from the opportunity date of the Default Notice to cure a Covenant Event of Default non-monetary default if during such 60- day period described above so long as there is no Monetary Event of Default under Subordinate Lender keeps current all payments required by the Senior Permanent Loan Documents. In the event that such a non-monetary default creates an unacceptable level of risk relative to the Land, or Senior Xxxxxx’s secured position relative to the Land, as determined by Senior Lender in its sole discretion, then Senior Lender may exercise during such 60-day period all available rights and remedies to protect and preserve the Land and the rents, revenues and other proceeds from the Land. All amounts paid by the Subordinate Lender to the Senior Lender to cure any default under the Senior a Permanent Loan Documents Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

Notice of Default and Cure Rights. Senior Lender shall deliver to Subordinate Lender a default notice within five (5) Business Days in each case where Senior Lender has given a default notice to Borrower (provided that Senior Lender shall have no liability to Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of Senior Lender to send a default notice to Subordinate Lender shall not prevent the exercise of Senior Lender’s right rights and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that Subordinate Xxxxxx shall have the opportunity, but not the obligation, to cure either a Senior Loan Monetary Event of Default or a Senior Loan Covenant Event of Default within 30 thirty (30) days following the date of such notice, or any time prior to an assignment of the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such period described above to continue to pursue its remedies under the Senior Loan Documents. Subordinate Lender shall have the opportunity to cure a Senior Loan Covenant Event of Default during such period described above so long as there is no Senior Loan Monetary Event of Default under the Senior Loan Documents. All amounts paid by Subordinate Lender to Senior Lender to cure any default under the Senior Loan Documents shall be deemed to have been advanced by Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate MortgageSecurity Instrument.

Notice of Default and Cure Rights. The Senior Lender shall deliver to the Subordinate Lender a default notice Default Notice within five Business Days in each case where the Senior Lender has given a default notice Default Notice to the Borrower (provided that Senior Lender shall have no liability to Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice)and Investor. Failure of the Senior Lender to send a default notice Default Notice to the Subordinate Lender shall not prevent the exercise of the Senior Lender’s right rights and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that The Subordinate Xxxxxx Lender shall have the opportunityright, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of any such Senior Loan Default within 30 sixty (60) days following the date of such notice; provided, or any time prior to an assignment of however, that the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such 60-day period described above to continue to pursue its remedies under the Senior Loan Documents. The Subordinate Lender shall may have up to sixty (60) days from the opportunity date of the Default Notice to cure a Covenant Event of Default non-monetary default if during such 60-day period described above so long as there is no Monetary Event of Default under such Lender keeps current all payments required by the Senior Loan Documents. In the event that such a non-monetary default creates an unacceptable level of risk relative to the Property, or to Senior Lender’s secured position relative to the Property, as determined by Senior Lender in its sole but reasonable discretion, then Senior Lender may exercise during such 60-day period all available rights and remedies to protect and preserve the Property and the rents, revenues and other proceeds from the Property. All amounts paid by the Subordinate Lender to the Senior Lender to cure any default under the a Senior Loan Documents Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Loan Mortgage.

Notice of Default and Cure Rights. The Senior Lender shall deliver to the Subordinate Lender a default notice Default Notice within five Business Days in each case where the Senior Lender has given a default notice Default Notice to Borrower (provided that Senior Lender shall have no liability to the Borrower, Subordinate Lender or to any other Entity for failure to timely give such notice). Failure of the Senior Lender to send a default notice Default Notice to the Subordinate Lender shall not prevent the exercise of the Senior Lender’s right rights and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that The Subordinate Xxxxxx Lender shall have the opportunityright, but not the obligation, to cure either a Monetary Event of Default or a Covenant Event of any such Permanent Loan Default within 30 sixty (60) days following the date of such notice; provided, or any time prior to an assignment of however, that the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled during such 60-day period described above to continue to pursue its remedies under the Senior Permanent Loan Documents. Subordinate Lender shall may have up to sixty (60) days from the opportunity date of the Default Notice to cure a Covenant Event of Default non-monetary default if during such 60- day period described above so long as there is no Monetary Event of Default under Subordinate Lender keeps current all payments required by the Senior Permanent Loan Documents. In the event that such a non-monetary default creates an unacceptable level of risk relative to the Land, or Senior Lender’s secured position relative to the Land, as determined by Senior Lender in its sole discretion, then Senior Lender may exercise during such 60-day period all available rights and remedies to protect and preserve the Land and the rents, revenues and other proceeds from the Land. All amounts paid by the Subordinate Lender to the Senior Lender to cure any default under the Senior a Permanent Loan Documents Default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.

Notice of Default and Cure Rights. The Senior Lender shall deliver to the Subordinate Lender a default notice Default Notice within five three (3) Business Days after notice of the Senior Loan Default has been given to the Borrower, but only in each case those instances where (i) the Senior Lender actually has given a default notice to the Borrower or (provided ii) the Senior Lender is not required to provide notice to the Borrower in order to exercise its remedies available upon a Senior Loan Default; provided, that the Senior Lender shall have no liability to Borrower, Subordinate Lender or not deliver a Default Notice (x) with respect to any Event of Default under the Senior Loan Documents other Entity for failure to timely give such notice)than a payment default more than 3 times in any 365 consecutive days or (y) on the basis of any Event of Default that existed as of the date of the giving of a prior Default Notice. Failure of the Senior Lender to send a default notice Default Notice to the Subordinate Lender shall not prevent the exercise of the Senior Lender’s right 's rights and remedies under the Senior Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees Upon the date of delivery by the Senior Lender to the Subordinate Lender of a Default Notice (or the expiration of the three (3) day period in which the Senior Lender is required to provide such Default Notice), a Standstill Period shall commence without further action by any party; provided, that no such Standstill Period shall commence if the Event of Default giving rise to the Default Notice was the basis of a previous Standstill Period which has expired. The Subordinate Xxxxxx Lender shall have the opportunityright, but not the obligation, during such Standstill Period, to cure either a Monetary Event of Default or a Covenant Event of Default within 30 days following any such Senior Loan Default; provided, however, that the date of such notice, or any time prior to an assignment of the Senior Security Instrument from Senior Lender to HUD, whichever date is later. Subordinate Xxxxxx acknowledges that Senior Lender shall be entitled entitled, during such period described above Standstill Period, to continue to pursue its initiate remedies under the Senior Loan DocumentsDocuments without notice to or consultation with the Subordinate Lender. If the Subordinate Lender shall have the opportunity elects to cure a Covenant Event such default, upon completion of Default during such period described above so long as there is no Monetary Event of Default under cure the Senior Loan Documents shall be reinstated, nunc pro tunc, and any judicial proceedings initiated against the Property shall be dismissed. Senior Lender further agrees that any non-monetary default by the Borrower that the Subordinate Lender has initiated action to cure such Borrower default but that cannot be cured within the Standstill Period will be suspended for an additional six (6) month if Subordinate Lender keeps current all payments required by the Senior Loan Documents. All amounts paid by the Subordinate Lender to the Senior Lender to cure any default under the a Senior Loan Documents default shall be deemed to have been advanced by the Subordinate Lender pursuant to, and shall be secured by the lien of, the Subordinate Mortgage.Security Instrument. 4 (b)

Notice of Default and Cure Rights. Senior Subordinate Lender shall deliver to Subordinate Senior Lender a default notice within five (5) Business Days in each case where Senior Subordinate Lender has given a default notice to Borrower (provided that Senior Subordinate Lender shall have no liability to Borrower, Subordinate Senior Lender or to any other Entity for failure to timely give such notice). Failure of Senior Subordinate Lender to send a default notice to Subordinate Senior Lender shall not prevent the exercise of Senior LenderSubordinate Xxxxxx’s right rights and remedies under the Senior Subordinate Loan Documents, subject to the provisions of this Agreement. Xxxxxxxx agrees that Subordinate Xxxxxx Senior Lender shall have the opportunity, but not the obligation, to cure either a Subordinate Loan Monetary Event of Default or a Subordinate Loan Covenant Event of Default within 30 thirty (30) days following the date of such notice, or any time prior to an assignment of the Senior Subordinate Security Instrument from Senior Subordinate Lender to HUD, whichever date is later. Subordinate Xxxxxx Senior Lender acknowledges that Senior Subordinate Lender shall be entitled during such period described above to continue to pursue its remedies under the Senior Subordinate Loan Documents. Subordinate Senior Lender shall have the opportunity to cure a Subordinate Loan Covenant Event of Default during such period described above so long as there is no Subordinate Loan Monetary Event of Default under the Senior Subordinate Loan Documents. All amounts paid by Subordinate Senior Lender to Senior Subordinate Lender to cure any default under the Senior Subordinate Loan Documents shall be deemed to have been advanced by Subordinate Senior Lender pursuant to, and shall be secured by the lien Lien of, the Subordinate MortgageSenior Security Instrument.