Notice of Default; Opportunity to Cure. Tenant agrees that prior to exercising any of its rights and remedies under the Lease in the event of any default by Landlord thereunder, including any rights of termination, offset, defense or self-help provisions contained in the Lease, Tenant shall give written notice to Lender of the occurrence of default by Landlord and Landlord’s failure to cure such default pursuant to the terms of the Lease, specifying, with reasonable clarity, the events constituting such default. In the event of a monetary default, Tenant shall give Lender ten (10) calendar days after the date of receipt of such notice to cure such monetary default. In the event of a non-monetary default, Tenant shall give Lender a cure period equal to the longer of (i) 30 days after the cure period provided to Landlord under the Lease; (ii) 30 days after Lender’s receipt of Tenant’s notice to Lender of a Landlord default, or (iii) if the cure of such default requires possession of the Property, 30 days after Lender has obtained possession of the Property; provided that in each case, if such default cannot reasonably be cured within such cure period and Lender has diligently commenced to cure such default within the time contemplated by this Section 7, such cure period shall be extended for so long as necessary for Lender, in the exercise of due diligence, to cure such default. Tenant acknowledges that Lender is not obligated to cure any Landlord default, but if Lender elects to do so, Tenant agrees to accept cure by Lender as that of Landlord under the Lease and will not exercise any right or remedy under the Lease for a Landlord default. Performance rendered by Lender on Landlord’s behalf is without prejudice to Lender’s rights against Landlord under the Security Instrument or any other documents executed by Landlord in favor of Lender in connection with the Loan.
Appears in 3 contracts
Samples: Lease Agreement (GX Acquisition Corp.), Lease Agreement (Glu Mobile Inc), Lease Agreement (Ariba Inc)
Notice of Default; Opportunity to Cure. Tenant agrees that prior As a precondition to exercising any rights or remedies for any alleged default under this Agreement, Landowner shall give written notice of its rights the default to the Lessee specifying in detail the alleged default and remedies under the Lease required remedy. In the event Landowner gives any such notice, the following provisions shall apply:
(a) The Lender shall have the same period after receipt of the default notice as is given to Lessee, the Assignee or Tenant to remedy or cause to be remedied the default plus, in each instance, (i) an additional thirty (30) days after receipt of the default notice in the event of any monetary default by Landlord thereunder(meaning any failure to pay when due any rent, including any rights of terminationreal property taxes, offset, defense insurance premiums or self-help provisions contained in the Lease, Tenant shall give written notice to Lender other monetary obligation under this Agreement); and (ii) an additional thirty (30) days after receipt of the occurrence of default by Landlord and Landlord’s failure to cure such default pursuant to the terms of the Lease, specifying, with reasonable clarity, the events constituting such default. In notice in the event of a monetary any other type of default, Tenant shall give Lender ten (10) calendar days after the date of receipt of such notice to cure such monetary default. In the event of a non-monetary default, Tenant shall give Lender a cure period equal to the longer of (i) 30 days after the cure period provided to Landlord under the Lease; (ii) 30 days after Lender’s receipt of Tenant’s notice to Lender of a Landlord default, or (iii) if the cure of such default requires possession of the Property, 30 days after Lender has obtained possession of the Property; provided that in each case, if such default cannot reasonably be cured within such cure period and Lender has diligently commenced to cure such default within the time contemplated by this Section 7, such cure 30-day period shall be extended for so long as necessary the time reasonably required to complete such cure, including the time required for Lender, in the exercise of due diligence, Lender to perfect its right to cure such defaultdefault by obtaining possession of the Property (including possession by a receiver) or by instituting foreclosure proceedings, provided the Lender acts with reasonable and continuous diligence. Lenders shall have the absolute right to do any act or thing required to be performed by Lessee, an Assignee or any Tenant acknowledges that under this Agreement, and any such act or thing performed by a Lender is shall be as effective to prevent a default under this Agreement and/or a forfeiture of any rights under this Agreement as if done by Lessee, the Assignee or Tenant itself.
(b) During any period of possession of the Property by a Lender (or a receiver requested by such Lender) and/or during the pendency of any foreclosure proceedings instituted by a Lender, the Lender shall pay or cause to be paid the rent and all other monetary changes payable by Lessee, an Assignee or any Tenant which have accrued and are unpaid at the commencement of such period and those which accrue thereafter during such period. Following acquisition of Lessee’s, an Assignee or any Tenant’s leasehold estate by the Lender or its assignee or designee as a result of foreclosure or assignment in lieu of foreclosure, or by a purchaser at a foreclosure sale, this Agreement shall continue in full force and effect and the Lender or other party acquiring title to the leasehold estate shall, as promptly as reasonably possible, commence the cure of all other defaults hereunder and thereafter diligently process such cure to completion, whereupon Landowner’s right to terminate this Agreement based upon such defaults shall be deemed waived; provided, however, the Lender or other party acquiring title to the leasehold estate shall not obligated be required to cure any Landlord defaultthose defaults which are not reasonably susceptible of being cured or performed by such party (“Non-Curable Defaults”). Non-curable defaults shall be deemed waived by Landowner upon completion of foreclosure proceedings or acquisition of Lessee’s, but if Assignee’s or Tenant’s interest in this Agreement by such party.
(c) Upon the sale or other transfer of the leasehold interests acquired pursuant to foreclosure or assignment in lieu of foreclosure, the Lender elects to do soor other acquiring party shall have no further duties or obligations hereunder.
(d) Neither the bankruptcy nor the insolvency of Lessee, Tenant agrees to accept cure by Lender as that of Landlord under the Lease and will not exercise any right or remedy under the Lease for a Landlord default. Performance rendered by Lender on Landlord’s behalf is without prejudice to Lender’s rights against Landlord under the Security Instrument an Assignee or any Tenant shall be grounds for terminating this Agreement as long as the rent and all other documents executed monetary charges payable by Landlord in favor of such Lessee, Assignee or Tenant hereunder are paid by the Lender in connection accordance with the Loanterms of this Agreement.
(e) Nothing herein shall be construed to extend this Agreement beyond periods contemplated in Section 4 and Section 5.2 or to require a Lender to continue foreclosure proceedings after the default has been cured. If the default is cured and the Lender discontinues foreclosure proceedings, this Agreement shall continue in full force and effect.
Appears in 2 contracts
Samples: Solar Energy Ground Lease, Solar Energy Ground Lease
Notice of Default; Opportunity to Cure. (a) Any notice required or permitted to be given by Tenant agrees that prior to exercising Landlord shall be simultaneously given also to Lender, and any right of its rights and remedies under Tenant dependent upon notice shall take effect only after such notice to Lender is so given. Performance by Lender shall satisfy any conditions of the Lease requiring performance by Landlord, and Lender shall have a reasonable time to complete such performance as provided in section (b) below.
(b) Without limiting the event generality of any default by Landlord thereunder, including any rights of termination, offset, defense or self-help provisions contained in the Leaseforegoing, Tenant shall give written notice to promptly notify Lender of any default, act or omission of Landlord which would give Tenant the occurrence right, immediately or after the lapse of default by a period of time, to cancel or terminate the Lease or to claim a partial or total eviction (a “Landlord and Landlord’s failure to cure such default pursuant to the terms of the Lease, specifying, with reasonable clarity, the events constituting such defaultDefault”). In the event of a monetary defaultLandlord Default, Tenant shall give Lender ten (10) calendar days after the date of receipt of such notice not exercise any rights available to cure such monetary default. In the event of a non-monetary default, Tenant shall give Lender a cure period equal to the longer of it: (i) 30 until it has given written notice of such Landlord Default to Lender; and (ii) unless Lender has failed, within a period of thirty (30) days after beyond the cure period provided time available to Landlord under the LeaseLease in which to cure the breach or default by Landlord, to cure or remedy the Landlord Default or, if the same is not reasonably capable of being remedied by Lender within such period, until a reasonable period for remedying such Landlord Default has elapsed following the giving of such notice and following the time when Lender shall have become entitled under the Security Documents to remedy the same (which reasonable period shall in no event be less than the period to which Landlord would be entitled under the Lease or otherwise, after similar notice, to effect such remedy); (ii) 30 days after Lender’s receipt of Tenant’s notice to provided that Lender of shall with due diligence commence and prosecute a remedy for such Landlord Default. If Lender cannot reasonably remedy a Landlord default, or (iii) if the cure of such default requires Default until after Lender obtains possession of the PropertyLand, 30 days Tenant may not terminate or cancel the Lease or claim a partial or total eviction by reason of such Landlord Default until the expiration of a reasonable period necessary for the remedy after Lender has obtained institutes proceedings to obtain possession of the Property; Land through a foreclosure or otherwise, or for the appointment of a receiver for the Land, provided that in each case, if Lender institutes and prosecutes such default cannot reasonably be cured within such cure period and Lender has diligently commenced to cure such default within the time contemplated by this Section 7, such cure period shall be extended for so long as necessary for Lender, in the exercise of proceedings with due diligence, . Lender shall have no obligation hereunder to cure such default. Tenant acknowledges that Lender is not obligated to cure remedy any Landlord default, but if Lender elects to do so, Tenant agrees to accept cure by Lender as that of Landlord under the Lease and will not exercise any right or remedy under the Lease for a Landlord default. Performance rendered by Lender on Landlord’s behalf is without prejudice to Lender’s rights against Landlord under the Security Instrument or any other documents executed by Landlord in favor of Lender in connection with the LoanDefault.
Appears in 2 contracts
Samples: Lease Agreement (Salmedix Inc), Subordination, Non Disturbance and Attornment Agreement (Grubb & Ellis Co)
Notice of Default; Opportunity to Cure. (a) Any default or similar notice required or permitted to be given by Tenant agrees that prior to exercising Landlord shall be simultaneously given also to Lender, and any right of its rights and remedies under Tenant dependent upon such notice shall take effect only after such notice to Lender is so given. Performance by Lender shall satisfy any conditions of the Lease requiring performance by Landlord, and Lender shall have a reasonable time to complete such performance as provided in section (b) below.
(b) Without limiting the event generality of any default by Landlord thereunder, including any rights of termination, offset, defense or self-help provisions contained in the Leaseforegoing, Tenant shall give written notice to promptly notify Lender of any default, act or omission of Landlord which would give Tenant the occurrence right, immediately or after the lapse of default by a period of time, to cancel or terminate the Lease or to claim a partial or total eviction (a "Landlord and Landlord’s failure to cure such default pursuant to Default") (except that the terms of this subparagraph 5(b) shall not be applicable to Section 4.1 or Article 22 and/or 23 of the Lease, specifying, with reasonable clarity, the events constituting such default). In the event of a monetary defaultLandlord Default, Tenant shall give not exercise any rights available to it to cancel or terminate the Lease: i) until it has given written notice of such Landlord Default to Lender; and ii) unless Lender ten has failed, within sixty (1060) calendar days after Lender receives such notice, to cure or remedy the date Landlord Default or, if the same is of receipt a nature that same cannot with due diligence be remedied by Lender within such sixty (60) days after Lender receives such notice, until a reasonable period for remedying such Landlord Default has elapsed following the giving of such notice to cure such monetary default. In and following the event of a non-monetary default, Tenant time when Lender shall give Lender a cure period equal to the longer of (i) 30 days after the cure period provided to Landlord have become entitled under the LeaseSecurity Documents to remedy the same (which reasonable period shall in no event be less than the period during which Landlord would be entitled under the Lease or otherwise, after similar notice, to effect such remedy); (ii) 30 days after Lender’s receipt of Tenant’s notice to provided that Lender of shall with due diligence commence and prosecute a remedy for such Landlord Default. If Lender cannot reasonably remedy a Landlord default, or (iii) if the cure of such default requires Default until after Lender obtains possession of the Mortgaged Property, 30 days Tenant may not terminate or cancel the Lease or claim a partial or total eviction by reason of such Landlord Default until the expiration of a reasonable period necessary for the remedy after Lender has obtained institutes proceedings to obtain possession of the Mortgaged Property through a foreclosure or otherwise, or for the appointment of a receiver for the Mortgaged Property; , provided that in each case, if Lender institutes and prosecutes such default cannot reasonably be cured within such cure period and Lender has diligently commenced to cure such default within the time contemplated by this Section 7, such cure period shall be extended for so long as necessary for Lender, in the exercise of proceedings with due diligence, . Lender shall have no obligation hereunder to cure such default. Tenant acknowledges that Lender is not obligated to cure remedy any Landlord default, but if Lender elects to do so, Tenant agrees to accept cure by Lender as that of Landlord under the Lease and will not exercise any right or remedy under the Lease for a Landlord default. Performance rendered by Lender on Landlord’s behalf is without prejudice to Lender’s rights against Landlord under the Security Instrument or any other documents executed by Landlord in favor of Lender in connection with the LoanDefault.
Appears in 1 contract
Samples: Lease (Gene Logic Inc)
Notice of Default; Opportunity to Cure. (a) Any default or similar notice required or permitted to be given by Tenant agrees that prior to exercising Landlord shall be simultaneously given also to Lender, and any right of its rights and remedies under Tenant dependent upon such notice shall take effect only after such notice to Lender is so given. Performance by Lender shall satisfy any conditions of the Lease requiring performance by Landlord, and Lender shall have a reasonable time to complete such performance as provided in section (b) below.
(b) Without limiting the event generality of any default by Landlord thereunder, including any rights of termination, offset, defense or self-help provisions contained in the Leaseforegoing, Tenant shall give written notice to promptly notify Lender of any default, act or omission of Landlord which would give Tenant the occurrence right, immediately or after the lapse of default by a period of time, to cancel or terminate the Lease or to claim a partial or total eviction (a “Landlord and Landlord’s failure to cure such default pursuant to Default”) (except that the terms of this subparagraph 5(b) shall not be applicable to Section 4.1 or Article 22 and/or 23 of the Lease, specifying, with reasonable clarity, the events constituting such default). In the event of a monetary defaultLandlord Default, Tenant shall give not exercise any rights available to it to cancel or terminate the Lease: i) until it has given written notice of such Landlord Default to Lender; and ii) unless Lender ten has failed, within sixty (1060) calendar days after Lender receives such notice, to cure or remedy the date Landlord Default or, if the same is of receipt a nature that same cannot with due diligence be remedied by Lender within such sixty (60) days after Lender receives such notice, until a reasonable period for remedying such Landlord Default has elapsed following the giving of such notice to cure such monetary default. In and following the event of a non-monetary default, Tenant time when Lender shall give Lender a cure period equal to the longer of (i) 30 days after the cure period provided to Landlord have become entitled under the LeaseSecurity Documents to remedy the same (which reasonable period shall in no event be less than the period during which Landlord would be entitled under the Lease or otherwise, after similar notice, to effect such remedy); (ii) 30 days after Lender’s receipt of Tenant’s notice to provided that Lender of shall with due diligence commence and prosecute a remedy for such Landlord Default. If Lender cannot reasonably remedy a Landlord default, or (iii) if the cure of such default requires Default until after Lender obtains possession of the Mortgaged Property, 30 days Tenant may not terminate or cancel the Lease or claim a partial or total eviction by reason of such Landlord Default until the expiration of a reasonable period necessary for the remedy after Lender has obtained institutes proceedings to obtain possession of the Mortgaged Property through a foreclosure or otherwise, or for the appointment of a receiver for the Mortgaged Property; , provided that in each case, if Lender institutes and prosecutes such default cannot reasonably be cured within such cure period and Lender has diligently commenced to cure such default within the time contemplated by this Section 7, such cure period shall be extended for so long as necessary for Lender, in the exercise of proceedings with due diligence, . Lender shall have no obligation hereunder to cure such default. Tenant acknowledges that Lender is not obligated to cure remedy any Landlord default, but if Lender elects to do so, Tenant agrees to accept cure by Lender as that of Landlord under the Lease and will not exercise any right or remedy under the Lease for a Landlord default. Performance rendered by Lender on Landlord’s behalf is without prejudice to Lender’s rights against Landlord under the Security Instrument or any other documents executed by Landlord in favor of Lender in connection with the LoanDefault.
Appears in 1 contract
Samples: Lease Agreement (Gene Logic Inc)
Notice of Default; Opportunity to Cure. Tenant agrees Lessor will use best efforts to contemporaneously deliver a copy of any Notice of Default to each Mortgagee for which Xxxxxx has received advanced written notice of such Mortgagee’s interest, concurrently with delivery of such Notice of Default to Lessee. Failure of Lessor to give any such notice to each Mortgagee will not invalidate the Notice of Default. Any best effort by Lessor to provide such notice shall not minimize or replace any separate obligation of Lessee to provide any Mortgagee with any notice including a Notice of Default issued by Lessor
a. To the extent that prior a Mortgagee may consist of more than one persons or entities, notice from Lessor to exercising any one party will be deemed notice to all constituting the Mortgagee. If there are multiple people or entities constituting said Mortgagee, then Mortgagee may identify which one person or entity shall be provided any and all notices from Lessor for all constituting the Mortgagee.
b. The Mortgagee will have the same period after receipt of the Notice of Default to remedy the default, or cause the same to be remedied, as is given to Lessee under this Lease. In an event of default other than non-payment of Rents, and upon written notice of its rights and remedies election to cure under the Lease in the event of any default by Landlord thereunder, including any rights of termination, offset, defense or self-help provisions contained in the this Lease, Tenant shall give written notice to Lender of the occurrence of default by Landlord and Landlord’s failure to cure such default pursuant to the terms of the Lease, specifying, with reasonable clarity, the events constituting such default. In the event of a monetary default, Tenant shall give Lender ten Mortgagee will have an additional ninety (1090) calendar days after the date of receipt of such notice to cure such monetary the default. In If Lessee or the event of a non-monetary Mortgagee has, within the applicable cure period, diligently and in good faith worked to correct the default, Tenant then Lessor shall give Lender a cure period equal to the longer of (i) 30 days after extend the cure period provided for a length of time that Lessor believes to Landlord be reasonably necessary to complete the cure.
i. If the Mortgagee elects to substitute itself for Xxxxxx and perform the duties of Lessee under this Lease for purposes of curing such defaults, the Mortgagee must advise Lessor, in writing, of its election.
ii. Lessor hereby consents to such substitution, agrees to accept such performance, and authorizes the Mortgagee (or its employees, agents, representatives, or contractors) to enter upon the leased Land to complete such performance with all the rights, privileges, and obligations of the Lessee. Lessor will not exercise its rights to terminate this Lease prior to the expiration of the applicable cure period or extension of a cure period.
c. Prior to any period of possession of the leased Land, the Mortgagee shall remit to Lessor all Rents due and owing under the Lease; . During any period of possession of the leased Land, and its corresponding rights, privileges and obligations, by a Mortgagee (iior a receiver requested by such Mortgagee) 30 days after Lenderand during the pendency of any foreclosure proceedings instituted by a Mortgagee, the Mortgagee shall pay or cause to be paid to Lessor all Rents and all other monetary charges payable by Lessee under this Lease that have accrued and are unpaid at the beginning of said period and those accruing thereafter during said period. Following acquisition of Lessee’s receipt of Tenant’s notice to Lender of a Landlord defaultleasehold estate by the Mortgagee, or (iii) if its assignee or designee as a result of either foreclosure or acceptance of an assignment in lieu of foreclosure, or by a purchaser at a foreclosure sale who is qualified to contract with the State of Idaho and perform under this Lease, this Lease will continue in full force and effect and the Mortgagee or party acquiring title to Xxxxxx’s leasehold estate will, as promptly as reasonably possible, commence the cure of all remaining defaults reasonably susceptible of being cured by the Mortgagee or party acquiring title hereunder, and thereafter will diligently process such default requires cure to completion, whereupon such Events of Default will be deemed cured upon review and approval by Lessor.
d. A Mortgagee who acquires Lessee’s leasehold interest pursuant to foreclosure or assignment in lieu of foreclosure will be liable to perform the obligations of Lessee as established by this Lease so long as such Mortgagee has control or ownership of the leasehold estate, or control or possession of the Property, 30 days after Lender has obtained possession leased Land.
e. Neither the bankruptcy nor the insolvency of the Property; provided that in each case, if such default cannot reasonably Lessee will be cured within such cure period and Lender has diligently commenced to cure such default within the time contemplated by grounds for terminating this Section 7, such cure period shall be extended for so Lease as long as necessary for Lenderall obligations of Lessee under this Lease are performed by the Mortgagee.
f. Subject to the provisions of this Lease that survive its termination, nothing in the exercise of due diligence, this article will be construed to cure such default. Tenant acknowledges that Lender is not obligated to cure any Landlord default, but if Lender elects to do so, Tenant agrees to accept cure by Lender as that of Landlord under extend this Lease beyond the Lease Term or to require a Mortgagee to continue foreclosure proceedings after every Event of Default has been cured. If every Event of Default is cured and the Mortgagee discontinues foreclosure proceedings, then this Lease will not exercise any right or remedy under the Lease for a Landlord default. Performance rendered by Lender on Landlord’s behalf is without prejudice to Lender’s rights against Landlord under the Security Instrument or any other documents executed by Landlord continue in favor of Lender in connection with the Loanfull force and effect.
Appears in 1 contract
Samples: Commercial Ground Lease Agreement
Notice of Default; Opportunity to Cure. Tenant agrees that prior As a precondition to exercising any rights or remedies for any alleged default under this Lease, Lessor shall give written notice of its rights the default to each Lender concurrently with delivery of such notice to Lessee, an Assignee or Tenant, as applicable specifying in detail the alleged default and remedies under the Lease required remedy. In the event Lessor gives any such notice, the following provisions shall apply:
i. The Lender shall have the same period after receipt of the default notice as is given to Lessee, the Assignee or Tenant to remedy or cause to be remedied the default plus, in each Instance, (i) an additional thirty (30) days after receipt of the default notice in the event of any monetary default by Landlord thereunder(meaning any failure to pay when due any rent, including any rights of terminationreal property taxes, offset, defense insurance premiums or self-help provisions contained in the Lease, Tenant shall give written notice to Lender other monetary obligation under this Lease ); and (ii) an additional thirty (30) days after receipt of the occurrence of default by Landlord and Landlord’s failure to cure such default pursuant to the terms of the Lease, specifying, with reasonable clarity, the events constituting such default. In notice in the event of a monetary any other type of default, Tenant shall give Lender ten (10) calendar days after the date of receipt of such notice to cure such monetary default. In the event of a non-monetary default, Tenant shall give Lender a cure period equal to the longer of (i) 30 days after the cure period provided to Landlord under the Lease; (ii) 30 days after Lender’s receipt of Tenant’s notice to Lender of a Landlord default, or (iii) if the cure of such default requires possession of the Property, 30 days after Lender has obtained possession of the Property; provided that in each case, if such default cannot reasonably be cured within such cure period and Lender has diligently commenced to cure such default within the time contemplated by this Section 7, such cure 30-day period shall be extended for so long as necessary the time reasonably required to complete such cure, including the time required for Lender, in the exercise of due diligence, Lender to pen its right to cure such defaultdefault by obtaining possession of the Leased Lands (including possession by a receiver) or by instituting foreclosure proceedings, provided the Lender acts with reasonable and continuous diligence. Lenders shall have the absolute right to do any act or thing required to be performed by Lessee, an Assignee or any Tenant acknowledges that under this Lease, and any such act or thing performed by Lender is shall be as effective to prevent a default under this Lease and/or a forfeiture of any rights under this Lease as if done by Lessee, the Assignee or Tenant itself.
ii. During any period of possession of the Leased Lands by a Lender (or a receiver requested by such Lender) and/or during the pendency of any foreclosure proceedings instituted by a Lender, the Lender shall pay or cause to be paid the rent and all other monetary charges payable by Lessee, an Assignee or any Tenant which hive accrued and R unpaid at the commencement of such period and those which accrue thereafter during such period. Following acquisition of Lessee's, an Assignee or any Tenant's leasehold estate by the Lender or its assignee or designee as a result of foreclosure or assignment in lieu of foreclosure, or by a purchaser at a foreclosure sale, this Lease shall continue in full force and effect and the Lender or other party acquiring title to the leasehold estate shall, as promptly as reasonably possible, commence the cure all other defaults hereunder and thereafter diligently process such cure to completion, whereupon Lessor's right to terminate this Lease based upon such defaults shall be deemed waived: provided, however, the Lender or other party acquiring title to the leasehold estate shall not obligated be required to cure any Landlord defaultthose defaults which are not reasonably susceptible of being cured or performed by such party ("Non-Curable Default"). Non-curable defaults shall be deemed waived by Lessor upon completion of foreclosure proceedings or acquisition of Lessee’s, but if Assignee's or Tenant’s interest in this Lease by such party.
iii. Upon the sale or other transfer of the leasehold interests acquired pursuant to foreclosure or assignment in lieu of foreclosure, the Lender elects to do soor other acquiring party shall have no further duties or obligations hereunder.
iv. Neither the bankruptcy nor the insolvency of Lessee, Tenant agrees to accept cure by Lender as that of Landlord under the Lease and will not exercise any right or remedy under the Lease for a Landlord default. Performance rendered by Lender on Landlord’s behalf is without prejudice to Lender’s rights against Landlord under the Security Instrument an Assignee or any Tenant shall be grounds for terminating this Lease as long as the rent and all other documents executed monetary charges payable by Landlord in favor of such Lessee, Assignee or Tenant hereunder are paid by the Lender in connection accordance with the Loanterms of this Lease.
v. Nothing herein shall be construed to extend this Lease beyond the periods described in Paragraph 2 or to require a Lender to continue foreclosure proceedings after the default has been cured. If the default is cured and the Lender discontinues foreclosure proceedings, this Lease shall continue in full force and effect.
Appears in 1 contract